The ACRA launched Limited Partnership (LP) with effect from 4 May 2009.
Limited Partnership (LP) is a new vehicle for doing business in Singapore to give potential entrepreneurs another option as well as to attract foreign investment. It is a partnership consisting of a minimum of two partners, with at least one general partner and one limited partner, no maximum limit. An LP does not have a separate legal entity from the partners, i.e. it cannot sue or be sued or own property in its own name.
An individual or a corporation may be a general partner or a limited partner of the LP. Appointing a local manager is not mandatory unless all the general partners are residing outside Singapore.
A general partner is responsible for the actions of an LP and is liable for all debts and obligations of the LP. A limited partner is not liable for debts and obligations of the LP beyond his agreed contribution, provided he does not take part in the management of the LP.
At least one manager ordinarily resident in Singapore (at least 18 years old) if all the general partners are not “ordinarily resident” in Singapore.
At least one general partner and limited partner. Both can be individuals (at least 18 years old) or body corporate (company or other LLP)
If there is no limited partner registered with ACRA, the LP registration will be suspended and the general partner will be deemed registered under the Business Registration Act. Once a new limited partner registers with ACRA, the LP registration will be restored and the registration under the Business Registration Act will cease.
LP profits are taxable at partner’s personal income tax rates.
The above information is extracted from the ACRA on 13 May 2009.
PROCESSING TIME
The processing time of name application is on a case-by-case basis. The minimum processing time is 2 hours while some require 14 days or more. Generally, the whole process of setting up LP will be done within 1 working day.
If you have further questions, please do not hesitate to call Ms Peggy @ 6533 7393 Ext. 115 or email us at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
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