Legal Aspects to Be Considered While Starting Business in Singapore

Starting a business is worth your excitement but there are various legal aspects that should be kept in mind before any startup and these are:

1)Personal Assets:

According to Singapore Law, if you are starting a business in partnership then all the partners are legally responsible for debts and obligations. Moreover all your personal assets will also be at risk.

2)Documentation:

Proper documentation is required as court doesn’t recognizes oral agreements. It also implies that in case of legal problems you need to have proofs to prove your point.

3)Terms and conditions:

Cashflow is the backbone of any business. So make sure to spell out all terms and conditions to your customers. Also there should be clarity in terms of capital investment by each partner and that too in written.

4)Employment Contracts:

The employment contracts should be simple and clear since no employee is an expert of employment law.

5)Rights and Liabilities:

It is very important to know about your rights and responsibilities especially in cases when a partner surrenders the business or dies. So it is recommended to properly document these kinds of issues prior.

Some top law firm in Singapore and Civil litigation lawyers Singapore guides its clients on the basis of these points. The top arbitration Singapore also falls in this category. Darshan & TEO which is known for its services provides best consultation in terms of corporate and commercial law.