|
Q:
|
What is a Partnership?
|
|
A:
|
A partnership is a business owned by at least two (2) partners. The partner can be an individual, a company or a limited liability partnership.
|
Q:
|
What is the maximum number of partners in a Partnership?
|
A:
|
The maximum number of partners in a general partnership is twenty (20). However, this maximum number of partners does not apply to professional partnerships which are formed for the purpose of carrying on any profession which may be exercised only by persons who possess the qualifications laid down in written law for the purpose of carrying on that profession. These professional partnerships can have more than 20 partners.
Examples of such professional firms include engineers registered under Professional Engineers Act, lawyers registered under the Legal Profession Act and architects registered under the Architects Act. Such professional firms may also choose to register their professional partnership under the Limited Liability Partnerships Act.
|
Q:
|
What is the legal status of a Partnership?
|
A:
|
The legal status of a partnership can be defined as follows:
It is not separate legal entity from the business owners
The partners are personally liable for all the debts and losses of the partnership
It can sue or be sued in the partners’ names
|
Q:
|
Who can set up a Partnership in Singapore?
|
A:
|
To set up a partnership, you must be:
At least 18 years old;
A Singapore Citizen, Singapore Permanent Resident, or an EntrePass Holder
If you are currently self-employed, you must top up your Medisave account with the Central Provident Fund (“CPF”) Board before you register a business, become a new owner of an existing business, or renew your business registration.
After registration, business owners are required to keep their Medisave contributions with CPF Board up-to-date. Otherwise, the business may be subjected to early cancellation.
|
|
Q:
|
Who can be an authorised representative of a Partnership?
|
A:
|
An authorised representative must be:
A natural person;
At least 18 years old;
Of full legal capacity;
Ordinarily resident in Singapore (i.e. has a Singapore residential address)
Appointment of an authorised representative is required when all the partners are residing outside of Singapore.
|
FAQ
