Limited Liability Partnership Set-Up

• An LLP is a business formed by a minimum of two to a maximum of twenty partners. Once the partnership exceeds more than twenty partners, the partnership must be registered as a company under the Companies Act, Cap. 50.
• The partners are limited to liabilities incurred due to their own wrongful actions, however are not liable for loss and debts occurred by other partners (s).
• Profits of the LLP are treated as personal income/ corporate income of the individual/ corporate entity who is part of the partnership, hence the profits are taxable to a tax rate as that of personal/corporate income.
• LLP is not required to audit their accounts (unless special circumstances)

• LLP has to file an annual declaration of solvency with ACRA.

General Requirement

• Any Singapore registered company or a natural person of at least 18 years of age is eligible to register an LLP.
• A local Singapore address must be provided as the business address for the LLP. HDB/ URA address will have to seek written approval from HDB under the Home Office Scheme for the usage of residential premises as a business address.
• All Singapore citizens or PRs  partners registering LLP must ensure that their Medisave accounts have sufficient funds and no outstanding amount before proceeding with the registration.