Partnership Act 1890 (Chapter 391): Primary legislation governing partnership formation, operation, partners' rights and obligations, and dissolution procedures. Critical for structuring the buyout process and ensuring compliance with statutory requirements for partner exits.
Business Names Registration Act 2014: Regulates business registration requirements and procedures for business name changes that may be necessary after the buyout. Defines filing obligations for business registration updates.
Companies Act (Chapter 50): Relevant legislation if the partnership structure is to be converted to a company post-buyout. Outlines corporate governance requirements and registration procedures for business entity conversion.
Income Tax Act (Chapter 134): Addresses tax implications of the buyout including capital gains considerations and stamp duty obligations. Essential for understanding tax liabilities arising from the transaction.
Contract Law (Common Law): Fundamental principles governing contract formation, validity, consideration requirements, and enforcement of terms and conditions. Based on Singapore's common law system.
Goods and Services Tax Act: Covers GST implications of the partnership transfer and any registration requirements that may arise post-buyout. Important for tax compliance and planning.
Employment Act: Relevant when the partnership has employees, governing the transfer of employment contracts and protection of employee rights during ownership transition.
