An agreement to cooperate in the management and control of a firm (without ownership) is known as a management agreement.

In today’s fast-paced business world, there are many ways in which individuals and companies can work together to achieve common goals. One of these ways is through a management agreement where parties agree to work together in the management and control of a business, without any ownership transfer.

A management agreement is a legal document that establishes the terms and conditions for the cooperation between the parties. It sets out the responsibilities of each party, including the duties of the managers, the rights of the owners, and the terms of the agreement. The agreement can be used in various situations, such as when a company is looking to expand its operations or when a business owner wants to delegate some of the responsibilities to a professional manager.

A management agreement is a flexible option that can be tailored to meet the specific needs of the parties involved. It can be short-term or long-term and can cover a wide range of activities, such as financial management, marketing, and human resources management. The agreement can also specify how profits and losses will be shared, and how the managers will be compensated for their services.

One of the primary benefits of a management agreement is that it allows parties to collaborate and work towards a common goal without having to transfer ownership. This enables the owners to retain control and ownership of the business while still benefiting from the expertise and resources of the professional managers.

In conclusion, if you are looking to work with another party to manage and control a business, a management agreement may be a viable option. It is a flexible and effective way to work together towards a common goal without transferring ownership. However, it is important to seek legal advice and ensure that all terms and conditions are clearly defined in the agreement before entering into any contract.