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Date Created: 12/20/15
Limited Liability Partnership LIMITED LIABILITY PARTNERSHIP ALimitedLiabilityPartnership(LLP)isaperfectblendofapartnership setup and a Private Limited Company. The LLP allows owners the flexibility of operating as a partnership while having a separate legal identity like a private limited company. Theremustbeaminimum of 2partners. Howeverthereis no limit on the maximum number of partners in a LLP. This type is highly favored by and suitable for individuals engaged in professional services such as lawyers, architects, accountants, management consultants etc. Foreign individuals and companies can form a LLP but must appoint a local manager. Citizens, Residents, Employment Pass holders, local companies can register a LLP. Advantages Disadvantages • Separate legal entity, hence partners are • Constraints in transfer of ownership not personally liable for losses or debts, or • Still does not command a distinguished image wrongful acts of other partners. However a like a private limited company partner is personally liable for claims against his personal wrongful acts or omissions. • It has perpetual succession. Any change in the partners of a LLP does not affect its existence, rights or liabilities. • Compliance requirements are simpler compared to a private limited company. • No annual return filings required for LLPs, except for income tax. Online Resources LLP Singapore | Register a Singapore LLP | Requirements for Singapore LLP Last updated on 1 March 2012 Copyright © 2012 Asiabiz Services Pte Ltd Helpful Links: Company Registration Incorporation Immigration Accounting Taxation Services AsiaBiz Services Pte Ltd 120 Telok Ayer Street, Singapore 068589 Main Line : (+65) 6303 4614 Fax : (+65) 6303 2670 Email : email@example.com Website : www.asiabizservices.com This material has been prepared by AsiaBiz for the exclusive use of the party to whom AsiaBiz delivers this material. This material is for informational purposes only and has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Where the source of information is obtained from third parties, AsiaBiz is not responsible for and does not accept any liability over the content. Last updated on March 1, 2012 Copyright ©2012 Asiabiz Services Pte Ltd
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