1. Have at least THREE directors, not two. Can you imagine a vote with only two voters? It is a die-lock but it is so common in a partnership especially when requirement ask you for just two directors minimum for a private limited company in Malaysia.
2. No equal shares in a partnership. A lot of startups with two founders choose to remain in 50/50 share structure from the RM2-company, hmm… time to chance.
3. Share allocation, how and why? It is too easy to give by mouth than words. Put it to agreement, both side should have an understanding of what to receive and what to give. If one side not delivering, the another side should have a reverse plan, discussed and written down.
4. Often, one party was challenged because the said agreement was never done. In judge terms, it is fine- as long as you have the proof of conduct to show your involvement. Email backup and other important archieve can be of useful sometimes.
5. Money, money, money. Define a process for how to deal with money in your company. For example, what is the procedure of making a payment by check? Many startup mix up personal & business money together, which is definitely not a good practise. You will take even longer time to sort this out when your company grows later.