The Informal Partnership Agreement is primarily used in Malaysia when two or more parties wish to establish a business relationship without incorporating a formal company. This document is particularly relevant for small businesses, professional services, and collaborative ventures where partners want to maintain operational flexibility while having clear legal protection. The agreement complies with the Malaysian Partnership Act 1961 and includes essential provisions for capital contributions, profit sharing, management rights, and dispute resolution. It's especially suitable for startups, small-scale operations, or professional collaborations where partners want to test their business relationship before moving to more formal structures. The document provides sufficient legal framework to protect partners' interests while being simpler and more cost-effective than formal company incorporation.
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1. Parties: Identification and details of all partners entering the partnership
2. Background: Context of the partnership formation and brief description of the business purpose
3. Definitions: Key terms used throughout the agreement
4. Partnership Name and Business: The agreed name of the partnership and nature of business activities
5. Commencement and Term: Start date and duration of the partnership
6. Capital Contributions: 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 Decision Making: Partner roles, responsibilities, and voting rights for business decisions
9. Banking and Financial Records: Banking arrangements and requirements for maintaining financial records
10. Partner Duties and Obligations: General responsibilities and conduct expectations of partners
11. Termination and Dissolution: Circumstances and procedures for ending the partnership
12. Governing Law: Specification that Malaysian law governs the agreement
1. Non-Competition: Restrictions on partners competing with the partnership business - include when partners have other business interests
2. Intellectual Property Rights: Ownership and use of IP - include when the business involves creative works, inventions, or branded assets
3. Insurance: Requirements for business insurance - include for high-risk businesses or significant assets
4. Additional Capital Calls: Procedures for requesting additional capital - include when future capital needs are anticipated
5. Admission of New Partners: Process for adding new partners - include when business growth is expected
6. Death or Incapacity: Procedures following death or incapacity of a partner - include for longer-term partnerships
7. Dispute Resolution: Mediation or arbitration procedures - include when partners want to avoid court proceedings
1. Schedule 1 - Capital Contributions: Detailed breakdown of initial capital contributions from each partner
2. Schedule 2 - Profit Sharing Ratios: Specific percentages or formulas for profit and loss distribution
3. Schedule 3 - Partner Contact Details: Complete contact information for all partners
4. Schedule 4 - Business Assets: List of assets owned by or transferred to the partnership
5. Appendix A - Business Plan: Optional detailed business plan and objectives
6. Appendix B - Operating Procedures: Optional detailed management and operational procedures
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