A partnership is a legal relationship between two or more persons who carry on a business with the objective of making profit and sharing it between them. As a partnership is not an entity in law, it cannot sue or be sued in its own name and it cannot own property.
Partners are personally liable for all debts and obligations and personal assets are at risks.
A minimum of two owners to a maximum of 20 owners can be either natural persons, companies or natural persons and companies.
While registration with ACRA must be renewed annually there is no need to audit accounts or file annual returns with ACRA.
First, an application for approval and reservation of Partnership name has to be filed with the Registrar. Upon approval a partnership is required to be registered online via BizFile with ACRA through a professional business registration firm if none of the partners is local resident.
For the registration of the partnership there must be at least two partners.
ACRA will send an email notification confirming the registration. A business profile containing the registration details can be obtained as a softcopy via email from ACRA upon successful registration. Softcopies are usually enough to all purposes in Singapore.
For the registration of the partnership there must be at least two partners. They can be the same person.
a Singapore Citizen
Partners cannot be an undischarged bankrupt or convicted of any offence involving fraud or dishonesty whether in Singapore or elsewhere.
If none of the partners is a Singapore resident, you must appoint a local manager (above 18 years old), who is one of the following
The Partnership should