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Business Ownership Contract

Business Ownership Contract Template for New Zealand

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Key Requirements PROMPT example:

Business Ownership Contract

"I need a Business Ownership Contract for a tech startup in Auckland with three co-founders, planning to seek investor funding in March 2025, with specific provisions for intellectual property protection and future equity dilution."

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Document background
The Business Ownership Contract serves as a fundamental legal instrument for establishing and managing business ownership relationships in New Zealand. It is essential when multiple parties are involved in business ownership, whether starting a new venture, restructuring an existing business, or formalizing ownership arrangements. The document addresses crucial aspects such as ownership percentages, voting rights, profit distribution, management responsibilities, and exit procedures, all while ensuring compliance with New Zealand's legal framework, including the Companies Act 1993 and Contract and Commercial Law Act 2017. This contract is particularly important for protecting owners' interests, preventing future disputes, and providing clear guidelines for business operations and ownership transitions.
Suggested Sections

1. Parties: Identification and details of all business owners and relevant entities

2. Background: Context of the business arrangement and purpose of the agreement

3. Definitions: Key terms used throughout the agreement

4. Business Structure: Legal structure of the business and ownership arrangements

5. Ownership Interests: Details of each owner's share, voting rights, and capital contributions

6. Management and Control: Decision-making processes, voting rights, and management structure

7. Financial Provisions: Capital contributions, profit distribution, and financial management

8. Transfer of Interests: Rules and procedures for transferring ownership interests

9. Dispute Resolution: Procedures for resolving conflicts between owners

10. Termination: Circumstances and procedures for terminating the agreement

11. General Provisions: Standard legal clauses including governing law, notices, and amendments

Optional Sections

1. Intellectual Property: Rights and obligations regarding IP owned or used by the business

2. Non-Compete Provisions: Restrictions on owners competing with the business

3. Employee Matters: Provisions relating to employment decisions and policies

4. Insurance Requirements: Required insurance coverage and responsibilities

5. Environmental Compliance: Environmental obligations and commitments

6. International Operations: Provisions for businesses operating internationally

7. Family Succession: Provisions for family-owned businesses regarding succession

8. Digital Assets: Management and ownership of digital assets and online presence

Suggested Schedules

1. Schedule 1: Capital Contributions: Detailed breakdown of initial and ongoing capital contributions

2. Schedule 2: Business Assets: List and valuation of business assets

3. Schedule 3: Shareholders Details: Complete information about each owner including contact details

4. Schedule 4: Business Plan: Initial business plan and strategic objectives

5. Schedule 5: Valuation Methodology: Agreed methods for valuing the business and ownership interests

6. Appendix A: Company Constitution: Copy of the company constitution if applicable

7. Appendix B: Related Agreements: List of related agreements affecting the business

8. Appendix C: Compliance Requirements: Specific regulatory and compliance obligations

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Annual General Meeting
Applicable Law
Board
Business
Business Day
Business Plan
Capital Contribution
Company
Confidential Information
Constitution
Default Event
Director
Dispute
Effective Date
Encumbrance
Fair Market Value
Financial Year
General Meeting
Good Faith
Governing Law
GST
Intellectual Property Rights
Material Adverse Change
Member
Notice
Ordinary Resolution
Owner
Ownership Interest
Parties
Permitted Transfer
Related Company
Reserved Matters
Share
Shareholder
Special Resolution
Tax
Territory
Transfer
Valuation Date
Voting Rights
Clauses
Ownership Structure
Capital Contributions
Voting Rights
Management Rights
Transfer Restrictions
Pre-emptive Rights
Tag-Along Rights
Drag-Along Rights
Board Composition
Decision Making
Reserved Matters
Profit Distribution
Dividend Policy
Financial Reporting
Business Planning
Confidentiality
Non-Competition
Non-Solicitation
Intellectual Property
Share Valuation
Exit Mechanisms
Death and Incapacity
Dispute Resolution
Default Events
Force Majeure
Amendment Procedures
Termination
Notices
Assignment
Severability
Entire Agreement
Governing Law
Jurisdiction
Relevant Industries

Professional Services

Retail

Manufacturing

Technology

Healthcare

Construction

Hospitality

Agriculture

Financial Services

Real Estate

Education

Transportation

Media and Entertainment

Mining and Resources

Energy

Relevant Teams

Legal

Corporate Governance

Executive Leadership

Finance

Compliance

Risk Management

Business Development

Company Secretariat

Board of Directors

Strategic Planning

Relevant Roles

Business Owner

CEO

Managing Director

Company Director

Legal Counsel

Corporate Lawyer

Business Development Manager

Chief Financial Officer

Company Secretary

Risk Manager

Compliance Officer

Partner

Trustee

Board Member

Executive Director

Industries
Companies Act 1993: Primary legislation governing company formation, structure, and operation in New Zealand, including shareholder rights, director duties, and company administration
Contract and Commercial Law Act 2017: Governs the formation and enforcement of contracts, including business contracts and electronic transactions
Partnership Law Act 2019: Regulates partnership arrangements and rights/obligations of business partners if the business structure involves a partnership
Fair Trading Act 1986: Ensures fair business practices and prohibits misleading conduct in business transactions
Income Tax Act 2007: Covers tax obligations and implications for business ownership and operation
Goods and Services Tax Act 1985: Governs GST obligations for businesses operating in New Zealand
Personal Property Securities Act 1999: Relevant for securing interests in business assets and managing security interests
Employment Relations Act 2000: Important if the business has employees, governing employment relationships and obligations
Financial Markets Conduct Act 2013: Relevant if the business ownership involves financial securities or investments
Privacy Act 2020: Governs how businesses must handle personal information of customers and employees
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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