Partnership

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Partnership

Key Information to Note

  • Partnership Structure

A partnership is a business owned by at least 2 partners. The partner can be an individual, a company, or a limited liability partnership. The maximum number of partners in a general partnership is 20.

  • Cost savings when you avail this package

The package comes with 2 free transactions which are valid within the first year of the company’s incorporation and free use (one-time) of our conference room during your meeting with the bank officer for bank account opening. 


What is included in the Package for Incorporation of Partnership for Singapore Residents?

  • Partnership Incorporation 

We will prepare all necessary forms and documents and perform the name reservation and Partnership registration with ACRA Bizfile. The package fee includes the registration fee of S$100 and name application fee of S$15

  • Free ACRA Business Profile
  • Compliance Alerts and Reminders

Alerts and reminders will be sent making sure you will not miss important compliance requirements.

  • Assistance with Opening of Bank Account

We arrange an appointment for the opening of bank account with local bank. You can use our conference room for free (one-time free usage) to meet with the bank officer for account opening.

  • Free 2 transactions limited to Change of Registered Office Address and Change of Partner valid for 1 year from date of incorporation.
  • General Advisory

We provide a 1-hour free advisory where we discuss the grants, taxation schemes, licensing, CPF, accounting and any matters that need your clarification.


Total price to be paid
$XXX.XX


1. What is a Partnership?
In partnership, you’ll share the responsibilities, resources, and losses which makes it more beneficial than a sole proprietorship. It is not a separate legal entity from the business owners and the partners are personally liable for all debts and losses of the partnership. Partners might face disagreements over how to run the business. One way to prevent conflict is to create a partnership agreement. 

2. What is a Partnership Agreement and why do I need it if I incorporate a Partnership?
The agreement records the matters agreed upon between the partners which cover profit sharing, admission of the new members, management and decision making, retirement and expulsion from the Partnership, and entitlement and obligations of outgoing members among other things. A Partnership agreement is not required to be submitted to the Registrar but to mitigate any future conflicts between partners.

3. What is the maximum number of partners in general partnership?
A general partnership can have a maximum of 20 partners.

4. What is a professional partnership?
Professional partnerships are formed for the purpose of carrying on any profession which may be exercised only by persons who possess the qualifications laid down in written law for the purpose of carrying on that profession. These professional partnerships can have more than 20 partners.

5. Is an authorized representative required in a Partnership?
An authorized representative is required in Partnership if all partners are residing outside Singapore.

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