Limited Liabilities Partnership (LLP)
Limited Liability Partnership (LLP) Registration Package
- Includes Professional fees to form business firm
- Includes ACRA fees
- Includes 3 sets of Business profile
- Free One year Website domain Name (.com.sg or .sg by SGNIC)
Information Required For Registration of LLP:
- 2 Proposed Business Names.
- Business Activities Description.
- Location of Registered Office
- Copy of NRIC information of all local Managers
- Copy of Passport and Proof of foreign address of all Foreign Owners
What is a Limited Liability Partnership (LLP)?
A Limited Liability Partnership (LLP) is a vehicle for doing business in Singapore. An LLP gives owners the flexibility of operating as a partnership while having a separate legal identity like a private limited company.
This means that the LLP is seen as a body corporate and has a legal personality separate from its partners. The LLP has perpetual succession, which means any change in the partners of an LLP will not affect its existence, rights or liabilities.
An LLP is capable of:
- Suing and being sued in its name;
- Acquiring and holding property in its name;
- Having a common seal in its name and
- Doing such other acts and things in its name, as bodies corporate may lawfully do and suffer.
The partners of the LLP will not be held personally liable for any business debts incurred by the LLP. A partner may, however, be held personally liable for claims from losses resulting from his own wrongful act or omission, but will not be held personally liable for such wrongful acts or omissions of any other partner of the LLP.
An LLP is required to keep accounting records, profit and loss accounts and balance sheets that will sufficiently explain the transactions and financial position of the LLP. In the event the LLP does not do this, the LLP and every partner shall be prosecuted and the penalty may be a fine or imprisonment, or both. In addition, the LLP shall submit to the Registrar an annual declaration of solvency or insolvency (i.e. being able or unable to pay its debts respectively) which will be made available to the public.