General Partnership - Two or more individuals or corporations, known as partners, come together to form Partnerships. The number of partners cannot exceed 20. If the number of partners exceeds 20 it must be registered as a company. Individuals and companies may set up a partnership. The partnership must be registered with ACRA and needs to be renewed annually.
It does not constitute a separate legal entity. It can sue or be sued in the firm’s name, but it cannot own property in its own name. The partners’ liability is unlimited, and their personal assets are not protected from the debts and liabilities of the business.
Limited Partnership (LP) - This is similar to the general partnership but it consists of general partners and limited partners, at least one of each kind. There is no limit to the number of partners. The liability of a limited partner is limited to the amount of his contributions and not personally liable. Unlike the limited partners, the general partners are personally liable for the debts and liabilities of the business. The limited partner cannot take active management roles in the business.
Limited Liability Partnerships (LLP) - LLP is a relatively new type of entity and the structure integrates the features of both partnerships and companies. In this type, two or more partners (individuals corporations, or another LLP) enter into an agreement to conduct business under specific terms and conditions that are mutually agreed by all partners. The liability of each partner is limited to the extent of his or her contribution. At least two partners are required but there is no upper limit on the number of partners.
Like a company, it has a legal identity of its own. It can be sued and sue in its own name. It can own property. Though the partners are not personally liable for the debts and losses of the LLP, the partners become personally liable in case of debts and losses arising from their own actions. Unlike the GP or LP, the partners are not personally liable for the debts incurred by the other partners.
What we will do for you:
- Due Diligence Report.
- Name validity check.
- Incorporation on ACRA website (and annual renewal, if required).
- Provide you with an E-Certificate of Incorporation and a Bizfile.
- Registered Office Address (Optional).
- Authorised Representative (Optional).
All you have to do for us is provide us with the following documents:
- CorpServe Asia’s Proposed Company Information Form.
- Identification Documents (Photocopy of Passport and other ID cards).