The Co-Ownership Business Agreement is a crucial legal document used in the United Arab Emirates when two or more parties wish to establish and formalize their business relationship through joint ownership of a commercial enterprise. This document has gained particular significance following UAE Federal Law No. 32 of 2021, which amended previous restrictions on foreign ownership. The agreement serves as the foundational document that governs the relationship between co-owners, whether in mainland UAE or free zone establishments, detailing their rights, responsibilities, and obligations. It addresses essential aspects such as capital contributions, profit sharing, management control, decision-making processes, and dispute resolution mechanisms while ensuring compliance with UAE commercial and civil laws. The document is particularly important for protecting all parties' interests and providing a clear framework for business operations and potential future scenarios such as ownership transfers or business dissolution.
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1. Parties: Identification of all co-owners with full legal names, addresses, and contact details
2. Background: Context of the business relationship and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Business Structure and Ownership: Details of the business structure, ownership percentages, and capital contributions
5. Management and Control: Decision-making processes, voting rights, and management responsibilities
6. Financial Provisions: Capital contributions, profit sharing, losses allocation, and distribution policy
7. Operations and Administration: Day-to-day business operations, administrative responsibilities, and operational procedures
8. Transfer of Ownership: Rules regarding the sale, transfer, or encumbrance of ownership interests
9. Deadlock Resolution: Procedures for resolving situations where owners cannot reach agreement on key decisions
10. Term and Termination: Duration of the agreement and circumstances under which it can be terminated
11. Confidentiality: Obligations regarding confidential information and trade secrets
12. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes
13. Dispute Resolution: Methods for resolving disputes, including mediation and arbitration procedures
1. Non-Compete and Non-Solicitation: Restrictions on competing businesses and soliciting employees or customers, included when owners have other business interests
2. Intellectual Property Rights: Ownership and use of intellectual property, included when the business involves significant IP assets
3. Insurance: Requirements for business insurance coverage, included when specific insurance needs exist
4. Employment of Owners: Terms for owners working in the business, included when owners will take active operational roles
5. Additional Capital Contributions: Procedures for requesting and making additional capital contributions, included when future capital needs are anticipated
6. Tag-Along and Drag-Along Rights: Rights related to sale of ownership stakes, included when future sale possibilities are considered
7. Religious or Cultural Considerations: Specific provisions relating to Sharia compliance or cultural practices, included when relevant to the parties
1. Schedule 1: Business Plan: Detailed business plan including market analysis, financial projections, and strategic objectives
2. Schedule 2: Initial Capital Contributions: Detailed breakdown of each owner's initial capital contributions, whether monetary or in-kind
3. Schedule 3: Assets Register: List of all assets owned by the business at commencement
4. Schedule 4: Shareholders' Contact Information: Detailed contact information and addresses for service of notices
5. Schedule 5: Management Structure: Organizational chart and detailed management responsibilities
6. Schedule 6: Reserved Matters: List of decisions requiring special majority or unanimous consent
7. Appendix A: Trade License: Copy of the business trade license and other regulatory permits
8. Appendix B: Valuation Methodology: Agreed methodology for valuing ownership interests
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