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Co Owner Business Contract

Co Owner Business Contract Template for Singapore

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Key Requirements PROMPT example:

Co Owner Business Contract

"Need a Co Owner Business Contract for my Singapore-based AI software startup with two other founders, where I'll own 40% and manage technology while they'll each own 30% and manage business development and operations, with plans to seek Series A funding in March 2025."

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Document background
The Co-Owner Business Contract is essential when two or more parties decide to jointly own and operate a business in Singapore. This agreement should be established at the business's formation or when new co-owners join. It addresses crucial aspects including ownership structure, capital investments, profit distribution, management rights, and exit strategies. The contract must comply with Singapore's legal framework, particularly the Companies Act and Partnership Act, and should be drafted with consideration of specific business needs and circumstances.
Suggested Sections

1. Parties: Identification and details of all co-owners

2. Background: Context of the business relationship and purpose of the agreement

3. Definitions: Key terms used throughout the agreement

4. Business Structure: Legal form of the business and ownership percentages

5. Capital Contributions: Initial and ongoing financial commitments of each party

6. Management Rights: Decision-making authority and voting rights

7. Profit and Loss Distribution: How profits and losses will be shared

8. Term and Termination: Duration of agreement and conditions for termination

Optional Sections

1. Non-Compete Provisions: Restrictions on competitive activities - used when protecting business interests from competition by co-owners

2. Intellectual Property Rights: Ownership and use of IP - included when the business involves significant IP assets

3. Employee Management: Hiring and management of staff - relevant when the business will have employees

4. Insurance Requirements: Required insurance coverage - included when specific insurance needs exist

Suggested Schedules

1. Schedule 1: Capital Contributions: Detailed breakdown of initial and planned capital contributions

2. Schedule 2: Business Plan: Initial business plan and strategic objectives

3. Schedule 3: Asset Register: List of business assets and their ownership

4. Schedule 4: Management Procedures: Detailed procedures for business management and decision-making

5. Appendix A: Shareholders' Information: Detailed information about each co-owner

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Clauses
Term and Duration
Business Purpose
Capital Contributions
Ownership Structure
Profit and Loss Distribution
Management Rights
Decision Making
Voting Rights
Reserved Matters
Financial Management
Banking Arrangements
Business Operations
Share Transfer Restrictions
Right of First Refusal
Tag-Along Rights
Drag-Along Rights
Non-Competition
Non-Solicitation
Confidentiality
Intellectual Property
Death or Incapacity
Exit Provisions
Buy-Out Rights
Valuation Mechanism
Dispute Resolution
Force Majeure
Amendment Procedures
Termination
Governing Law
Insurance Requirements
Representations and Warranties
Deadlock Resolution
Notices
Assignment
Severability
Industries

Companies Act (Cap. 50): Primary legislation governing company formation, structure, directors' and shareholders' rights and duties, and regulation of share transfers and ownership changes in Singapore

Partnership Act (Cap. 391): Legislation governing partnership structures, defining partners' rights and obligations, and regulating profit sharing and liability arrangements

Business Names Registration Act 2014: Legislation covering requirements for business registration and rules about business name usage in Singapore

Contract Law (Common Law): Legal framework based on Singapore's adoption of English common law, covering contract formation, contractual obligations and remedies

Employment Act (Cap. 91): Legislation defining co-owners' responsibilities as employers and employment regulations if the business has employees

Competition Act (Cap. 50B): Legislation governing anti-competitive practices and fair trading requirements in Singapore

Personal Data Protection Act 2012: Legislation covering handling of personal data and privacy obligations for businesses in Singapore

Income Tax Act: Legislation governing tax obligations and profit sharing implications for business owners

Goods and Services Tax Act: Legislation covering GST registration, compliance, and business taxation matters in Singapore

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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