A Limited Liability Partnership (LLP) is a perfect blend of a partnership with private limited company setup. A LLP gives 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.

Features

  • It has a separate legal entity
  • Partners have limited liability
  • Can sue or be sued in its own name
  • Can own property
  • At least two partners, no maximum limit
  • Partners can be individuals or body corporate (company or other LLP)

Advantages

  • It is a body corporate and has legal personality separate from its partners
  • It has perpetual succession. Any change in the partners of a LLP does not affect its existence, rights or liabilities
  • Compliance requirements are simpler as compared to private limited company
  • No annual returns filing required of LLPs, except for income tax
  • Partners not personally liable for debts and losses of LLP incurred by other partners

Disadvantages

  • Profits taxed at partners’ personal income tax rates, therefore, not eligible for tax incentives or exemptions
  • The partners of LLPs own the assets of the business personally, and therefore personally liable for debts and losses resulting from their own careless actions

Summary of Setup Requirements for a LLP

  • Minimum 2 Partners
  • Minimum one manager who must be a Singapore resident
  • A Singapore registered office address

Rikvin is Singapore's leading specialist in registration of businesses with ACRA. We can set up your LLP in less than one hour provided you have all required documents in order.

Upon approval of the application of your LLP, Rikvin can also assist you in the drafting of a Partnership Agreement that outlines the rights and responsibilities of the LPP and its partners.

Approval and Renewal Information

Rikvin can help you register a LLP with ACRA within one hour provided all required documents are in place. Once approved, ACRA sends out a confirmation of registration via email. The registration is valid for one year and subject to an annual renewal.

Notes

If you are a Singapore resident and you want to set up a LLP, you will need to do the following:

  • Engage Rikvin to register your LLP.
  • Appoint a manager who must be a Singapore resident.