Business set-up for Limited Liability Partnership
A Limited Liability Partnership (“LLP”) is a hybrid of “Partnership” and “Private Limited Company”. It is a type of business structure where 2 or more partners form an entity which has its own separate legal identity like a Private Limited Company. It has rights to hold property, sued or be sued under its own name and is typically adopted by professionals such as doctors, lawyers and architects.
Partners in LLP have limited liability and will not be personally liable for the business debts incurred except for those arising from his own wrongful act or negligence. Similar to Sole Proprietor / Partnership, business profits will be taxed at partners’ personal income tax rate and is generally also harder to secure loans from financial institutions which is required for business expansion.
Apart from the statutory requirement to keep the accounting records, LLP must also file an Annual Declaration of solvency to the ACRA which will be made available to the public.
Minimum Requirements
- At least 2 Partners
- Partner must be at least 18 years of age
- Registered Address
- 1 Appointed Local Manager
| Business Set Up | Price (SGD$) |
|---|---|
| 2 Partners | $488 |
| Additional Local Partner | $30/pax |
| Additional Foreign Partner | $50/pax |
- Minimum 2 Proposed Business Name (In Order of Preference)
- Courier address (For billing and courier of Business documents)
- Description of Business Principal Activity (Maximum 2)
- Colored image of Authorised Local Manager’s NRIC (Front & Back), contact number and email address
- Colored image of Partners' NRIC (Front & Back), contact number and email address
- Profit Allocations for Partners
- Paid up Capital
- Colored image of Authorised Local Manager’s NRIC (Front & Back), contact number and email address
- Minimum 2 Proposed Business Name (In Order of Preference)
- Courier address (For billing and courier of Business documents)
- Description of Business Principal Activity (Maximum 2)
- Profit Allocations for Partners
- Colored image of Foreign Partners’ ID (Front & Back), contact number, overseas residential address and email
- Proof of Address (E.g Latest Telephone / Utility Bill) of all foreign Partners.
- Paid Up Capital
