An LLP is another form of doing business in Singapore. This means that instead of private listed companies, interested parties may choose to register an LLP to carry out their business activities. 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 legal personality separate from its partners. The LLP has perpetual succession. Any change in the partners of a LLP does not affect its existence, rights or liabilities. An LLP is capable of:
- Suing and being sued in its name
- Acquiring and holding property in its name;
- Having a common seal and
- Doing such other acts and things in its name, as bodies corporate may lawfully do and suffer.