Starting a Partnership has never been easier.
A Limited Liability Partnership (LLP) is a perfect blend of a Sole Proprietorship with Private Limited Company setup.
What are the benefits of starting a Limited Liability Partnership?
In a nutshell
What is a Limited Liability Partnership?
Singapore Limited Liability Partnership (LLP) is a type of business structure where two or more partners incorporate a partnership entity that shields co-partners from liabilities due to the willful misconduct or gross negligence of one partner or a group of partners.
For a LLP to exist, there must always be two or more partners. Although Singapore’s Limited Liability Partnership Act of 2005 does not restrict the benefit of LLP structure to certain classes of professionals only, in practice, LLP structure makes the most sense for chartered professions only (such as lawyers, accountants, etc.) when two or more such professionals decide to work together. For a typical entrepreneur however, incorporating a private limited company is the preferred option.
Who can start a Limited Liability Partnership?
- There must be a minimum of two partners. However there is no cap on the maximum number of partners in a LLP.
- The partners can be natural persons or companies
- A partner may cease to be a partner upon his death or dissolution or in accordance with the limited liability partnership agreement (if any) or, in the absence of such agreement, by giving 30 days’ notice to the other partners.
- A proposed new partner requires the consent of all existing partners. Other matters are decided by majority vote, with each partner having one vote.
- Unlike private limited companies, an LLP in Singapore does not have directors, shareholder or secretary, instead the partners own and run the business.
- Every limited liability partnership must appoint at least one manager who is a natural person of at least 18 years of age and who is ordinarily resident in Singapore, a Singapore Citizen or a Permanent Resident.
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