Singapore limited liability partnership is a combination of a partnership with private limited company setup. A LLP gives owners the flexibility of operating as a partnership while having a separate legal identity like a private limited company. This type is applicable for individuals engaged in professional services such as lawyers, architects, accountants and management consultants. Singapore citizens, residents, and employment pass holders can register a LLP. The following are the features of a Singapore limited liability partnership: â€It has a separate legal entity â€Partners have limited liability â€Can sue or be sued in its own name â€Can own property â€At least two partners, no maximum limit â€Partners can be individuals or body corporate (company or other LLP) In addition, these are the advantages of a limited liability partnership: â€It is a body corporate and has legal personality separate from its partners â€It has perpetual succession. Any change in the partners of a LLP does not affect its existence, rights or liabilities â€Compliance requirements are simpler as compared to private limited company â€No annual returns filing required of LLPs, except for income tax â€Partners not personally liable for debts and losses of LLP incurred by other partners Entrepreneurs should also note the disadvantages of establishing a limited liability partnership: â€Profits taxed at partners’ personal income tax rates, therefore, not eligible for tax incentives or exemptions â€The partners of LLPs own the assets of the business personally, and therefore personally liable for debts and losses resulting from their own careless actions The following requirements should be complied for LLP: â€Minimum 2 Partners â€Minimum one manager who must be a Singapore resident â€A Singapore registered office address Rikvin, a leading business registration firm in Singapore can help you register a LLP with ACRA within one hour provided all required documents are in place. Once approved, ACRA sends out a confirmation of registration via email. The registration is valid for one year and subject to an annual renewal.
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