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Simple Partnership Agreement Template for Singapore

A Simple Partnership Agreement under Singapore law is a legally binding document that establishes the terms and conditions governing a partnership between two or more parties. It complies with the Singapore Partnership Act 1890 and related legislation, setting out the essential elements of the partnership including capital contributions, profit sharing, management responsibilities, and dissolution procedures. This agreement provides a foundation for small to medium-sized business partnerships while maintaining flexibility for future modifications.

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What is a Simple Partnership Agreement?

The Simple Partnership Agreement is designed for businesses seeking to formalize their partnership arrangement under Singapore jurisdiction. This document is particularly suited for small to medium-sized enterprises requiring a straightforward yet comprehensive partnership structure. It covers essential aspects such as partner rights and obligations, profit sharing, decision-making processes, and dispute resolution mechanisms, while complying with Singapore's Partnership Act 1890 and related regulations. The agreement serves as a foundational document that can be modified as the partnership evolves.

What sections should be included in a Simple Partnership Agreement?

1. Parties: Identifies and defines all partners entering the agreement

2. Background: Sets out the context and purpose of forming the partnership

3. Definitions: Defines key terms used throughout the agreement

4. Partnership Structure: Defines the nature and scope of the partnership business

5. Capital Contributions: Details initial and ongoing capital contributions by partners

6. Profit and Loss Sharing: Specifies how profits and losses will be distributed

7. Management and Decision Making: Outlines management structure and decision-making processes

8. Duration and Termination: Specifies partnership term and termination conditions

What sections are optional to include in a Simple Partnership Agreement?

1. Intellectual Property Rights: Addresses IP ownership and usage rights when partnership involves creation or use of intellectual property

2. Non-Competition: Restricts partners from competing activities when protecting business interests from partner competition is crucial

3. Insurance: Specifies required insurance coverage when specific business risks need to be covered

4. Assignment and Transfer: Rules for transferring partnership interests when partners want to allow for future ownership changes

What schedules should be included in a Simple Partnership Agreement?

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

2. Schedule 2: Business Plan: Initial business plan and objectives

3. Schedule 3: Partner Details: Complete partner information including contact details

4. Schedule 4: Asset Register: List of partnership assets and their values

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

Jurisdiction

Singapore

Document Type

Agreement Contract

Cost

Free to use

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