JP Executive Solutions Pte. Ltd

Types Of Entities

PARTICULARS	COMPANY	PARTNERSHIP	LIMITED PARTNERSHIP (LP)	LIMITED LIABILITY PARTNERSHIP (LLP)	SOLE PROPRIETROSHIP
Definition	A separate legal entity	An association of 2 or more persons carrying on a business	A partnership of 2 or more partners with at least 1 General Partner and 1 Limited Partner	A partnership where liability of each partner is generally limited	A business owned by 1 person
Ownership	EPC up to 20 with no corporate beneficiary	Normally 2-20 Partners	At least 2 Partners; 1 General Partner and 1 Limited Partner	At least 2 Partners	1 person
Legal Status	A separate legal entity Owners have limited liability Can sue or be sued in its own name Can own Property Shareholders are not personally liable for business losses and debts.	Not a separate legal entity. Owners have limited liability Cannot sue or be sued in its own name Cannot own property Partners personally liable for business debts and losses incurred by other Partners	Not a separate legal entity Owners have unlimited liability Cannot sue or be sued in its own name. Cannot own property. General Partner is personally liable for business debts and losses. Limited Partner not personally liable for the debts & obligations of the business beyond the agreed contribution.	A separate legal entity. Owners have limited liability. Can sue or be sued in its own name. Can own property. Partners are not personally liable for business debts and losses. Partners are personally liable for business debts & losses resulting from their wrongful act.	Not a separate legal entity Owners have unlimited liability. Cannot sue or be sued in its own name. Cannot own property. Owner personally liable for business debts and losses.
Registration Requirements	At least 1 Shareholder. At least 1 local Director. Foreigner wishes to act as local director need to apply Enter Pass. Most popular	Singapore citizen, Singapore PR/EP holder and DP holder. Age 18 or above. 1 local manager if owners are non-Singaporean resident. Un-discharged bankrupt cannot register.	At least 1 General Partner & 1 Limited Partner. At least 1 local manager if the General Partner is non-resident	At least 2 Partners. At least 1 local manager.	Singapore citizen, Singapore PR/EP holder and DP holder. Age 18 or above. 1 local manager if owners are non-Singaporean resident. Un-discharged bankrupt cannot register.
Tax	Profits taxed at corporate tax rate.	Profits taxed at owner/partner income tax rates.	Profits taxed at owner/partner income tax rates.	Profits taxed at owner/partner income tax rates.	Profits taxed at owner/partner income tax rates.
Continuity and Transferability	Company has a separate legal personality. Does not cease if shareholders exist or die. It has perpetual succession. Ownership can be transferred and can admit additional shareholders.	Exists as long as the Partners agree. If a partner dies or leaves the partnership, the partnership usually dissolves and the assets must be sold/distributed to pay creditors and partners. Partnership agreement may provide continuation of the business.	Exist as long as there is 1 General Partner and 1 Limited Partner. LP will be suspended if there is no limited partner and will be converted to a Firm.	LLP has a separate legal personality. LLP has perpetual succession.	Can exist as long as the owner is alive and desires not to continue the business.
Closing	Winding Up- voluntary by members/ creditors or compulsorily by the Court. Striking off	By Owner - termination or cessation of business By Registrar - if no renewal when registration expired.	By General Partner - Cessation of LP By Registrar - if no renewal when registration expired	Winding Up - voluntary by members/ creditors or compulsorily by the Court. Striking off	By Owner - termination or cessation of business By Registrar - if no renewal when registration expired.
Registration Requirements	At least 1 Shareholder. At least 1 local Director. Foreigner wishes to act as local director need to apply Enter Pass,	Singapore citizen, Singapore PR/EP holder and DP holder. Age 18 or above. 1 local manager if owners are non-Singaporean resident Un-discharged bankrupt cannot register.	At least 1 General Partner & 1 Limited Partner. At least 1 local manager if the General Partner is non-resident	At least 2 Partners. At least 1 local manager.	Singapore citizen, Singapore PR/EP holder and DP holder. Age 18 or above. 1 local manager if owners are non-Singaporean resident. Un-discharged bankrupt cannot register.