Singapore — (SBWIRE) — 12/06/2013 — Singapore’s Limited Liability Partnership Act of 2005 governs the rules and regulations of an LLP company in Singapore. A Singapore limited liability partnership is a type of Singapore business incorporation where two or more partners incorporate a Singapore company. It is rendered a separate legal identity and can own property, sue or be sued.
Although, the Singapore Limited Liability Act does not restrict the benefits of the LLP structure to professionals of certain specific classes, LLP structure has gained immense popularity among chartered professionals. SBS Consulting, a renowned Singapore business formation firm has revealed some salient features of limited liability partnership in Singapore.
“Keeping the popularity of Singapore limited liability partnership among the charted professionals in mind, we are pleased to release the salient features of this very form of business incorporation Singapore to our valuable patronage,” said Ms. Meena, business head of the firm.
Salient features of Singapore Limited Liability Partnership are stated hereunder:
- Any individual either a Singapore citizen, Permanent Resident or holder of any of the three passes viz. Employment Pass, EntrePass and Dependent pass can register an LLP.
- Foreign individuals or companies who wish to start a Singapore company in the form of LLP can register as long as a local resident manager is appointed, as it is mandatory to appoint at least one local manager Singapore in LLP.
- There must be minimum two partners, no limit to maximum number
- Partners can be a natural person above 18 years or a corporate body
- Unlike private limited companies, an LLP in Singapore does not have directors, shareholder or secretary.
- Profits of an LLP are treated as its partner’s personal income and thus, income are subject to Singapore personal income tax. If a partner is corporate body, income is taxed at Singapore corporate tax rate.
- A proposed new partner requires the consent of all existing partners. Other matters are decided by majority vote, with each partner having one vote.
- A Singapore LLP’s name must include the words “limited liability partnership” or the acronym “LLP”.
- A Partner of the LLP cannot be held personally liable for any wrongful commission or omission of any other partners.
- Mutual rights and duties of LLP and its partners are subject to its partnership agreement.
- LLP registration is less complex than a private limited company.
A Singapore limited liability is a perfect choice for the one who is looking to set up a partnership, but at the same time want to enjoy the features of a Singapore private limited company. An LLP Singapore gives the benefits of operating a business in the form of partnership while enjoying a status of separate legal identity. This excellent combination of a partnership with a private limited company set up in Singapore is best suitable for lawyers, accountants, architects and management consultants.
About SBS Consulting
Incorporated in 2010, SBS Consulting is a rapidly growing company registration firm in Singapore that has achieved a phenomenal success in business within a short span of time. Specialized in offering Singapore company incorporation assistance for private limited companies, limited liability partnership, sole proprietorship and partnership business and so on, the firm has expertise in other areas of business interest such as Singapore taxation, accounting, payroll, auditing, corporate secretarial Singapore and Singapore work visa services. The domain experts of SBS work coherently to deliver top-notch services in accordance with the applicable legislations.
Contact:
Meena,
SBS Consulting Pte Ltd
35-B Hongkong Street,
Singapore – 059674
Tel: +65 67289142
Email: info@sbsgroup.com.sg
Website: http://www.sbsgroup.com.sg/
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Company Registration of Singapore Limited Liability Partnership Is Popular ...
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