Asiabizservices Proposed Business Registration Service For Partnership And Limited Partnership
by Carmelo Gomez Thursday, February 10, 2011
Governing a partnership business structure is the Partnership Act. Stipulated on it among others are the individuals forming it. Asiabizservices, a Singapore-based business solutions and innovations creator says that at least two partners, either natural persons or another business entity can engage in a partnership.
“Once registered with ACRA and has procured all the necessary business permits and licenses, it can legally initiate profit-earning undertakings.”
A variation of partnership is limited partnership, wherein, one of the partners is a general partner and the other is a limited partner. Being a general partner, the management of the business can be left to him. The limited partner, on the other hand, has only to watch how the business is operated and wait for his Returns of Investments.
Says Asiabizservices: “Both structures of partners are not clothed with juridical personality. Thus, the business itself cannot be named either the plaintiff or the respondent in a legal proceeding. In case of liability, the partners are personally accountable and can be brought before a legal court for a proceeding.”
A limited partner, however, is liable only for as much as the worth of his investments maintained in the business. “Beyond his agreed investment,” utters Asiabizservices, “a limited partner is not liable for any debts and obligations.”
Should the limited partner participate in management, his accountability becomes unlimited as if he were a general partner. A general partner, because he is involved in running the business and maintains majority of the shares has unlimited personal accountability.
Either way, both the partnership and limited partnership are not required to prepare and submit their respective financial accounts to ACRA and IRAS. Unlike a corporation, partnerships and limited partnerships alike are not obliged to hold annual meetings.
The taxation takes place on a personal level. Partners are taxed based on the revenues earned by their business. Singapore has friendly tax rates even among individuals. Unlike among corporations, there is not a distinction between tax residents and non-tax residents among earning individuals in the city-state.
Asiabizservices further assists companies by helping them comply with continual requirements such as tax returns and payroll management.
About the Publisher:
Asiabizservices offers one-stop business solutions to companies, particularly, those that are managed and owned by foreign investors. Since its inception, Asiabizservices has successfully helped foreign entrepreneurs form a Singapore company. Among its specializations are Singapore company setup, corporate services, accounting services, nominee services, company registration, whether as a sole proprietorship, private limited, limited liability partnership; offshore company formation, incorporation of foreign companies either as a branch or subsidiary office, accounting services including payroll preparation and more.
Asiabizservices is the leading provider of Singapore Company Incorporation services and has successfully helped thousands of both local and foreign entrepreneurs Incorporate a Singapore Company. It also provides chartered secretarial services.
For more information visit:
AsiaBizServices PTE LTD
address: 120 Telok Ayer Street Singapore 068589
Singapore Company Formation Service, We provide company registration,incorporation, immigration, accounting and taxation services to entrepreneurs and businesses worldwide.
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