Partnership.
Advantages of a Partnership
Disadvantages of a Partnership
Partnership
Sameer Medhekar (Student) (4140 Points)
05 January 2009
3 Replies
Sameer Medhekar
(Student)
(4140 Points)
Replied 05 January 2009
Limited Liability Partnership (LLP).
An LLP is a new vehicle for doing business in Singapore.
The LLP Act will commence on 11 April 2005.
The LLP will give the owners the flexibility of operating as a partnership whilst giving them limited liability. It combines the benefits of a partnership with those of private limited companies. However this comes with safeguards in law to minimize abuse and provide protection to parties who deal with the LLP.
The LLP is a body corporate and has a legal personality separate from its partners. The LLP has perpetual succession. Any change in the partners of a LLP shall not affect its existence, rights or liabilities.
An LLP is capable of:
The partners of the LLP will not be held personally liable for any business debts incurred by the LLP. However a partner may be held personally liable for claims from losses resulting from his own wrongful act or omission. But a partner shall not be personally liable for such wrongful acts or omissions of any other partner of the LLP. An LLP is required to keep such accounting and other records that will sufficiently explain the transactions and financial position of the LLP. This will enable profit and loss accounts and balance sheets to be prepared to give a true and fair view of the state of affairs of the LLP. If the LLP does not do so, the LLP and every partner shall be guilty of an offence. The punishment may be a fine or imprisonment, or both. In addition, the LLP shall submit to the Registrar an annual declaration of solvency or insolvency. Such solvency status reported shall be available to the public.
Sameer Medhekar
(Student)
(4140 Points)
Replied 05 January 2009
Sole-Proprietorship.
Advantages of a Sole-Proprietorship
Disadvantages of a Sole-Proprietorship
Sameer Medhekar
(Student)
(4140 Points)
Replied 05 January 2009
Why Incorporate? Restrictions Offshore companies are prohibited from carrying on any business with persons residing in the offshore countries and from owning an interest in real property in the offshore countries(except for the State of Delaware). Comparision Chart
Advantages of an offshore company
Corporate
RequirementsBritish Virgin
IslandsState of
Delaware,
U.S.A.Samoa
Mauritius
Bahamas
Panama
Min. no. of Shareholders
1
1
1
1
2
1
Min. no. of Directors
1
1
1
1
2
3
Standard Authorised Capital
USD
50,000USD
3,000USD
1,000,000USD
100,000USD
50,000USD
1,000
Tax on Offshore Profits
NIL
NIL
NIL
NIL
NIL
NIL
Audited Accounts
NO
NO
NO
NO
NO
NO
Annual Return
NO
YES
NO
NO
NO
NO
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