Out of the various businesses entity types in Singapore, only Singapore limited liability partnership (LLP) and private limited company in Singapore can be considered to be separate legal entities. This post is a collection of frequently asked questions about Singapore LLP to help those who are looking to understand more about this business entity type.
What is a Singapore LLP?
According to the Limited Liability Partnership Act, a Singapore limited liability partnership (LLP) is a type of business structure "where the individual partner's own liability is generally limited." This clause protects the various co-partners from liabilities due to misconduct of other partners. This is affirmed by the Limited Liability Partnership Act Section 163A that "the mutual rights and duties of the Singapore LLP and its partners are governed by the limited liability partnership agreement."
Who should register for a Singapore LLP ?
While the Singapore Limited Liability does not restrict the benefit of LLP to any specific classes/groups, the LLP structure is more suitable for chartered professions such as lawyers, accountants or, when two or more such professionals decide to work together. Entrepreneurs looking to incorporate a company in Singapore might find private limited company incorporation more appropriate.
For more information read this link:
http://precursor.com.sg/frequently-asked-questions-singapore-llp/
YOU ARE READING
LLP Vs. LLC in Singapore: Which one is better?
RandomAs limited liability companies or private limited companies in Singapore are limited by shares, this means that the shareholders are not liable for its debts or losses beyond the amount of share capital they have invested in the company. The persona...
