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LLC Business Partnership Agreement

LLC Business Partnership Agreement Template for Singapore

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Key Requirements PROMPT example:

LLC Business Partnership Agreement

"Need an LLC Business Partnership Agreement for a new technology consulting firm in Singapore with tHRee founding partners, where two partners will contribute capital and one partner will contribute intellectual property, with plans to start operations in March 2025."

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What is a LLC Business Partnership Agreement?

The LLC Business Partnership Agreement is a fouNDAtional document used when establishing or restructuring a limited liability partnership in Singapore. This agreement is essential for businesses seeking to formalize their partnership structure while benefiting from limited liability protection under Singapore law. It comprehensively addresses capital contributions, profit sharing, management rights, decision-making processes, and exit strategies. The document ensures compliance with Singapore's Limited Liability Partnerships Act 2005 and provides a clear framework for partnership operations and dispute resolution.

What sections should be included in a LLC Business Partnership Agreement?

1. Parties: Identification and details of all partners entering into the agreement

2. Background: Context and purpose of the partnership, including business objectives

3. Definitions: Key terms and their meanings used tHRoughout the agreement

4. Partnership Structure: Legal form, ownership percentages, and capital contributions of the partnership

5. Management and Decision Making: Governance structure, voting rights, and management procedures

6. Capital and Profits: Financial arrangements, capital contributions, and profit distribution mechanisms

7. Partners' Duties and Obligations: Responsibilities, commitments, and obligations of all partners

8. Term and Termination: Duration of partnership and conditions for termination or dissolution

9. Dispute Resolution: Process and procedures for resolving conflicts between partners

What sections are optional to include in a LLC Business Partnership Agreement?

1. Non-Compete Provisions: Restrictions on competitive activities and protection of business interests

2. Intellectual Property Rights: Ownership, use, and protection of intellectual property assets

3. Insurance Requirements: Required insurance coverage and liability protection measures

4. International Operations: Provisions governing cross-border business activities and compliance

What schedules should be included in a LLC Business Partnership Agreement?

1. Schedule 1: Capital Contributions: Detailed breakdown of initial and subsequent capital contributions by partners

2. Schedule 2: Business Plan: Initial business plan, strategy, and operational framework

3. Schedule 3: Partner Information: Detailed information and documentation about each partner

4. Schedule 4: Company Assets: Comprehensive list of partnership assets and their ownership details

5. Appendix A: Profit Sharing Formula: Detailed calculation method and terms for profit distribution among partners

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions
































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Industries

Limited Liability Partnerships Act 2005: Primary legislation governing the formation, registration and regulation of Limited Liability Partnerships in Singapore

Limited Liability Partnerships Regulations: Detailed regulatory framework for LLPs including compliance requirements and operational guidelines

Business Names Registration Act 2014: Legislation governing business name registration and related requirements in Singapore

Companies Act (Cap. 50): Fundamental legislation governing company operations and corporate structures in Singapore

ACRA Regulations: Regulatory requirements set by the Accounting and Corporate Regulatory Authority for business entities

Income Tax Act: Legislation governing taxation of business income and related tax obligations

Goods and Services Tax Act: Legislation governing GST obligations and compliance for businesses

Stamp Duties Act: Legislation governing stamp duties applicable to business documents and transactions

Employment Act: Primary legislation governing employment relationships and worker rights in Singapore

Central Provident Fund Act: Legislation governing mandatory social security savings system and employer obligations

Singapore Contract Law: Body of law governing formation and enforcement of contracts under Singapore jurisdiction

Partnership Law: Legal principles governing partnership relationships and obligations between partners

Foreign Ownership Rules: Regulations governing foreign ownership and investment in Singapore businesses

Capital Requirements: Regulatory requirements regarding minimum capital for business entities

Partner Liability Provisions: Legal framework defining extent and limitations of partner liability in LLPs

Dispute Resolution Framework: Legal mechanisms and procedures for resolving business disputes under Singapore law

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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