The Operating Agreement Between Partners is a fundamental document for businesses operating as partnerships in Singapore. It serves as the primary governing document that defines how the partnership will operate, how decisions will be made, and how profits and losses will be shared. This agreement is particularly important in Singapore's business environment where partnerships must comply with the Partnership Act 1890 and related regulations. The document typically includes provisions for capital contributions, profit distribution, management rights, partner duties, and exit mechanisms. It's essential for both new partnerships and existing ones that need to formalize their arrangements or update their operating procedures.
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Key Requirements PROMPT example:
Operating Agreement Between Partners
"I need an Operating Agreement Between Partners for a new technology consulting firm in Singapore with three equal partners, where we want to include specific provisions for intellectual property rights and a structured exit mechanism for any partner who wishes to leave after January 2025."
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 Structure: Legal form and basic structure of the partnership
5. Capital Contributions: Initial and ongoing capital requirements
6. Profit and Loss Sharing: Distribution of profits and allocation of losses
7. Management Rights: Decision-making processes and authority
8. Partner Duties: Responsibilities and obligations of partners
9. Term and Termination: Duration and conditions for ending the partnership
1. Non-Compete Provisions: Restrictions on competitive activities - use when partners may have competing interests
2. Intellectual Property Rights: Ownership and use of IP - include when IP is significant to the business
3. Insurance Requirements: Required insurance coverage - include for high-risk businesses or regulatory requirements
4. Dispute Resolution: Process for resolving disagreements - include when specific dispute resolution mechanisms are desired
1. Schedule of Capital Contributions: Detailed breakdown of each partner's contributions
2. Partnership Assets Schedule: List of partnership property and assets
3. Partner Contact Details: Contact information for all partners
4. Business Plan: Initial business plan and projections
5. Banking Arrangements: Details of partnership bank accounts and signing authorities
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