2006-08-22 22:59:12 · 7 answers · asked by Maryam S 1 in Business & Finance ➔ Small Business
If you are considering being a partner in a company, you might want to consider what risks involved. As a partner in a company, you are expected to shoulder the financial responsibilities for both you and your partner in the partnership.
To limit your exposure you might want to consider instead limited liability partnership (LLP)
"An LLP is a new vehicle for doing business in Singapore. This means that in addition to registering a business or a company in Singapore, interested parties may also choose to register an LLP to carry out their business activities. The LLP Act will commence on 11 April 2005.
The LLP will give the owners the flexibility of operating as a partnership whilst giving them limited liability. It combines the benefits of a partnership with those of private limited companies. However this comes with safeguards in law to minimize abuse and provide protection to parties who deal with the LLP.
The LLP is a body corporate and has a legal personality separate from its partners. The LLP has perpetual succession. Any change in the partners of a LLP shall not affect its existence, rights or liabilities. "
except from http://www.acra.gov.sg/llp/whatisllp.html
2006-08-22 23:29:48 · answer #1 · answered by miso 3 · 0⤊ 0⤋
Partnership is legal on paper but more than just it is is display of trust each person has to other. U can not become partner of person whom u do not know.
2006-08-22 23:15:14 · answer #2 · answered by Arun D 2 · 0⤊ 0⤋
Make sure EVERYTHING is in WRITING BEFORE you commit yourself!
Retain an attorney to draw up necessary documents protecting YOU and YOUR business.
2006-08-22 23:23:24 · answer #3 · answered by jennifersuem 7 · 0⤊ 0⤋
Registration of a company.
2006-08-22 23:13:12 · answer #4 · answered by F***** 2 · 0⤊ 0⤋
hire lawyer to write up a contract before you enter into the partnership....or you might ended up hiring a lawyer trying to get out it ...or worst....lose all your investment
2006-08-22 23:19:19 · answer #5 · answered by maik840871 1 · 0⤊ 0⤋
Every single agreement on paper...
2006-08-22 23:05:52 · answer #6 · answered by seb 4 · 0⤊ 0⤋
please elaborate?
2006-08-22 23:05:10 · answer #7 · answered by Jon H 5 · 0⤊ 0⤋