Business Encyclopedia

A

Accounting and Corporate Regulatory Authority (ACRA)
Audited Financial Statement
Annual General Meeting (AGM)
Annual Report (AR)
Articles of Association
Apostille

B

BizFile
Business Grants Portal
Business Profile

C

Central Provident Fund (CPF)
Certificate Of Residence (COR)
Common Reporting Standard
Common Seal
Companies Act (Cap. 50)
Company Constitution
Company Secretary
Company Stamp
CorpPass

D

Dependant’s Pass
Directors’ Resolution in Writing (DRIW)
Dividend
Dormant Company
Double Taxation Agreement (DTA)
Due Diligence

E

Electronic Register of Members (eROM)
Employment Pass (EP)
EntrePass
Enterprise Development Grant (EDG)
Estimated Chargeable Income (ECI)
Exempt Private Company (EPC)

F

Financial Year End (FYE)
Form C-S/ C
Form C-S (Lite)
Fund Accounting

G

Goods and Services Tax (GST)

H

Hedge Fund

I

Import/Export License
Income Tax
Initial Public Offering (IPO)
Inland Revenue Authority of Singapore (IRAS)
Intellectual Property Office of Singapore (IPOS)
Interim Dividend
IR21 Form

J

K

Know Your Customer (KYC)
Knowledge Capital

L

Letter of Consent (LOC)
Limited Liability Company (LLC)
Limited Liability Partnership (LLP)
Limited Partnership (LP)
Liquidation (Court Order/Compulsory)
Liquidation (Voluntary)
Long Term Visit Pass (LTVP)

M

Ministry of Manpower (MOM)
MTI

N

Nominee Director
Nominee Shareholder
National Registration Identity Card (NIRC)

O

P

Partnership
Personal Data Protection Act (PDPA)
Personalised Employment Pass (PEP)
Private limited company
Productivity Solutions Grant (PSG)
Permanent Resident (PR)

Q

Quickbook Accounting

R

Register of Charges
Register of Nominee Director
Register of Registrable Controllers (RORC)
Registered Office Address

S

S Pass
Share
Small Company
Sole Proprietor
Special Employment Credit
Sponsored Employment Pass
Striking Off

T

Trademark
Temporary Bridging Loan
Temporary Employment Credit (TEC)

U

UEN
Unaudited financial statement
Undischarged Bankrupt

V

Variable Capital Company (VCC)
Venture Capitalist (VC)

W

Wage Credit Scheme
Withholding Tax (Section 45)

X

XBRL
Xero

Y

Year of Assessment (YA)

Z

Zero Rated Supplies
Zero-rised Financial Statement

Limited Partnership (LP)

A Limited Partnership (LP) is a partnership of a minimum of two partners, with at least one general partner and one limited partner. There is no limit on the maximum number of partners. An LP does not have a separate legal entity from the partners, hence it cannot sue, be sued, or own property in its own name. The Limited Partnership is formed in the same way as a partnership. Subject to the provisions of the Limited Partnerships Act (Cap 163B), the Partnership Act and the common law applicable to partnerships also apply to LPs.

General Partner

A general partner can either be an individual or a corporation. They are responsible for the management of the LP and have unlimited liability for all debts, financial obligations, and litigations of the LP. They make all the decisions regarding the day-to-day activities of the business without consulting the limited partners. Any differences arising on ordinary matters may be resolved by a majority of the general partners. An LP needs to appoint a local manager if all the general partners are not residents of Singapore (Singapore citizens, Permanent residents, or holders of EntrePass/ Employment Pass). The manager is responsible for performing all obligations of the LP and would be held liable in the same way as a general partner of the LP if the general partner would have defaulted in respect of such obligations.

Limited Partner

A limited partner is not liable for debts and other financial obligations of the LP beyond his agreed contribution. Both an individual or a corporate can be a limited partner. They cannot participate in the management and decision-making on matters related to the LP. They are silent partners who only provide capital. If a limited partner partakes in the management of the LP, they will lose their limited liability status and be treated as a general partner. In case there is no limited partner registered with ACRA, the LP’s registration will be suspended, and the partnership would be registered under the Business Names Registration Act. Once a limited partner is registered, the business’s registration as an LP will be restored.