About Limited Partnership (LP)
A partnership consisting of two or more persons, with at least one general partner (GP) and one limited partner (LP). It is not a legal separate entity. The GP liabilities are unlimited and the LP liabilities are limited. The LP are not liable for the debts and obligations beyond his/her amount of contribution. The maintenance cost for the statutory filings and compliance are relatively cheaper compared to Company.
Statutory And Regulatory Compliance
LP is required to renew its registration annually or three years in advance. LP is required to have at one local authorised representative if all the general partners are residing outside Singapore. Below are some of the standard changes that are required to inform the Accounting and Corporate Regulatory Authority of Singapore (ACRA):
- Change of LP Name
- Appointment and Changes in Officers of the Business (Owners/Partners/Authorised Representatives)
- Changes in Particulars of Officers of the Business (Owners/Partners/Authorised Representatives)
- Change in Registered Office Address
Processing And Filing Agent
In compliance with the rules and regulations of maintenance of statutory records as required by the Singapore Limited Partnerships Act, AcceServ provides Clients with proper documentations in compliance with the Singapore Limited Partnerships Act, maintaining the required statutory records. Below are some required statutory records to be kept by the LP:
- Registration Confirmation/Renewal Notices
- CPF Medisave Top-Up Renewal Confirmation
- Partnerships Agreement, if applicable
- Management Accounts
Deregistration / Closure
Closure of LP is easier. Partners are to agree with the cessation/dissolution of the business. An application of cessation of LP or dissolution of LP can be filed with the Accounting and Corporate Regulatory Authority of Singapore (ACRA). Alternatively, ACRA may cancel the registration if it is not renewed annually by the Partners. An LP may be dissolved under various circumstances, for example:
- Discontinuation of Partnership
- Death or Bankruptcy of one or more partners
- By Order of Court
- Any Other Reason