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Business Dissolution Agreement

Business Dissolution Agreement Template for Singapore

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Key Requirements PROMPT example:

Business Dissolution Agreement

"I need a Business Dissolution Agreement for a 3-person technology consulting partnership in Singapore, where one partner is retiring and selling their share to the other two partners, with the dissolution to be completed by March 2025."

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Document background
The Business Dissolution Agreement is a crucial document used when business partners or company shareholders decide to formally end their business relationship in Singapore. This agreement becomes necessary when partners choose to cease operations, when a business is being sold, or during voluntary liquidation. It must comply with Singapore's corporate laws, including the Companies Act and the Insolvency, Restructuring and Dissolution Act 2018. The document covers essential elements such as asset distribution, debt settlement, employee matters, and ongoing contractual obligations, while ensuring all statutory requirements are met.
Suggested Sections

1. Parties: Identification of all parties involved in the dissolution

2. Background: Context of the business relationship and reasons for dissolution

3. Definitions: Key terms used throughout the agreement

4. Effective Date of Dissolution: Specific date when the dissolution becomes effective

5. Distribution of Assets: How business assets will be divided

6. Settlement of Liabilities: How debts and obligations will be handled

7. Final Accounting: Process for final financial reconciliation

8. Mutual Release: Release of claims between parties

Optional Sections

1. Employee Matters: Treatment of employees and related obligations when the business has employees

2. Intellectual Property: Division of IP rights when IP assets exist

3. Non-Compete Provisions: Restrictions on future business activities when parties want to restrict future competition

4. Ongoing Projects: Handling of incomplete projects when there are ongoing contracts or projects

Suggested Schedules

1. Asset Schedule: Detailed list of all business assets and their agreed distribution

2. Liability Schedule: List of all outstanding debts and obligations

3. Client List: Distribution of clients and related obligations

4. Final Balance Sheet: Current financial position of the business

5. Employee Schedule: List of employees and their status post-dissolution

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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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Industries

Companies Act (Cap. 50): Primary legislation governing company operations and dissolution, including procedures for striking off and winding up, requirements for shareholder approval, and director obligations during dissolution

Partnership Act (Cap. 391): Legislation governing partnership dissolution, including rights and obligations of partners during dissolution and distribution of partnership assets

Limited Liability Partnerships Act: Specific legislation for LLP dissolution, including provisions for dissolution process, partner liabilities and obligations

Income Tax Act: Tax-related requirements including tax clearance, outstanding tax obligations, and final tax returns

Employment Act: Employment-related requirements including employee termination procedures, outstanding salary and benefits, and CPF obligations

Goods and Services Tax Act: GST-related requirements including deregistration procedures, final GST returns, and outstanding GST obligations

Contract Law: General contract law principles affecting existing contractual obligations, contract termination procedures, and third-party rights

Insolvency, Restructuring and Dissolution Act 2018: Comprehensive legislation covering insolvency provisions, creditor rights, and debt settlement procedures during business dissolution

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,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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