GENERAL PARTNERSHIP
GENERAL PARTNERSHIP                                          A General Partnership is most suitable for low risk, low prof...
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General Partnership

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A General Partnership is most suitable for low risk, low profile businesses. It allows the possibility of acquiring capital, talent and strategic assets based on mutually agreed terms.

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General Partnership

  1. 1. GENERAL PARTNERSHIP
  2. 2. GENERAL PARTNERSHIP A General Partnership is most suitable for low risk, low profile businesses. It allows the possibility of acquiring capital, talent and strategic assets based on mutually agreed terms. The business must have a minimum of at least 2 partners, and may have a maximum of 20 partners. The partners are responsible for all liabilities. Singapore citizens, permanent residents and Employment Pass holders may register a general partnership firm. Foreign individuals and companies may also register a general partnership firm, but must have a local manager. Advantages Disadvantages • Partnerships face fewer statutory control than • Partners are jointly liable for partnership debts. companies. • A Partner’s personal assets are at risk since • Not required to audit or publish accounts or the liability is passed through and partners are to register the Partnership Agreement. No liable for all debts and losses. government returns are required to be filed by • Does not have a separate legal identity from partnerships, except for income tax. the partners. Therefore, unless otherwise • The internal structure of partnerships is very agreed, the partnership will come to an end flexible. each time a partner leaves. • Partnerships can be simple and cheap to set • The channels to raise further capital and up. A Partnership Agreement is, however, expansion are limited by the amount of security advisable. an individual partner can provide. • All the profits generated by the business will • The generous corporate tax rates and rebates be taxed at personal income tax level. that corporations are normally entitled to are not applicable to partnerships. • A partnership must renew its business registration annually and top up CPF account. Online Resources Singapore General Partnership | Singapore Business Types | Singapore Business RegistrationLast updated on 12 July 2012 Copyright © 2012 Rikvin Pte Ltd
  3. 3. Helpful Links:Company RegistrationSingapore Work VisasBusiness ServicesAccounting ServicesOffshore CompanyRIKVIN PTE LTD20 Cecil Street, #14-01, Equity Plaza, Singapore 049705Main Line : (+65) 6320 1888Fax : (+65) 6438 2436Email : info@rikvin.comWebsite : www.rikvin.comReg No 200100602KEA License No 11C3030This material has been prepared by Rikvin for the exclusiveuse of the party to whom Rikvin delivers this material.This material is for informational purposes only and hasno regard to the specific investment objectives, financialsituation or particular needs of any specific recipient.Where the source of information is obtained from thirdparties, Rikvin is not responsible for, and does not acceptany liability over the content. Copyright © 2012 Rikvin Pte Ltd

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