The Simple Partnership Agreement serves as a foundational document for establishing business partnerships in Malaysia, governed by the Partnership Act 1961 and related Malaysian legislation. This agreement is particularly suitable for small to medium-sized businesses where two or more parties wish to formally combine their resources, expertise, and efforts to conduct business together. It includes essential provisions for capital contributions, profit sharing, management responsibilities, and dispute resolution mechanisms. The document helps prevent future misunderstandings by clearly defining each partner's rights, obligations, and liabilities while ensuring compliance with Malaysian partnership law requirements.
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1. Parties: Identification and details of all partners entering into the agreement
2. Background: Context of the partnership formation and basic intentions of the parties
3. Definitions: Key terms used throughout the agreement and their specific meanings
4. Partnership Name and Business: Official name of the partnership and nature of business to be conducted
5. Commencement and Term: Start date and duration of the partnership
6. Capital Contributions: Initial and ongoing capital contributions required from each partner
7. Profit and Loss Sharing: Agreement on how profits and losses will be distributed among partners
8. Management and Decision Making: Structure for partnership management and process for making business decisions
9. Banking and Financial Records: Requirements for maintaining financial records and handling banking matters
10. Partners' Duties and Obligations: Core responsibilities and obligations of each partner
11. Termination: Conditions and procedures for partnership termination
12. Governing Law: Specification that Malaysian law governs the agreement
1. Non-Competition: Restrictions on partners engaging in competing businesses, used when partners want to protect business interests
2. Intellectual Property Rights: Provisions regarding ownership and use of IP, needed when the partnership involves creation or use of intellectual property
3. Death or Incapacity: Procedures in case of partner death or incapacity, important for longer-term partnerships
4. Insurance: Requirements for business insurance, relevant when specific insurance coverage is needed
5. Dispute Resolution: Specific procedures for resolving disputes, recommended for larger or more complex partnerships
6. Assignment and Transfer: Rules for transferring partnership interests, important when partners want to restrict or control ownership changes
1. Schedule 1: Capital Contributions: Detailed breakdown of each partner's initial and agreed future capital contributions
2. Schedule 2: Profit Sharing Ratios: Specific percentages or formulas for profit and loss distribution
3. Schedule 3: Business Plan: Initial business plan and objectives of the partnership
4. Appendix A: Partnership Premises: Details of business premises and any related lease agreements
5. Appendix B: Asset Register: List of partnership assets and their agreed values
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