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Advantages / Pros of a Limited Liability Partnership (LLP) in Singapore:
- Lower registration cost and easy to set up
- Reduced compliance obligations – general meetings, directors, company secretary, etc., are not required
- Only an annual declaration of solvency or insolvency is required
- LLPs are considered as a separate legal entity from their owners, which means that owners are not responsible for any debts or losses the business incurs
- Easier than Partnerships and Sole Proprietorships to secure funding for the start-up years of the business
- Succession of LLPs are perpetual, until they are struck off or wound up
