| S. No |
Conditions |
Singapore LLP |
Indian LLP |
| 1. |
Introduction of Law |
In the Year 2005 with the nomenclature Limited Partnership Act, 2005 |
In the Year 2008 with the nomenclature Limited Partnership Act, 2008 |
| 2. |
Registration |
Registration with Registrar of Companies required. |
Registration with Registrar of Companies required. |
| 3. |
Registration |
Document LLP Agreement |
LLP Agreement |
| 4. |
Distinct entity |
Is a separate legal entity under the Limited Liability Partnership Act, 2005 |
Is a separate legal entity under the Limited Liability Partnership Act, 2008 |
| 5. |
Name of Entity |
Name to contain 'Limited Liability Partnership' or 'LLP' as suffix |
Name to contain 'Limited Liability Partnership' or 'LLP' as suffix |
| 6. |
Change of Name |
The Registrar has the power to direct a limited liability partnership to change its name in certain circumstances |
The Central Government has the power to direct a limited liability partnership to change its name in certain circumstances |
| 7. |
Foreign Partnership |
Foreign Nationals can be a Partner in a LLP provided foreigners must appoint a professional service bureau to carry out the registration in their behalf . |
Foreign Nationals can be a Partner in a LLP. |
| 8. |
No of Members |
Minimum 2 partners |
Minimum 2 partners |
| 9. |
Contribution |
Obligation of partners as per the LLP Agreement. |
Obligation of partners as per the LLP Agreement. |
| 10. |
Cost of Formation |
The cost of Formation is statutory filling fees, comparatively lesser than the cost of formation of Company. |
The cost of Formation is statutory filling fees, comparatively lesser than the cost of formation of Company. |
| 11. |
Liability of Partners/Members |
Limited, to the extent their contribution towards LLP. In case of fraud or omission LLP is liable for partners wrongful act |
Limited, to the extent their contribution towards LLP, except in case of intentional fraud or wrongful act of omission or commission by the partner |
| 12. |
Requirement of Managerial Personnel for day to day administration |
Minimum One in number and must be ordinarily resident in Sigapore and responsible for managing the day to day business and other statutory compliances |
Designated Partners are responsible for managing the day to day business and other statutory compliances |
| 13. |
Applicability of Partnership Tax |
Taxed as Partnership |
Yet not framed by GOI |
| 14. |
Statutory Meetings |
There is no provision in regard to holding of any meeting |
There is no provision in regard to holding of any meeting |
| 15. |
Remuneration of Managerial Personnel for day to day administrator |
No partner shall be entitled to remuneration for acting in the business or management of the limited liability partnership. |
Unless otherwise agreed in LLP agreement, no partner shall be entitled to remuneration for acting in business or management. |
| 16. |
Contracts |
LLP can enter into any contract |
Partners are free to enter into any contract. |
| 17. |
Statutory Records |
Required to maintain books of accounts |
Required to maintain books of accounts |
| 18. |
Annual Filing |
Annual Financial Statement and statement of Solvency is required to be filed with Registrar of Companies every year. |
Annual Financial Statement and statement of Solvency is required to be filed with Registrar of Companies every year. |
| 19. |
Transfer / Inheritance of Rights |
Regulations relating to transfer are governed by the LLP Agreement . |
Regulations relating to transfer are governed by the LLP Agreement . |
| 20. |
Tax Liability |
Taxed in a similar manner as partnerships |
Status of LLP has not made clear under the Taxation laws |
| 21. |
Credit Worthiness |
The creditworthiness of LLP is comparatively higher from that of Partnership due to Stringent regulatory framework but lesser than a company. |
The creditworthiness of LLP is comparatively higher from that of Partnership due to Stringent regulatory framework but lesser than a company. |
| 22. |
Partners Obligation while receiving profits from LLP |
Must Know or ought to have known that LLP was solvent or not |
No such conditions defined anywhere in act |
| 23. |
Winding UP |
Voluntary or by an order of Court |
Voluntary or by order of National Company Law Tribunal. |
| 24. |
Whistle Blowing |
Exists |
Provision has been made to provide protection to employees & partners, providing useful information during an investigation or convicting any partner or firm |
