Singapore: Types of Company
Limited Partnership and Limited Liability Partnership
A Limited Partnership consists of at least two partners, with at least one general partner, who is responsible for the actions, debts and obligations of the partnership, and at least one limited partner, who is liable only to the extent of his or her agreed contribution. The partnership must register with ACRA; the registration fee is SGD50, plus SGD15 for name approval.
A Limited Liability Partnership has separate legal identity much like a Private Company Limited by Shares, whereby the partners are not liable for the partnership's debt. However, a partner may be held personally liable for losses resulting from his or her wrongful act or omission; but, unlike in a General Partnership, a partner cannot be held liable for the wrongful act or omission of another partner. Limited Liability Partnerships must register with ACRA; registration fees are SGD100 for conversion from another business entity, SGD150 for registration of a new Limited Liability Partnership, and SGD25 for a change of name or SGD15 for name approval. The partnership must lodge an annual declaration with ACRA stating whether it is solvent or insolvent; it is not required to lodge its accounts with ACRA.