General Partnership Operating Agreement Template for Singapore

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Key Requirements PROMPT example:

General Partnership Operating Agreement

"I need a General Partnership Operating Agreement for a new tech consulting firm in Singapore with tHRee equal partners, each contributing SGD 50,000 initial capital, with specific provisions for intellectual property sharing and client confidentiality."

Document background
The General Partnership Operating Agreement is essential when two or more parties wish to form a partnership in Singapore. It serves as the fouNDAtional document governing the relationship between partners and the operation of their business. This agreement is particularly important as general partnerships in Singapore operate under unlimited liability, making clear operational guidelines crucial. The document typically covers capital contributions, profit sharing, management rights, decision-making processes, and exit procedures, all while complying with Singapore's Partnership Act 1890 and related regulations.
Suggested Sections

1. Parties: Identification of all partners and their contact details

2. Background: Context and purpose of forming the partnership

3. Definitions: Key terms used tHRoughout the agreement

4. Partnership Name and Business: Official name and nature of business activities

5. Capital Contributions: Initial and ongoing capital requirements

6. Profit and Loss Sharing: Distribution of profits and allocation of losses

7. Management Rights: Decision-making processes and authority

8. Banking and Financial Matters: Banking arrangements and financial management

9. Term and Termination: Duration and conditions for termination

Optional Sections

1. Non-Competition: Restrictions on competing activities - use when partners may have competing interests

2. Intellectual Property: Ownership and use of IP - include when IP is significant to the business

3. Insurance: Required insurance coverage - include for high-risk businesses

4. Dispute Resolution: Process for resolving disagreements - include when partners want specific dispute mechanisms

Suggested Schedules

1. Schedule 1: Capital Contributions: Detailed breakdown of each partner's initial contribution

2. Schedule 2: Profit Sharing Ratios: Specific percentages for profit distribution

3. Schedule 3: Partner Details: Complete information about each partner

4. Schedule 4: Business Plan: Initial business plan and projections

5. Appendix A: Partnership Policies: Day-to-day operational policies

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

Clauses
Industries

Partnership Act 1890 (Chapter 391): Primary legislation governing partnerships in Singapore that defines partners' rights and obligations, and sets out rules for partnership management and dissolution

Business Names Registration Act 2014: Legislation governing the registration requirements for business names and associated filing obligations in Singapore

Business Registration Act (Chapter 32): Law detailing business registration requirements and ongoing compliance obligations for businesses in Singapore

Income Tax Act (Chapter 134): Tax legislation that governs the tax treatment of partnerships and partners' tax obligations in Singapore

Goods and Services Tax Act (Chapter 117A): Legislation governing GST registration and compliance requirements for businesses in Singapore

Employment Act (Chapter 91): Law governing employment relationships and obligations when the partnership has employees

Personal Data Protection Act 2012: Legislation governing the collection, use, and disclosure of personal data by organizations in Singapore

ACRA Regulations: Regulatory requirements set by the Accounting and Corporate Regulatory Authority for business entities in Singapore

MAS Regulations: Regulatory framework by the Monetary Authority of Singapore, applicable if the partnership engages in regulated financial activities

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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