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Singapore Limited Liability Partnership, LLP

OVERVIEW

 

A Limited Liability Partnership (LLP) is a perfect blend of a Partnership with Private Limited Company setup.

 

An LLP gives its owners the flexibility of operating as a Partnership while having a separate legal identity like a Private Limited Company. This type is highly suitable 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. Foreign individuals and companies may also register a LLP but must appoint a local manager.

 

Beaufort Corporate Services is Singapore’s leader specialising in company formations. You can engage Beaufort to assist you with the formation of a Sole Proprietorship with ACRA.

 

Features of a Limited Liability Partnership

 

  • It has a separate legal entity

  • Partners have limited liability

  • Minimum of 2 partners, no maximum limit

  • Partners can be individuals or body corporate (company or other LLP)

 

Singapore Limited Liability Partnership Requirements

 

  • Minimum 2 Partners

  • Minimum one manager who must be a Singapore resident

  • A Singapore registered office address

 

Tax and Singapore Limited Liability Partnership

 

Singapore LLP, though a tax resident, is not considered as a company entity; therefore its profit is taxed at personal income rate. In the event where a partner is a company, its share of profit will be taxed at tax rate for companies.

 

Advantages of a Singapore Limited Liability Partnership

 

  • Separate legal entity, hence partners are not personally liable for losses or debts, or wrongful acts of other partners. However a 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 aff ect its existence, rights or liabilities.

  • Compliance requirements are simpler as compared to private limited company.

  • No annual returns fi ling required of LLPs, except for income tax.

     

Disadvantages of a Singapore Limited Liability Partnership

 

  • Constraints in transfer of ownership

  • Does not command a distinguished image as a private limited company.

 

Notes

 

If you are a Singapore Resident who wishes to incorporate a Singapore Limited Liability Partnership, the following must be fulfilled:

 

  1. Come to our office, engage Beaufort to help you incorporate your Singapore company with ACRA in less than hour, once you provide all the documents.

 

Please see Process for documents required for registration of LLP.

PROCESS - Steps and Procedures

The Beaufort Company Registration Process is Simple and Beaufort makes Incorporation a Breeze.

  1. SUBMIT - Application Form
  2. MAKE PAYMENT - Payment and Documents
  3. INCORPORATE - Your Company

To proceed with your Limited Liability Partnership (LLP) registration, please come to our office personally with your identification paper. We will

 

  • Check your proposed Business name availability

  • Follow-up with you to clarify queries (if any) and advise accordingly

  • Issue you an invoice for our services.

 

Upon receiving the payment for our services, we will prepare and file the business registration on your behalf.

 

Once the business has been registered, you may proceed to open a corporate bank account.

DOCUMENTS REQUIRED

There are some Documents Required for Incorporating a Singapore Limited Liability Partnership.

 

The Beaufort Company Registration Process is Simple and Beaufort makes Incorporation a Breeze.

  • Proposed LLP name
  • Copies of NRIC and/or Passport information of each partner
  • Brief description of business activities
  • Registered office address for the LLP
  • Written consent to act as manager, if required

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