The Singaporean government announced last week that it intends to introduce a new Limited Liability Partnership Act.
The government has reportedly accepted the majority of the recommendations made following a study of the new company category. These include a stipulation that such an entity must appoint a designated compliance officer to be responsible for regulatory filings and submissions.
There will be no limit imposed on the number of partners that a Limited Liability Partnership can have.
According to the government announcement, further detail concerning the tax status of LLPs will be released in the near future.
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