A General Partnership is most suitable for low risk, low profile businesses. It allows the possibility of acquiring capital, talent and strategic assets based on mutually agreed terms.

1. GENERAL PARTNERSHIP

2. GENERAL PARTNERSHIP
A General Partnership is most suitable for low risk, low profile
businesses.
It allows the possibility of acquiring capital, talent and strategic assets
based on mutually agreed terms.
The business must have a minimum of at least 2 partners, and may
have a maximum of 20 partners. The partners are responsible for all
liabilities.
Singapore citizens, permanent residents and Employment Pass
holders may register a general partnership firm.
Foreign individuals and companies may also register a general
partnership firm, but must have a local manager.
Advantages Disadvantages
• Partnerships face fewer statutory control than • Partners are jointly liable for partnership debts.
companies. • A Partner’s personal assets are at risk since
• Not required to audit or publish accounts or the liability is passed through and partners are
to register the Partnership Agreement. No liable for all debts and losses.
government returns are required to be filed by • Does not have a separate legal identity from
partnerships, except for income tax. the partners. Therefore, unless otherwise
• The internal structure of partnerships is very agreed, the partnership will come to an end
flexible. each time a partner leaves.
• Partnerships can be simple and cheap to set • The channels to raise further capital and
up. A Partnership Agreement is, however, expansion are limited by the amount of security
advisable. an individual partner can provide.
• All the profits generated by the business will • The generous corporate tax rates and rebates
be taxed at personal income tax level. that corporations are normally entitled to are
not applicable to partnerships.
• A partnership must renew its business
registration annually and top up CPF account.
Online Resources
Singapore General Partnership | Singapore Business Types | Singapore Business Registration
Last updated on 12 July 2012 Copyright © 2012 Rikvin Pte Ltd

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