Content
Investment capital
Capital contribution is subject to partnership agreement
Number of owners
At least 2 partners
No maximum limit on number of partners
Accounts
Must prepare annual accounts
Keep business and transaction documents for 5 years
Report
Not applicable
Tax
Business profits taxed at partners’ personal income tax rates (if individual)/corporate tax rate (if corporation)
Annual general meeting
Not applicable
Secretary
Not applicable
Advantages
Individual partners’ own liability is generally limited
Partners are not personally liable for liabilities of LLP incurred by other partners
Disadvantages
High regulatory maintenance cost
Partners can be sued personally for liabilities of the LLP arising from their own wrongful actions
Closure methods
Winding up by members
Winding up by creditors
Winding up by High Court
Striking off
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[wpdm_package id=’4992′]
