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Pros and Cons of LLP in Singapore?
Pros and Cons of Singapore LLP?
What are the Pros and Cons of Singapore Limited Liability Partnership (LLP)?
What are the advantages and disadvantages of a Limited Liability Partnership (LLP) in Singapore?
What are the plus and minus of a Limited Liability Partnership (LLP) in Singapore?
What are the Pros and Cons of Singapore Limited Liability Partnership (LLP)?
What are the advantages and disadvantages of a Singapore Limited Liability Partnership (LLP)?
What are the plus and minus of a Singapore Limited Liability Partnership (LLP)?
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
Disadvantages / Cons of a Limited Liability Partnership (LLP) in Singapore:
- Profits are taxed are based on the owner’s income level – this means that as the owner’s income level increases, taxes increase as well due to Singapore’s progressive tax system
- Not eligible for Government funded micro loans
