This update was first published in the April 2012 China edition of Accounting and Business magazine
On 9 February 2012, the Limited Liability Partnerships (LLP) Act 2012 was gazetted. The effective date has not been announced.
The LLP is a new business vehicle which is a hybrid between a company and a conventional partnership. It offers protection of limited liabilities as well as flexibility in the internal management of the business.
The Act provides for the registration, administration and dissolution of an LLP. Key areas are:
- Fundamentals of an LLP.
- Formation and registration.
- Foreign LLPs.
- Winding up, dissolving and striking off.
Joseph Alfred, policy and technical adviser, ACCA Singapore