Partners have unlimited liability General partner has unlimited liability Partners have limited liability Members have limited liability Limited partner has limited liability Can sue or be sued in individual’s own name Can sue or be sued in firm’s name Can probably sue or be sued in Can sue or be sued in Alps name Can sue or be sued in company’s name Can own property in individual’s Cannot own property in firm’s name Can own property in Alps name Can own property in company’s Owner personally liable for debts and losses of business Partners personally liable for partnership’s debts and losses incurred by other partners
General partner personally liable for debts and losses of the ALP Partners personally liable for debts and losses resulting from their own wrongful actions Members not personally liable for debts and losses of company Can also be sued in business name Limited partner not personally liable for the debts or obligations of ALP beyond amount of his agreed contribution Partners not personally liable for debts and losses of ALP incurred by Page 1 of 3 Age 18 years or above. Singapore citizen/ Singapore permanent resident/ Employment Pass/ Dependent Pass holder. At least one general partner and limited partner.
Both can be individuals (at least 18 years old) or body corporate (company or ALP). At least two partners, who can be body corporate (company or ALP) At least one shareholder If owners not resident in Singapore, they must appoint a local manager who is ordinarily resident in Singapore If all general partners are ordinarily resident outside Singapore, they must appoint a local manager who is ordinarily resident in Singapore At least one manager ordinarily resident in Singapore and at least 18 years old If a foreigner wishes to act as a local director of the company, he can apply for an Entraps from the
Ministry of Manpower Self-employed persons must top up their Mediate account with the new business name, become a registrant of an existing business name, or renew their business name registration COP Board before they register a COP Board before they register as a partner of a new ALP, become a registered partner of an existing ALP, or renew their ALP registration Undercharged bankrupts cannot manage business without court or Official Assignee’s approval Formalities and Expenses If owner not resident in Singapore, he must appoint a local manager Registration Requirements Undercharged bankrupts cannot be director and cannot manage a company without court or Official Assignee’s approval Quick and easy to set up More costly to set up and maintain Easy to administer and manage Fewer formalities and procedures to comply with than a company More formalities and procedures to comply with Registration cost is minimal Registration cost is relatively minimal and fewer regulatory duties to adhere to than a company within 6 months of incorporation Less administrative duties to adhere.
