The Co-Ownership Business Agreement is essential when two or more individuals or entities decide to jointly own and operate a business in Ireland. This document should be prepared at the business formation stage or when transitioning from sole ownership to co-ownership. It provides a comprehensive framework that governs the relationship between co-owners, addressing crucial aspects such as ownership rights, management responsibilities, profit sharing, dispute resolution, and exit strategies. The agreement ensures compliance with Irish business law, including the Partnership Act 1890 and Companies Act 2014, while protecting the interests of all parties involved. It serves as a vital tool for preventing future disputes and providing clarity on business operations and owner obligations.
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1. Parties: Identifies and provides full details of all co-owners entering into the agreement
2. Background: Explains the context of the agreement and the parties' intention to jointly own and operate the business
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes rules for interpretation
4. Business Structure and Ownership: Details the ownership percentages, initial capital contributions, and business structure
5. Management and Decision Making: Establishes management structure, voting rights, and decision-making processes
6. Financial Matters: Covers profit sharing, losses, capital accounts, and financial management procedures
7. Banking and Records: Specifies banking arrangements and requirements for maintaining business records
8. Duties and Obligations of Co-owners: Outlines the responsibilities and commitments of each co-owner
9. Non-Competition and Confidentiality: Establishes restrictions on competing activities and handling of confidential information
10. Transfer of Ownership Interest: Procedures for transferring ownership stakes, including right of first refusal
11. Dispute Resolution: Processes for resolving disagreements between co-owners
12. Termination: Circumstances and procedures for terminating the agreement or business
13. General Provisions: Standard legal clauses including notices, amendments, governing law, etc.
1. Intellectual Property Rights: Required when the business owns or develops intellectual property that needs protection
2. Employment of Co-owners: Needed when co-owners will be employed by the business in operational roles
3. Insurance Requirements: Important when specific insurance coverage is mandatory for the business or co-owners
4. Property Management: Required when the business owns or leases physical premises
5. Death and Incapacity: Optional provisions for handling ownership in case of death or incapacity of a co-owner
6. External Investment: Needed when there's possibility of seeking external investment or new partners
7. Digital Assets and Online Presence: Important for businesses with significant online operations or digital assets
8. Environmental Compliance: Required for businesses with environmental impact or specific environmental 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 (cash, assets, or services)
3. Schedule 3 - Ownership Structure: Detailed breakdown of ownership percentages and classes of ownership if applicable
4. Schedule 4 - Management Procedures: Detailed procedures for meetings, voting, and management decisions
5. Schedule 5 - Financial Procedures: Detailed procedures for financial management, including accounting policies
6. Schedule 6 - Asset Register: Complete list of business assets and their ownership status
7. Appendix A - Key Contracts: Copies or summaries of important contracts affecting the business
8. Appendix B - Property Documents: Relevant property documentation if the business owns or leases premises
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