A Limited Liability Partnership (LLP) is a vehicle for doing business in Singapore. An LLP gives owners the flexibility of operating as a partnership while having a separate legal identity “almost” like a private limited company.
This means that the LLP is seen as a body corporate and has a legal personality separate from its partners. The LLP has perpetual succession, which means any change in the partners of an LLP will 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 in its name and
- Doing such other acts and things in its name, as bodies corporate may lawfully do and suffer.
The partners of the LLP will not be held personally liable for any business debts incurred by the LLP. A partner may, however, be held personally liable for claims from losses resulting from his own wrongful act or omission, but will not be held personally liable for such wrongful acts or omissions of any other partner of the LLP.
An LLP is required to keep accounting records, profit and loss accounts and balance sheets that will sufficiently explain the transactions and financial position of the LLP. In addition, the LLP must submit to the Registrar an annual declaration of solvency or insolvency (i.e. being able or unable to pay its debts respectively) which will be made available to the public.
On Spot Registration of Singapore LLP
We are licensed directly by ACRA. We do not need your SingPass.
Just ensure all partners visit us in person, with original ID. NRIC for Singapore citizens and PR. For foreigners, we need original passport and recent Proof of Residential Address (POR).
Our service is only S$288.00.
We usually take 30 to 45 minutes to turn the LLP live.
ACRA’s LLP registration fees are already included in this package’s price. Furthermore, we also include one printout of your LLP’s business profile which ACRA charges separately. In short, M.O.S is providing this assistance more as a convenience for our existing customers.
On The Spot to us, means we will complete the entire submission process with you, side by side! You just need to let us know beforehand some simple details of you and partners, your intended business activities and complete the payment of this service.
Well, if you do not know that some businesses need a licence to operate and if you do not know what an SSIC code is, and you don’t wish to think about all the details, then leave it to us to do it for you in the most professional and reliable way!