The Simple General Partnership Agreement is essential for parties looking to establish a partnership business structure in Singapore. This document is particularly suitable for small to medium-sized businesses where partners wish to share ownership, management responsibilities, and profits/losses. The agreement, governed by Singapore's Partnership Act, outlines crucial aspects such as capital contributions, profit distribution, decision-making processes, and exit procedures. It serves as a vital tool for preventing future disputes and ensuring clear understanding among partners regarding their rights and obligations within the partnership structure.
Simple General Partnership Agreement for Singapore
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Key Requirements PROMPT example:
Simple General Partnership Agreement
"I need a Simple General Partnership Agreement for a new consulting business in Singapore between myself and two other partners, with equal profit sharing and a clause requiring minimum capital contributions of SGD 50,000 per partner by March 2025."
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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 the 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. Duration: Term of partnership and renewal provisions
9. Termination: Conditions and process for ending the partnership
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 or regulatory requirements
4. Bank Accounts: Banking arrangements and signatories - include when specific banking controls are needed
1. Schedule 1: Capital Contributions: Detailed breakdown of each partner's initial capital contribution
2. Schedule 2: Partner Information: Detailed information about each partner
3. Schedule 3: Business Plan: Initial business plan and objectives
4. Appendix A: Partnership Procedures: Detailed operational procedures and policies
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