Dear all,

With effect from 4 May 2009, a Limited Partnership (LP) is a new vehicle for doing business in Singapore. It is a partnership consisting of a minimum of two partners, with at least one general partner and at least one limited partner. An LP does not have a separate legal entity from the partners, i.e. it cannot sue or be sued or own property in its own name.

An individual or a corporation may be a general partner or a limited partner. Appointing a local manager is not mandatory unless all the general partners are residing outside Singapore.

A general partner is responsible for the actions of an LP and liable for all debts and obligations of the LP. A limited partner is not liable for debts and obligations of the LP beyond his agreed contribution, provided he does not take part in the management of the LP.

If there is no limited partner registered with ACRA, the LP registration will be suspended and the general partner will be deemed registered under the Business Registration Act (resultant firm). Once a new limited partner registers with ACRA, the LP registration will be restored and the resultant firm registration under the Business Registration Act will cease.

For more details, do check out

http://www.acra.gov.sg/Limited_Partnership/Know+More+About+Limited+Partnership.htm

Sincerely,
Valerie