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Legal Partnership Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Legal Partnership Agreement

"I need a Legal Partnership Agreement for a Hong Kong-based accounting firm with three equal partners, including provisions for profit sharing and professional indemnity requirements, to be effective from March 1, 2025."

Document background
The Legal Partnership Agreement serves as the foundational document for establishing and operating a business partnership in Hong Kong. It is essential for businesses where two or more parties wish to formally join forces while operating under Hong Kong's common law system and regulatory framework. The agreement comprehensively addresses all aspects of the partnership relationship, from formation to dissolution, incorporating requirements from the Hong Kong Partnership Ordinance (Cap. 38) and other relevant legislation. It is particularly crucial in Hong Kong's dynamic business environment, where partnerships are common across various sectors, from professional services to trading companies. The document provides clear guidelines on capital contributions, profit sharing, management responsibilities, and dispute resolution, while ensuring compliance with local regulatory requirements and business practices.
Suggested Sections

1. Parties: Identification and details of all partners entering the partnership agreement

2. Background: Context of the partnership formation and intended business purpose

3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules of interpretation

4. Partnership Formation: Establishment of the partnership, commencement date, and business nature

5. Partnership Name and Place of Business: Official name of the partnership and principal place of business

6. Capital Contributions: Initial and ongoing capital contributions of each partner

7. Profit and Loss Sharing: Distribution of profits and allocation of losses among partners

8. Management and Decision Making: Partnership management structure and decision-making processes

9. Partners' Rights and Obligations: Detailed rights, duties, and responsibilities of all partners

10. Banking and Financial Matters: Banking arrangements, accounting practices, and financial management

11. Admission of New Partners: Process and conditions for admitting new partners

12. Retirement and Withdrawal: Procedures for partner retirement or voluntary withdrawal

13. Death or Incapacity: Procedures following death or incapacity of a partner

14. Termination and Dissolution: Circumstances and procedures for partnership termination

15. Dispute Resolution: Methods for resolving disputes between partners

16. Governing Law: Confirmation of Hong Kong law as governing law and jurisdiction

17. General Provisions: Miscellaneous legal provisions including notices, amendments, and severability

Optional Sections

1. Intellectual Property Rights: Ownership and management of IP rights - include when partnership involves significant IP assets

2. Non-Competition and Non-Solicitation: Restrictions on competitive activities - include for professional services or specialized trade partnerships

3. Insurance: Partnership insurance requirements - include when significant business risks exist

4. Employee Management: Procedures for hiring and managing employees - include when partnership will have employees

5. International Operations: Provisions for international business - include when partnership operates across borders

6. Professional Qualifications: Requirements for maintaining professional licenses - include for regulated professions

7. Goodwill: Treatment of partnership goodwill - include when significant goodwill value exists

Suggested Schedules

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: Management Duties: Detailed allocation of management responsibilities among partners

4. Schedule 4: Partnership Assets: Inventory of partnership assets and their agreed values

5. Schedule 5: Business Plan: Initial business plan and strategic objectives

6. Appendix A: Partnership Policies: Internal policies and procedures for partnership operation

7. Appendix B: Valuation Methodology: Agreed methods for valuing partnership interests

8. Appendix C: Required Licenses: List of required business licenses and professional certifications

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions











































Clauses









































Relevant Industries

Professional Services

Legal Services

Accounting and Audit

Financial Services

Trading and Commerce

Real Estate

Manufacturing

Technology and Innovation

Healthcare

Consulting

Architecture and Design

Engineering

Retail

Food and Beverage

Import/Export

Relevant Teams

Legal

Finance

Compliance

Risk Management

Operations

Business Development

Professional Practice

Administration

Corporate Secretarial

Executive Management

Relevant Roles

Managing Partner

Senior Partner

Partner

Legal Counsel

Company Secretary

Chief Executive Officer

Chief Financial Officer

Chief Operating Officer

Business Development Director

Finance Director

Operations Manager

Compliance Officer

Risk Manager

Professional Practice Manager

Partnership Administrator

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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