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The Ministry of Finance set up the Study Team
on Limited Partnerships ("LPs") and
Limited Liability Partnerships ("LLPs")
in November 2002, to work out the details of the
legal framework governing LPs and LLPs. The team
members are:
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Co-Chairmen
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Mr Ronnie
Quek Cheng Chye, Allen & Gledhill
Mr Quek See Tiat, PricewaterhouseCoopers |
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Members
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Mr Chee
Hong Tat, MOF
Ms Julie Huan, AGC
Mr Ong Pang Chan, MOF
Ms Suria Suriakumari Sidambaram, RCB
Ms Toh Wee San, RCB |
2. An LP consists of one or more general partners
and one or more limited partners. Limited partners
of an LP enjoy limited liability but are unable
to take part in the management of the firm. LPs
are increasingly used for private equity and fund
investment businesses.
3. An LLP, on the other hand, is a business structure
that offers all its members limited liability
while allowing them to retain the flexibility
of operating the LLP as a traditional partnership.
A partner of an LLP is not personally liable for
the malpractice of other partners in the firm.
The partner is however personally liable for his
own negligence and personal misconduct. LLPs are
commonly used by professional firms and start-ups.
SCOPE OF THE CONSULTATION EXERCISE
4. The team would like to invite the business
community, professionals, academics and all interested
persons to comment on its preliminary views, which
are contained in the following two consultation
papers. For greater clarity, we would appreciate
it if respondents could cite the identification
number of the issue that they are commenting on.
PERIOD OF CONSULTATION
5. The two consultation papers on LP and LLP
are available for public feedback from 18 June
2003 to 31 July 2003. Comments may be sent either
by (a) fax to 63374134; or (b) email to MOF_LP_LLP@mof.gov.sg.
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