Partnership Agreement Template for Singapore

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Key Requirements PROMPT example:

Partnership Agreement

"I need a Free Partnership Agreement for a new tech consulting business I'm starting with two other partners in Singapore, where we'll each contribute SGD 50,000 initially and split profits equally, planning to commence operations in March 2025."

Document background
The Partnership Agreement is a fundamental document for businesses operating as partnerships in Singapore. It serves as the governing document that outlines the relationship between partners, their respective rights and obligations, capital contributions, profit-sharing arrangements, and operational procedures. This agreement is essential for compliance with Singapore's Partnership Act 1890 and related regulations. Partners should enter into this agreement at the commencement of their business relationship to establish clear guidelines and prevent future disputes. The agreement provides flexibility while ensuring legal compliance and protection for all parties involved.
Suggested Sections

1. Parties: Details of all partners entering the agreement

2. Background: Context and purpose of the partnership

3. Definitions: Key terms used throughout the agreement

4. Partnership Structure: Basic structure and nature of the partnership including registration requirements under Singapore law

5. Capital Contributions: Initial and ongoing capital requirements for each partner

6. Profit and Loss Sharing: Distribution of profits and losses among partners

7. Management Rights: Decision-making processes and management structure of the partnership

8. Duration: Term of partnership and renewal provisions

9. Partner Duties and Obligations: Rights, duties and obligations of partners as per Partnership Act

10. Dissolution: Procedures for partnership dissolution and winding up

Optional Sections

1. Non-Competition: Restrictions on partners engaging in competing activities during and after partnership

2. Intellectual Property: Ownership and usage rights of partnership intellectual property

3. Insurance: Required insurance coverage and obligations

4. Employee Management: Procedures for hiring and managing partnership employees

5. Dispute Resolution: Procedures for resolving disputes between partners

Suggested Schedules

1. Schedule 1: Capital Contributions: Detailed breakdown of initial capital contributions from each partner

2. Schedule 2: Profit Sharing Formula: Detailed calculation method for profit and loss distribution

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

4. Schedule 4: Partner Details: Detailed information about each partner including contact details and business registration information

5. Schedule 5: Compliance Requirements: List of regulatory compliance requirements under Singapore law

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: Primary legislation governing partnerships in Singapore (Chapter 391), defining basic partnership structures, rights, and obligations

Business Names Registration Act 2014: Legislation governing the registration and regulation of business names in Singapore

Business Registration Act: Chapter 32 legislation covering the requirements for business registration in Singapore

Income Tax Act: Chapter 134 legislation governing taxation of partnership income and related financial obligations

Goods and Services Tax Act: Chapter 117A legislation covering GST obligations and compliance for partnerships

Employment Act: Chapter 91 legislation relevant if the partnership will have employees, covering employment rights and obligations

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

ACRA Registration Requirements: Regulatory requirements for registration with the Accounting and Corporate Regulatory Authority

Filing Obligations: Annual declarations and ongoing filing requirements for partnerships under Singapore law

Business Licensing Requirements: Specific licensing requirements depending on the nature of partnership business activities

Partnership Property Regulations: Rules governing the ownership, management, and disposition of partnership property

Dissolution Procedures: Legal requirements and procedures for dissolving a partnership under Singapore law

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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