A General Partnership Agreement is essential when two or more parties wish to establish a business partnership in Singapore. This document formalizes the relationship between partners and provides a clear framework for business operations. It addresses crucial aspects such as capital contributions, profit sharing, decision-making processes, and dispute resolution mechanisms. Under Singapore law, partnerships are primarily governed by the Partnership Act 1890, and the agreement must align with local regulatory requirements. The document serves as a foundational tool for preventing misunderstandings and protecting partners' interests throughout the business relationship.
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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 Business: Nature and scope of partnership business
5. Capital Contributions: Initial and ongoing capital requirements
6. Profit and Loss Sharing: Distribution of profits and allocation of losses
7. Management and Decision Making: Partnership governance and voting rights
8. Partner Rights and Obligations: Core responsibilities and entitlements of partners
9. Term and Termination: Duration and conditions for ending partnership
1. Non-Competition: Restrictions on competing activities during and after partnership
2. Intellectual Property Rights: Ownership and use of IP created during partnership
3. Insurance: Required insurance coverage and maintenance obligations
4. Assignment and Transfer: Rules for transferring partnership interests to third parties
1. Schedule 1 - Capital Contributions: Detailed breakdown of initial capital contributions from each partner
2. Schedule 2 - Profit Sharing Ratios: Specific percentages for profit distribution among partners
3. Schedule 3 - Business Plan: Initial business plan and strategy for the partnership
4. Schedule 4 - Partner Contact Details: Contact information and addresses for all partners
5. Schedule 5 - Partnership Assets: Comprehensive list of partnership assets and their values
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