The Family Partnership Agreement is a crucial document for Malaysian family businesses seeking to formalize their business relationships and ensure sustainable operations across generations. This agreement becomes necessary when family members wish to establish a formal partnership structure that balances business efficiency with family harmony. The document incorporates requirements from the Malaysian Partnership Act 1961, the Contracts Act 1950, and relevant family law provisions, while addressing specific challenges unique to family businesses. It includes detailed provisions for business operations, profit sharing, decision-making processes, succession planning, dispute resolution, and family governance mechanisms. This comprehensive agreement is particularly important for protecting both business interests and family relationships, especially during transitions between generations or when expanding family business operations.
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1. Parties: Identification of all family members entering into the partnership agreement
2. Background: Context of the family business and purpose of forming the partnership
3. Definitions: Key terms used throughout the agreement
4. Partnership Structure: Legal structure, name, and business address of the partnership
5. Purpose and Business Scope: Detailed description of partnership's business activities and objectives
6. Capital Contributions: Initial and ongoing capital contributions from each partner
7. Profit and Loss Sharing: Formula and mechanism for distributing profits and losses
8. Management and Decision Making: Partnership management structure and voting rights
9. Rights and Obligations of Partners: Detailed responsibilities and entitlements of each partner
10. Family Governance: Rules for family member participation and conduct in business
11. Succession Planning: Procedures for generational transfer of partnership interests
12. Exit Provisions: Terms for voluntary or involuntary exit from the partnership
13. Dispute Resolution: Process for resolving conflicts between family members/partners
14. Amendment Procedure: Process for modifying the agreement
15. Governing Law: Specification of Malaysian law as governing law
1. Family Council: Structure and role of a family council for larger family partnerships
2. Intellectual Property Rights: Required if family business involves significant IP assets
3. Non-Competition Clause: Restrictions on partners engaging in competing businesses
4. Employment of Family Members: Rules for hiring and compensating family members
5. Religious Requirements: Specific provisions for Shariah compliance if required
6. Family Constitution Reference: Link to family constitution if one exists
7. Education and Training: Provisions for developing next generation's business capabilities
8. Charitable Giving: Structure for family's philanthropic activities through the business
1. Schedule A - Partner Details: Complete information about each partner including contact details and shareholding
2. Schedule B - Capital Contributions: Detailed breakdown of initial and subsequent capital contributions
3. Schedule C - Asset Register: List of all partnership assets and their current values
4. Schedule D - Business Plan: Initial business plan and strategy
5. Schedule E - Family Member Roles: Current roles and responsibilities of family members in the business
6. Schedule F - Voting Rights: Detailed voting rights and procedures for different types of decisions
7. Appendix 1 - Family Values Charter: Statement of family values and principles guiding the business
8. Appendix 2 - Succession Planning Framework: Detailed procedures and criteria for succession
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