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A Limited Liability Partnership (LLP) is a business vehicle that gives owners the flexibility of operating as a partnership while having a separate legal identity like a company. A LLP has the right to own property, has perpetual succession and can sue or be sued in its own name. The partners of the LLP will not be held personally liable for any business debts incurred by the LLP. A partner may, however, be held personally liable for claims from losses resulting from his own wrongful act or omission, but will not be held personally liable for such wrongful acts or omissions of any other partner of the LLP.
There are two ways to close a LLP. A LLP may apply to ACRA to strike its name off ACRA's register. ACRA may approve the application if there is reasonable cause to believe that the LLP is not carrying on business and the LLP is able to satisfy the criteria for striking off. The other way is to wind up the LLP. There are a few types of winding up.
  1. Members’ Voluntary Winding up
  2. Creditors’ Voluntary Winding up
  3. Compulsory Winding up