At least two partners are required and at least one partner has their habitual residence in Singapore. A partner is defined as a person who has been approved as a partner in the LLP under the LLP agreement. All partners can be involved in the management of the LLP. Partners must meet their obligations and legal obligations under the LLP agreement, but the compliance requirements are much simpler for a Singapore LLP than for a Singapore Private Limited Company. There is no legal obligation for general meetings, directors, company secretaries, share awards, etc. A partner can no longer be considered a partner after death or dissolution. In the absence of a limited liability contract, 30 days` notice is given to other partners. The accession of a proposed new partner requires the agreement of all partners. A majority is required for all other matters, with each partner exercising its vote. The LLP combines the operational flexibility of a partnership with the limitations of liability of a company. This protects partners from commitments resulting from the premeditation or gross negligence of a partner or group of partners. All its partners are liable up to the limit of their contributions and they are not personally liable for the debt and obligations of the LLP, unless such debts and obligations result from their own negligence / fraud. The reciprocal rights and obligations of Singapore LLP and its partners are governed by the Limited Liability Social Contract.
A limited liability partnership is registered with the Accounting and Corporate Regulatory Authority (ACRA) of Singapore. Foreign persons are obliged to commission a professional services company to carry out the registration process. It is also recommended that residents use a professional services company for the LLP registration process, which includes the design of the partnership contract. The LLP registration process consists of two steps: a) name reservation; and (b) business registration. Under normal circumstances, an LLP registration can be completed in a single day. A Singapore Limited Liability Partnership (LLP) is a type of business structure in which two or more partners create a partnership company that protects partners from debts resulting from wilful misconduct or gross negligence of a partner or group of partners.