Partnership and Limited Liability Partnership Organization
Introduction
This is a report that shows a comparison between both Partnership and Limited Liability Partnership organization and to advise Mr. Tan on the business organization that is more likely to fit his needs for setting up a new consulting business.
For this particular project, our group assumed that Mr. Tan used to be an accountant working for a big accounting firm and is now looking to set up a small accounting consultancy business.
1 Process Required to Setup Business Organization
Below are the processes to setting up a partnership and a limited liability partnership business organization respectively:
1.1 Partnership
Firstly, the partners have to fill with the Registrar an application for approval and reservation of partnership name. After the application is being approved, a partnership is required to be registered online via BizFile with ACRA through a professional business registration firm if both of the partners are not local citizen.
The partnership must have at least two partners for registration. Following are the information needed: 1) Proposed name of the Partnership 2) Particulars of the partners/managers (foreign passport or Singapore ID) 3) Residential address of the partners/managers 4) Consent to Act as Manager and Statement of Non Disqualification to Act as Manager 5) If partner is a company: Registration details of the company 6) Singaporean or PR must pay Medisave 7) Declaration of compliance
ACRA will then send an email of notification confirming the registration. A business profile containing the registration details can be obtained as a softcopy via email from ACRA upon successful registration. Softcopies are usually sufficient to all purposes in Singapore. (enterAsia Information Services Pte Ltd, 2010)
1.2 Limited Liability Partnership
Firstly, the partners have to fill with the Registrar an application for approval and reservation of LLP name. After the application is
This is a report that shows a comparison between both Partnership and Limited Liability Partnership organization and to advise Mr. Tan on the business organization that is more likely to fit his needs for setting up a new consulting business.
For this particular project, our group assumed that Mr. Tan used to be an accountant working for a big accounting firm and is now looking to set up a small accounting consultancy business.
1 Process Required to Setup Business Organization
Below are the processes to setting up a partnership and a limited liability partnership business organization respectively:
1.1 Partnership
Firstly, the partners have to fill with the Registrar an application for approval and reservation of partnership name. After the application is being approved, a partnership is required to be registered online via BizFile with ACRA through a professional business registration firm if both of the partners are not local citizen.
The partnership must have at least two partners for registration. Following are the information needed: 1) Proposed name of the Partnership 2) Particulars of the partners/managers (foreign passport or Singapore ID) 3) Residential address of the partners/managers 4) Consent to Act as Manager and Statement of Non Disqualification to Act as Manager 5) If partner is a company: Registration details of the company 6) Singaporean or PR must pay Medisave 7) Declaration of compliance
ACRA will then send an email of notification confirming the registration. A business profile containing the registration details can be obtained as a softcopy via email from ACRA upon successful registration. Softcopies are usually sufficient to all purposes in Singapore. (enterAsia Information Services Pte Ltd, 2010)
1.2 Limited Liability Partnership
Firstly, the partners have to fill with the Registrar an application for approval and reservation of LLP name. After the application is
Bibliography: ACRA. (2005, May). Retrieved February 5, 2012, from ACRA Legal Digest Issue 8: http://www.acra.gov.sg/NR/rdonlyres/4B52C6B6-E89B-4DC3-A72C-A9C4BC62AAAB/10278/ACRA_LDI_08.pdf Adrain. (2010). The company warehouse. Retrieved 2012, from The company warehouse: http://blog.thecompanywarehouse.co.uk/2010/03/01/advantages-and-disadvantages-of-partnership/ ASSAR, R. (2011). Publish Your Articles. Retrieved February 2012, 6, from PublishYourArticles.org: http://www.publishyourarticles.org/knowledge-hub/business-studies/what-are-the-characteristics-of-partnership.html enterAsia Information Services Pte Ltd. (2010). entersingaporebusiness. Retrieved Feb 05, 2012, from LTD Singapore: Setting up a limited liability partnership (LLP) in Singapore: http://www.entersingaporebusiness.info/limited-liability-partnership.php enterAsia Information Services Pte Ltd. (2010). How to set up a partnership in Singapore. Retrieved Feb 05, 2012, from entersingaporebusiness: http://www.entersingaporebusiness.info/partnership.php Howell, R. (2012). Hearst Communications Inc. Retrieved February 6, 2012, from Hearst Communications Inc.: http://smallbusiness.chron.com/characteristics-limited-liability-partnership-3729.html Janus Corporate Solutions. (2008). Singapore Limited Liability (LLP) Registration. Retrieved February 4, 2012, from guidemesingapore: http://www.guidemesingapore.com/incorporation/other/singapore-llp-registration-guide