Small Business Partnership Agreement Template for Singapore

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Key Requirements PROMPT example:

Small Business Partnership Agreement

"I need a Small Business Partnership Agreement for a new digital marketing agency in Singapore starting March 2025, with three equal partners contributing SGD 50,000 each and specific provisions for intellectual property rights and client confidentiality."

Document background
The Small Business Partnership Agreement is essential for entrepreneurs establishing a business partnership in Singapore. It serves as a foundational document that defines the relationship between partners, their rights, obligations, and responsibilities. This agreement is particularly relevant for small businesses operating under Singapore's Partnership Act, providing clear guidelines on capital contributions, profit sharing, decision-making processes, and dispute resolution mechanisms. It helps prevent misunderstandings and provides legal protection for all parties involved, while ensuring compliance with Singapore's business regulations and tax requirements.
Suggested Sections

1. Parties: Identification and details of all partners

2. Background: Context and purpose of the partnership

3. Definitions: Key terms used throughout the agreement

4. Partnership Structure: Legal form and basic structure of the partnership

5. Capital Contributions: Initial and ongoing capital requirements

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

7. Management and Decision Making: Governance structure and voting rights

8. Duration and Termination: Term of partnership and dissolution procedures

Optional Sections

1. Non-Competition: Restrictions on partners' competing activities

2. Intellectual Property Rights: Ownership and use of IP within the partnership

3. Insurance: Required insurance coverage

4. Employee Management: Policies regarding hiring and managing employees

Suggested Schedules

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

2. Schedule 2: Profit Sharing Ratios: Detailed formula for profit and loss distribution

3. Schedule 3: Business Plan: Initial business plan and objectives

4. Appendix A: Partner Details: Detailed information about each partner including contact details

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 (Chapter 391): The fundamental legislation governing partnerships in Singapore, including formation, operation, and dissolution of partnerships

Business Registration Act (Chapter 32): Legislation governing the registration requirements and procedures for businesses operating in Singapore

Limited Liability Partnerships Act: Legal framework for limited liability partnerships, providing alternative business structure options

Income Tax Act (Chapter 134): Legislation governing taxation matters including partnership income taxation and tax obligations

Goods and Services Tax Act: Regulations regarding GST registration, collection, and compliance requirements for partnerships

Employment Act: Law governing employment relationships if the partnership hires employees

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

Business Names Registration Act: Requirements for registering and maintaining business names in Singapore

Partnership Formation Requirements: Legal requirements and procedures for establishing a valid partnership in Singapore

Partners' Rights and Duties: Legal obligations, rights, and responsibilities of partners under Singapore law

Profit Sharing Arrangements: Legal framework for profit distribution and financial arrangements between partners

Decision Making Processes: Legal requirements for partnership governance and decision-making procedures

Dispute Resolution Mechanisms: Legal framework for resolving disputes between partners under Singapore law

Partnership Dissolution Procedures: Legal requirements and processes for dissolving a partnership in Singapore

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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