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Limited Liability Partnership (LLP)
 
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  The limited liability partnership is a relative newcomer to the Singapore business world and sits between partnerships and private limited companies. LLPs were introduced to provide a business vehicle which has the flexibility of a partnership, with the benefit of limited liability.

LLPs do not have directors, shareholders or partners. Instead they just have members, who own and run the business.

LLPs are taxed in a similar manner as partnerships. This means that members of LLPs are treated as if they are carrying on business personally and taxed as self-employed. The members of LLPs are also treated for taxation purposes as owning the assets of the business personally.

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However this comes with safeguards in law to minimize abuse and provide protection to parties who deal with the LLP. The LLP is a body corporate and has legal personality separate from its partners. The LLP has perpetual succession. Any change in the partners of a LLP does not affect its existence, rights or liabilities.

An LLP is capable of:

  • Suing and being sued in its name;
  • Acquiring and holding property in its name;
  • Having a common seal and
  • Doing such other acts and things in its name, as bodies corporate may lawfully do and suffer.


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