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Managing Partner Agreement Template for Singapore

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Key Requirements PROMPT example:

Managing Partner Agreement

"Need a Managing Partner Agreement for our Singapore-based law firm to appoint a new managing partner effective March 1, 2025, with specific provisions for profit sharing and management of our international offices in ASEAN region."

Document background
The Managing Partner Agreement is essential for partnerships operating in Singapore that wish to formalize their management structure and leadership roles. This document is particularly crucial when appointing or transitioning to new managing partners, outlining their enhanced responsibilities and authority within the partnership framework. It ensures clear delineation of powers, accountability mechanisms, and compensation arrangements while maintaining compliance with Singapore's partnership laws and regulations. The agreement typically becomes necessary during partnership formation, leadership transitions, or restructuring of established partnerships.
Suggested Sections

1. Parties: Identification of all partners and the partnership entity

2. Background: Context and purpose of the partnership agreement

3. Definitions: Key terms used throughout the agreement

4. Partnership Structure: Organization and management 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 and Duties: Partners' roles, responsibilities, and decision-making authority

8. Term and Termination: Duration of partnership and termination provisions

Optional Sections

1. Non-Compete Provisions: Restrictions on competitive activities - use when partners may have access to sensitive business information

2. Intellectual Property Rights: Ownership and use of partnership IP - include when IP is significant to the partnership business

3. International Operations: Cross-border business provisions - include for partnerships with international activities

4. Professional Indemnity: Professional liability coverage requirements - include for professional service partnerships

Suggested Schedules

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

2. Schedule 2: Profit Sharing Formula: Detailed calculation method for profit distribution

3. Schedule 3: Management Structure: Organizational chart and management responsibilities

4. Schedule 4: Partner Information: Detailed information about each partner

5. Appendix A: Partnership Policies: Internal policies and procedures

6. Appendix B: Professional Requirements: Relevant professional regulations and requirements

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

Relevant legal definitions



































Clauses







































Industries

Partnership Act (Chapter 391): Primary legislation governing partnerships in Singapore, defining basic partnership structures, rights, and obligations of partners

Limited Partnerships Act: Legislation governing limited partnerships, defining the relationship between general and limited partners

Limited Liability Partnerships Act: Governs LLPs in Singapore, combining partnership flexibility with corporate limited liability

Companies Act: Relevant when partnership has connection to corporate entities or corporate structures

Employment Act: Covers employment terms and conditions, relevant for managing partners who may also be considered employees

Central Provident Fund Act: mandatory social security savings scheme affecting partner compensation and benefits

Work Injury Compensation Act: Covers workplace injury compensation requirements and obligations

Income Tax Act: Governs taxation of partnership income and partner distributions

Legal Profession Act: Specific regulations for law firm partnerships and legal practice management

Accountants Act: Specific regulations for accounting firm partnerships and practice management

Competition Act: Relevant for non-compete clauses and restraint of trade provisions in partnership agreements

Personal Data Protection Act: Governs the collection, use, and disclosure of personal data in partnership operations

Arbitration Act: Framework for arbitration as a dispute resolution mechanism in partnership agreements

Mediation Act: Framework for mediation as an alternative dispute resolution method

Civil Law Act: Contains general principles of contract law applicable to partnership agreements

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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