Limited Liability Partnerships (LLP) are relatively new form of business organisation which has been allowed recently in Singapore. They combine the unique feature of a partnership merged in to concept of limited companies.
The partners of LLP can be individual person(s) or Corporate entity(ies) or a mix of both.
A LLP is a separate legal entity separate from its partners and has the capability to hold property in its own name as well to sue as well as to be sued in its own name. They also inherit other the basic nature of company form of business organisation viz.- perpetual succession, limited liability and common seal.
On the other hand LLP removes certain administrative burdens. There is no requirement to have a Company secretary for LLP as well as there is no requirement to maintain statutory registers. A LLP need not submit its accounts to IRAS or ACRA and an annual declaration of solvency is sufficient.
Further, LLP is not required to file any tax returns or pay taxes as for IRAS purposes LLP is not considered as a separate legal entity apart from its partners. The partners of LLP are to pay taxes on their share of profits derived from LLP in their respective income tax filings.
Further details about LLP can be obtained by visiting www.LLP.sg and as always you may put your queries in the comments section.