{"id":12998,"date":"2016-11-29T17:02:15","date_gmt":"2016-11-29T09:02:15","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/?page_id=12998"},"modified":"2024-07-10T22:05:47","modified_gmt":"2024-07-10T14:05:47","slug":"limited-liability-partnership","status":"publish","type":"page","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/resources\/guide-to-setup-singapore-business\/limited-liability-partnership\/","title":{"rendered":"Limited Liability Partnership"},"content":{"rendered":"

Choosing the Right Business Type – Limited Liability Partnership<\/h2>\n

\"LimitedThere are a few business types that are available in Singapore. One of them is the Limited Liability Partnership (LLP)<\/strong>. If anyone is interested instead of registering a company<\/a> or business in Singapore, they can actually opt for Limited Liability Partnership (LLP).<\/a><\/p>\n

LLP is a business organization comprises two or more persons for carrying on a lawful business with a view to profit that is registered as such under the Limited Liability Partnership Act 2005.<\/p>\n

In order to register for LLP<\/a>, one must have at least two (2) partners. It can either individual who are 18 years old and above or body corporate (company or other LLP). In addition, LLP also requires at least one manager is an individual ordinarily resident in Singapore.<\/p>\n

Despite of its name, it is not regarded as a partnership, the general partnership law does not apply to LLP. An LLP is a partnership where the individual partner\u2019s own liability is generally limited.<\/p>\n

As a body corporate with separate legal personality, it can therefore sue, be sued and own property in its own name. Apart from that, LLP is liable for its own debts and the partners and mangers of the LLP cannot be made liable for such debts. Each partner are assessed and taxed<\/a> individually on their respective share of the profits in the LLP.<\/p>\n

An LLP is capable of:<\/p>\n