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About the project The Singapore Academy of Law’s Law Reform Committee invited Andrew Phang and Lee Eng Beng to prepare for its consideration a discussion paper on whether it would be appropriate to adopt an additional form of business entity that confers limited liability, namely, the limited liability partnership (‘LLP’). At the time, the only entity that catered for limited liability was the company. A limited liability partnership provides the flexibility of a partnership (thus allowing the owners or members to adopt whatever form of internal organization they prefer), while limiting the owners’ liability with respect to the LLP to their respective stakes in the LLP itself. The authors of the paper provisionally recommended that the legislature seriously consider introducing the LLP. On its part, the Law Reform Committee decided to defer any recommendation for adoption of the LLP. Project status: Completed
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Areas of law Click on the image above to view the paper |