The Business Co-Ownership Agreement is essential when two or more parties decide to jointly own and operate a business in New Zealand. This document is particularly crucial in situations where multiple stakeholders invest in or manage a business venture together, requiring clear definition of their respective rights, responsibilities, and obligations. The agreement ensures compliance with New Zealand's Companies Act 1993 and related legislation while providing a comprehensive framework for business operations, management, and dispute resolution. It should be implemented at the formation of a joint business venture or when existing business ownership is restructured to include multiple parties. The document addresses key aspects such as ownership stakes, capital contributions, management rights, profit sharing, decision-making processes, and exit strategies, serving as a crucial reference point for maintaining clear business relationships and preventing potential disputes.
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1. Parties: Identifies and provides full details of all co-owners entering into the agreement
2. Background: Outlines the context of the agreement, including the nature of the business and the parties' intention to co-own and operate it
3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out rules for interpretation
4. Business Ownership Structure: Details the ownership percentages, capital contributions, and structure of the business
5. Management and Decision Making: Establishes management structure, voting rights, and decision-making processes
6. Financial Matters: Covers profit distribution, losses, capital calls, and financial management responsibilities
7. Operations and Responsibilities: Outlines day-to-day operational responsibilities and duties of co-owners
8. Transfer of Ownership: Sets out rules for selling, transferring, or encumbering ownership interests
9. Exit Provisions: Details procedures for owner exit, including buy-out provisions and valuation methods
10. Dispute Resolution: Establishes processes for resolving disputes between co-owners
11. Confidentiality: Protects confidential information and trade secrets of the business
12. Term and Termination: Specifies the duration of the agreement and circumstances for termination
13. General Provisions: Includes standard legal provisions such as governing law, notices, and amendments
1. Intellectual Property: Required when the business owns or develops significant IP assets, detailing ownership and usage rights
2. Non-Compete and Non-Solicitation: Include when parties want to restrict competitive activities and protect business relationships
3. Employment of Owners: Necessary when co-owners will also be employees of the business
4. Insurance: Include when specific insurance requirements need to be maintained by the business or owners
5. Death or Incapacity: Important when owners want specific provisions for succession in case of death or incapacity
6. External Financing: Required when the business anticipates seeking external funding or loans
7. Related Party Transactions: Include when dealing with transactions between the business and owners' other interests
8. Environmental Compliance: Necessary for businesses with environmental impacts or obligations
1. Schedule 1: Business Plan: Detailed business plan including objectives, strategy, and financial projections
2. Schedule 2: Initial Capital Contributions: Itemized list of each owner's initial capital contributions, including valuations
3. Schedule 3: Assets Register: Comprehensive list of business assets and their ownership status
4. Schedule 4: Responsible Persons: List of key personnel and their roles/responsibilities in the business
5. Schedule 5: Decision Matrix: Detailed breakdown of decision-making authority levels and required approvals
6. Schedule 6: Valuation Methodology: Agreed methods for business valuation in case of exit or transfer
7. Appendix A: Shareholders' Contact Details: Current contact information for all co-owners
8. Appendix B: Special Resolutions: Template forms for special resolutions requiring owner approval
Authors
Relevant legal definitions
Clauses
Relevant Industries
Retail
Manufacturing
Professional Services
Technology
Hospitality
Construction
Agriculture
Healthcare
Education
Real Estate
Financial Services
Transportation
Media and Entertainment
Consulting
Import/Export
Relevant Teams
Legal
Corporate Affairs
Executive Leadership
Finance
Compliance
Risk Management
Operations
Business Development
Administration
Company Secretariat
Relevant Roles
Business Owner
Managing Director
Chief Executive Officer
Company Director
General Manager
Business Development Manager
Corporate Lawyer
Legal Counsel
Company Secretary
Chief Financial Officer
Operations Manager
Partnership Manager
Compliance Officer
Risk Manager
Business Consultant
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