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Managing Partner Agreement

Managing Partner Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Managing Partner Agreement

"I need a Managing Partner Agreement for a Hong Kong law firm with 15 partners, focusing on succession planning and including specific provisions for international client management and cross-border practice requirements."

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Document background
The Managing Partner Agreement is a crucial document used when appointing or promoting a partner to the role of managing partner within a partnership structure in Hong Kong. It serves to formally document the enhanced rights, responsibilities, and authority granted to the managing partner while ensuring compliance with Hong Kong's Partnership Ordinance and related regulatory requirements. This agreement is particularly important as it establishes the governance framework for the partnership, including decision-making powers, profit sharing mechanisms, capital requirements, and management responsibilities. The document typically becomes necessary during partnership formation, leadership transitions, or restructuring of existing partnerships, and must be carefully tailored to reflect both the specific needs of the partnership and the requirements of Hong Kong's legal framework.
Suggested Sections

1. Parties: Identifies the partnership entity and the managing partner

2. Background: Context of the agreement and partnership structure

3. Definitions: Key terms used throughout the agreement

4. Appointment and Term: Terms of appointment as managing partner and duration

5. Duties and Responsibilities: Core responsibilities and scope of authority as managing partner

6. Partnership Capital Contribution: Details of required capital contribution and terms

7. Profit Sharing and Drawings: Framework for profit distribution and partner drawings

8. Management Rights: Scope of management authority and decision-making powers

9. Meetings and Voting: Procedures for partnership meetings and voting rights

10. Financial Reporting: Obligations regarding financial management and reporting

11. Confidentiality: Protection of partnership's confidential information

12. Non-Competition: Restrictions on competing activities

13. Termination: Grounds and procedures for terminating the managing partner relationship

14. Exit Provisions: Process and terms for managing partner's exit

15. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction

Optional Sections

1. Intellectual Property Rights: Required when the partnership deals with significant IP assets or creation

2. International Operations: Needed for partnerships with cross-border operations

3. Insurance and Indemnification: Detailed insurance requirements and indemnification provisions

4. Alternative Dispute Resolution: Specific procedures for mediation or arbitration

5. Family Members and Succession: Relevant for family partnerships or succession planning

6. Partnership Property Usage: Rules for use of specific partnership assets or property

7. Marketing and Business Development: Specific obligations for business growth and marketing

8. Professional Development: Requirements for maintaining professional qualifications

Suggested Schedules

1. Schedule 1 - Capital Contribution Details: Detailed breakdown of managing partner's capital contribution

2. Schedule 2 - Profit Sharing Formula: Detailed calculation method for profit sharing

3. Schedule 3 - Management Powers Matrix: Detailed breakdown of specific management powers and limitations

4. Schedule 4 - Performance Metrics: Specific KPIs and performance evaluation criteria

5. Schedule 5 - Partnership Assets: List of key partnership assets under management

6. Schedule 6 - Approved External Activities: List of pre-approved external business activities

7. Appendix A - Partnership Structure Chart: Organizational structure and reporting lines

8. Appendix B - Financial Reporting Templates: Standard formats for required financial reports

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions













































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Relevant Industries

Legal Services

Accounting Services

Management Consulting

Financial Services

Medical Practices

Architectural Services

Engineering Consultancy

Real Estate Services

Investment Management

Information Technology Services

Professional Services

Relevant Teams

Legal

Finance

Operations

Executive

Administration

Compliance

Human Resources

Partnership Governance

Risk Management

Corporate Secretarial

Relevant Roles

Managing Partner

Senior Partner

Executive Partner

Partnership Director

Chief Executive Partner

Managing Director

Senior Management Partner

Head of Partnership

Partnership Administrator

Legal Counsel

Chief Operating Officer

Chief Financial Officer

Partnership Secretary

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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