The Online Business Partnership Agreement is essential for entrepreneurs and businesses establishing joint online ventures in Malaysia. This document is specifically designed to address the unique challenges and requirements of digital business operations while ensuring compliance with Malaysian partnership laws and e-commerce regulations. It becomes necessary when two or more parties wish to formalize their collaboration in online business activities, whether in e-commerce, digital services, or other internet-based ventures. The agreement encompasses crucial elements such as digital asset ownership, online operation protocols, data protection compliance, and cybersecurity measures, while also covering traditional partnership aspects like capital contributions and profit sharing. It's particularly relevant in the current digital economy where online businesses are increasingly prevalent and require proper legal structuring.
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1. Parties: Identification of all partnership parties with full legal names and addresses
2. Background: Context of the partnership formation and brief description of the online business venture
3. Definitions: Definitions of key terms used throughout the agreement, including technical and online business-specific terminology
4. Partnership Formation and Term: Declaration of partnership formation, commencement date, and duration
5. Business Purpose and Scope: Detailed description of the online business activities and permitted scope
6. Capital Contributions: Details of initial and ongoing capital contributions from each partner
7. Profit and Loss Sharing: Agreement on how profits and losses will be distributed among partners
8. Management and Control: Decision-making processes and management responsibilities for the online business
9. Digital Assets and Intellectual Property: Ownership and management of website, domains, software, and other digital assets
10. Data Protection and Privacy: Compliance requirements with PDPA and handling of customer data
11. Online Operations: Management of website, digital platforms, and online service delivery
12. Banking and Financial Management: Management of online payments, financial accounts, and records
13. Termination: Conditions and processes for partnership termination
14. Governing Law and Jurisdiction: Specification of Malaysian law application and jurisdiction
1. Non-Compete and Non-Solicitation: Restrictions on partners' involvement in competing online businesses
2. International Operations: Additional provisions for cross-border online business activities
3. Third-Party Service Providers: Management of relationships with external service providers and platforms
4. Social Media Management: Responsibilities and protocols for social media presence
5. Cybersecurity Protocols: Specific security measures for protecting online business assets
6. Alternative Dispute Resolution: Procedures for online mediation or arbitration
7. Insurance Requirements: Specific insurance coverage for online business risks
1. Schedule 1: Capital Contributions: Detailed breakdown of each partner's initial and committed capital contributions
2. Schedule 2: Profit Sharing Ratios: Specific percentages and calculation methods for profit distribution
3. Schedule 3: Digital Assets Inventory: List of all digital assets owned by the partnership
4. Schedule 4: Approved Online Platforms: List of authorized platforms and marketplaces for business operations
5. Schedule 5: Data Protection Protocols: Detailed procedures for handling personal data and ensuring PDPA compliance
6. Appendix A: Technical Requirements: Technical specifications for website and digital platform operations
7. Appendix B: Partner Responsibilities Matrix: Detailed breakdown of each partner's roles and responsibilities
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