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Home / International Scenario / Comparison Chart of Singapore LLP with Indian LLP

International Scenario

Comparison Chart of Singapore LLP with Indian LLP

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

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