An LLP combines the features of a Limited Limited Company and a Partnership. It provides the legal status of a typical private limited company while offering the flexibility and simplicity of a partnership. LLPs are the preferred business entity for professionals such as lawyers, accountants, engineers, architects and other such consultancy, advisory and management firms.
Who can be a partner?
- Residents (Singapore citizens, Permanent Residents or Work Visa holders)
- Non-Residents
- Corporations (local or foreign companies)
- Other LLPs
Features of a LLP
- It has a separate legal entity therefore individual partners are not personally liable for losses or debts
- Each Partner has limited liability according to his share of the Partnership and personally liable for his own misdeeds
- Each partner is not liable for any misdeeds of the other partners
- Minimum of 2 partners, no maximum limit
- Partners can be individuals or body corporate (company or other LLP)
- At least ONE local resident manager must be appointed
- Annual filings are NOT required for LLPs.
- LLPs are not required to pay corporate tax. Instead each partner is taxed personally under Personal Income Tax.
- LLPs survive the death of its partners. Ownership can be transferred or willed as inheritance. Changes in ownership of the partnership does not affect it’s status, rights or liabilities.
Get started on a Limited Liability Partnership registration
