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Limited Liability Partnership Agreement
"Need a Limited Liability Partnership Agreement for a new Singapore-based accounting firm with 4 partners, where two partners will contribute SGD 500,000 each and two partners will contribute SGD 250,000 each, with profit sharing proportional to capital contribution, planned to commence operations in March 2025."
1. Parties: Identification and details of all founding partners
2. Background: Context and purpose for forming the LLP
3. Definitions: Key terms used throughout the agreement
4. Business of the Partnership: Nature and scope of business activities
5. Capital Contributions: Initial and ongoing capital requirements
6. Profit and Loss Sharing: Distribution of profits and allocation of losses
7. Management Structure: Decision-making processes and management responsibilities
8. Partners' Rights and Obligations: Detailed responsibilities and entitlements of partners
9. Admission and Retirement of Partners: Procedures for partner entry and exit
10. Dissolution and Winding Up: Procedures for termination of the LLP
1. Non-Competition: Restrictions on competitive activities by partners during and after partnership
2. Intellectual Property Rights: Ownership and use of intellectual property created during the partnership
3. Insurance: Required insurance coverage and maintenance obligations
4. Dispute Resolution: Specific procedures for resolving conflicts between partners
1. Schedule 1: Capital Contributions: Detailed breakdown of initial capital contributions by each partner
2. Schedule 2: Profit Sharing Ratios: Specific profit and loss allocation formulas among partners
3. Schedule 3: Management Procedures: Detailed operational procedures and policies for day-to-day management
4. Schedule 4: Partner Information: Detailed information about each partner including contact details and qualifications
5. Appendix A: Business Plan: Initial business plan and financial projections for the LLP
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