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World Infromation / Blog : No.10170 : What is Limited Partnership?
In Reply to: 2009 SG Singapore Automotive SG Singapore Home Property Questions and Answer posted by A on April 16, 2009 at 09:29:09:
What is Limited Partnership?
1. imited Partnership (LP) is a partnership consisting of a minimum of two partners,
with at least one general partner and one limited partner.
it cannot sue or be sued or own property in its own name.
2.An individual or a corporation may be a general partner or a limited partner of the LP.
3.Appointing a local manager is not mandatory unless all the general partners are residing outside Singapore.
4a.A general partner is responsible for the actions of an LP and is liable for all debts and obligations of the LP.
4b.A limited partner is not liable for debts and obligations of the LP beyond his agreed contribution, provided he does not take part in the management of the LP.
5.If there is no limited partner registered with ACRA, the LP registration will be suspended and the general partner will be deemed registered under the Business Registration Act. Once a new limited partner registers with ACRA, the LP registration will be restored and the registration under the Business Registration Act will cease.