Simple General Partnership Agreement

Simple General Partnership Agreement Template for Singapore

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Key Requirements PROMPT example:

"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."

What is a Simple General Partnership Agreement?

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.

What sections should be included in a Simple General Partnership Agreement?

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

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

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

What schedules should be included in a Simple General Partnership Agreement?

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

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