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| | |-+  Llb or Partnership		 0 Members and 1 Guest are viewing this topic. « previous next »
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Author Topic: Llb or Partnership  (Read 557 times)
kite
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« on: October 20, 2008, 02:34:30 PM »
I've already registered my business as partnership.

I've read a lot of books that suggest starting as a LLB to limit the risk on personal liability.

Can someone share experiences on being a partnership or LLB?

Thanks!
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THOMASNG
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« Reply #1 on: October 20, 2008, 04:43:20 PM »
One  of down side of LLP,  profits are taxed at personal income tax rates unlike corporate

LLP is a new structure, yet to see some legal and tax matter with the authority which not fully resolved yet

For further info about the LLP Act see
http://statutes.agc.gov.sg/non_version/cgi-bin/cgi_retrieve.pl?actno=REVED-163A
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kite
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« Reply #2 on: October 21, 2008, 01:58:12 PM »
so, in other words, LLB are taxed twice?

but the liability is limited right?

the company goes bankrupt and not u right?
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THOMASNG
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« Reply #3 on: October 21, 2008, 04:07:12 PM »
No, what I meant that LLP, partners are taxed at personal income tax rate while company is taxed at corporate rate, now fix at 18% (flat rate). 

Managing partner is liable for the debts incurred by the business similar to the director of company which responsible for the liability of the firm.

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tth1311
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« Reply #4 on: November 28, 2008, 04:14:42 PM »
are shareholder or sleeping partner of a pte ltd liable for debts it incur?
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