How To Setup A Limited Liability Partnership

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:

It has a separate legal entity
Partners have limited liability
Can sue or be sued in its own name
Can own property
At least two partners, no maximum limit
Partners can be individuals or body corporate (company or other LLP)

In addition, these are the advantages of a limited liability partnership:

It is a body corporate and has legal personality separate from its partners
It has perpetual succession. Any change in the partners of a LLP does not affect its existence, rights or liabilities
Compliance requirements are simpler as compared to private limited company
No annual returns filing required of LLPs, except for income tax
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:

Profits taxed at partners personal income tax rates, therefore, not eligible for tax incentives or exemptions
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:

Minimum 2 Partners
Minimum one manager who must be a Singapore resident
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.

About the Author:
Rikvin has been assisting clients from all over the globe in registering their preferred business structure from sole proprietorship to Singapore limited liability partnership and corporation.

Article Originally Published On: http://www.articlesnatch.com

Tags: Singapore limited liability partnership

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