LLPs give owners the flexibility to operate as a partnership, while having a separate legal identity (and limited liability) like a private limited company. Liability of the partners is limited to the amount that each partner contributed to the LLP. The partners are not personally liable to the obligations of the LLP. A partner is, however, personally liable for claims from losses resulting from his/her own negligence or wrongful act. The LLP has perpetual succession, which means that any change in the partners of a LLP will not affect its existence, rights or liabilities.
Partners of an LLP may be a mix of individuals and/or corporations, local and/or foreign, but the LLP must always have an individual (natural person) Local Manager on board. If a foreigner wants to be a partner (or the Local Manager) and be based in Singapore he/she must apply for an Employment Pass. For assistance in setting-up an LLP and/or applying for an Employment Pass to be a Partner/Local Manager, please contact us for a quotation.
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