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50 50 Profit Sharing Agreement for Nigeria

50 50 Profit Sharing Agreement Template for Nigeria

A comprehensive legal document governed by Nigerian law that establishes an equal profit-sharing arrangement between two or more parties. This agreement outlines the terms and conditions for sharing business profits on a 50-50 basis, including detailed provisions for profit calculation, distribution mechanisms, management responsibilities, and dispute resolution procedures. The document complies with Nigerian business regulations, particularly the Companies and Allied Matters Act (CAMA) 2020 and relevant partnership laws, while providing a clear framework for business collaboration and profit distribution.

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What is a 50 50 Profit Sharing Agreement?

The 50-50 Profit Sharing Agreement is essential for businesses and individuals in Nigeria looking to establish an equal partnership or collaborative venture. This document is commonly used when two parties wish to combine their resources, expertise, or business interests while maintaining equal participation in profits. The agreement, governed by Nigerian law, provides comprehensive coverage of profit calculation methods, distribution mechanisms, management rights, and dispute resolution procedures. It's particularly valuable for new business partnerships, joint ventures, and collaborative projects where clear profit-sharing terms are crucial. The document ensures compliance with Nigerian business regulations while protecting both parties' interests through detailed terms and conditions. This type of agreement is frequently used across various sectors and can be adapted to different business structures while maintaining the core 50-50 profit distribution principle.

What sections should be included in a 50 50 Profit Sharing Agreement?

1. Parties: Identification and details of the parties entering into the profit sharing agreement

2. Background: Context of the agreement and brief description of the business venture

3. Definitions: Definitions of key terms used throughout the agreement

4. Partnership Structure: Legal structure of the partnership and ownership details

5. Business Scope: Detailed description of the business activities covered by the agreement

6. Profit Definition: Clear definition of what constitutes profit and how it will be calculated

7. Profit Distribution: Mechanism and timing of profit distribution between parties

8. Capital Contributions: Details of initial and ongoing capital contributions by each party

9. Management Rights: Decision-making processes and management responsibilities

10. Financial Records: Requirements for maintaining financial records and accounting procedures

11. Bank Accounts: Management of business bank accounts and signing authorities

12. Term and Termination: Duration of the agreement and conditions for termination

13. Dispute Resolution: Procedures for resolving disputes between parties

14. Governing Law: Specification of Nigerian law as the governing law

15. Miscellaneous: Standard boilerplate clauses including notices, amendments, and severability

What sections are optional to include in a 50 50 Profit Sharing Agreement?

1. Non-Competition: Restrictions on parties engaging in competing businesses, used when parties have other business interests

2. Intellectual Property: IP ownership and usage rights, included when the business involves significant IP assets

3. Confidentiality: Protection of business secrets and confidential information, important for sensitive business operations

4. Force Majeure: Provisions for unforeseen circumstances, particularly relevant in volatile markets or industries

5. Exit Strategy: Procedures for party exit or business sale, important for long-term partnerships

6. Insurance: Required insurance coverage, important for high-risk businesses

7. Employee Management: Guidelines for hiring and managing employees, needed when the business will have employees

8. Third Party Rights: Rights of external parties, relevant when dealing with external stakeholders

What schedules should be included in a 50 50 Profit Sharing Agreement?

1. Schedule 1: Initial Capital Contributions: Detailed breakdown of each party's initial capital contributions

2. Schedule 2: Profit Calculation Method: Detailed methodology for calculating distributable profits

3. Schedule 3: Business Plan: Initial business plan and financial projections

4. Schedule 4: Management Structure: Detailed organizational structure and management procedures

5. Schedule 5: Asset Register: List of business assets and their ownership status

6. Appendix A: Financial Reporting Template: Standard format for regular financial reporting

7. Appendix B: Bank Account Details: Details of designated business bank accounts

8. Appendix C: Required Approvals: List of required regulatory approvals and licenses

Authors

Alex Denne

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

Jurisdiction

Nigeria

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions































Clauses































Relevant Industries

Retail

Manufacturing

Technology

Agriculture

Real Estate

Professional Services

Construction

Oil and Gas

Healthcare

Education

Hospitality

Transportation

Mining

Financial Services

Entertainment

Import/Export

Relevant Teams

Legal

Finance

Business Development

Operations

Commercial

Corporate Affairs

Risk Management

Compliance

Strategy

Executive Leadership

Investment

Partnership Management

Relevant Roles

Business Owner

Managing Director

Chief Executive Officer

Chief Financial Officer

Business Development Manager

Legal Counsel

Partnership Manager

Operations Director

Financial Controller

Company Secretary

Investment Manager

Startup Founder

Joint Venture Manager

Commercial Director

Business Partner

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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