{"id":69181,"date":"2023-12-19T14:24:13","date_gmt":"2023-12-19T06:24:13","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/?page_id=69181"},"modified":"2024-12-01T22:43:58","modified_gmt":"2024-12-01T14:43:58","slug":"limited-liability-partnership-llp","status":"publish","type":"page","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/resources\/business-compendium\/limited-liability-partnership-llp\/","title":{"rendered":"Limited Liability Partnership (LLP)"},"content":{"rendered":"

Decoding the Concept of Limited Liability Partnership (LLP)<\/h2>\n

\"LimitedIn the diverse world of businesses, a Limited Liability Partnership (LLP) holds a special place. It’s designed to provide its owners with the nimbleness of a partnership structure but with an added perk: a distinct legal identity akin to a private limited company. This means, as a registered entity under the LLP Act, it’s recognized as a separate legal body from its partners, can own property, and can independently initiate or face lawsuit proceedings.<\/p>\n

 <\/p>\n

Benefits of Setting Up an LLP<\/h3>\n

There are a few key advantages of operating as an LLP:<\/p>\n

    \n
  1. Partners enjoy limited liability, with their personal financial risk limited to their capital input in the LLP. In other words, they’re not personally responsible for the LLP’s business debts.<\/li>\n
  2. If one partner makes a mistake leading to financial loss, only that specific partner is held personally responsible. The personal assets of other partners who weren’t involved are protected.<\/li>\n
  3. An LLP enjoys perpetual succession, meaning its existence, rights, and responsibilities aren’t influenced by changes in partnership.<\/li>\n
  4. Less administrative burden: Unlike some business types, an LLP isn’t required to appoint a company secretary, hold Annual General Meetings (AGMs), or file annual reports. However, they must keep financial records and provide the Registrar with an annual solvency or insolvency declaration.<\/li>\n<\/ol>\n

     <\/p>\n

    Understanding Taxation in LLPs<\/h3>\n

    For taxation purposes, an LLP is considered a partnership, rather than a separate legal entity. This means partners are taxed based on their profit share from the LLP. The tax differs based on the nature of the partner: for individuals, it’s calculated as per personal income tax rates, while for companies it’s based on corporate tax rates.<\/p>\n

     <\/p>\n

    Can Foreigners Establish an LLP in Singapore?<\/h3>\n

    Yes, foreigners can form an LLP in Singapore. However, they’ll need to enlist the assistance of a registered filing agent (like a law firm, accounting firm, or corporate secretarial firm) to submit the online LLP registration application on their behalf.<\/p>\n

    For individuals with a Singpass, the LLP registration can be completed online through BizFile. Also, foreign LLP owners who aren’t residing in Singapore will need to designate a local manager who can be a Singapore citizen, a Permanent Resident, or an EntrePass\/ Employment Pass holder.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Decoding the Concept of Limited Liability Partnership (LLP) In the diverse world of businesses, a Limited Liability Partnership (LLP) holds a special place. It’s designed to provide its owners with the nimbleness of a partnership structure but with an added perk: a distinct legal identity akin to a private limited company. This means, as a…<\/p>\n","protected":false},"author":22,"featured_media":68762,"parent":70083,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[],"class_list":["post-69181","page","type-page","status-publish","has-post-thumbnail","description-off"],"_links":{"self":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/pages\/69181","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/comments?post=69181"}],"version-history":[{"count":1,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/pages\/69181\/revisions"}],"predecessor-version":[{"id":94280,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/pages\/69181\/revisions\/94280"}],"up":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/pages\/70083"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/media\/68762"}],"wp:attachment":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/media?parent=69181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/categories?post=69181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}