Every LP must have at least one general partner and one limited partner. General partners and limited partners can be individuals, a company and an unregistered foreign company. There is no limit to the maximum number of partners. Any person above the age of 18 years old can be a partner of an LP.
Parties who wish to be limited partners in an LP have to register themselves as such under the Limited Partnership Act. Failing to do so will result in the limited partners being treated as if they were general partners of the LP thereby losing their limited liability status.
An LP must appoint a local manager (who is at least 18 years of age) if all the general partners are not “ordinarily resident” in Singapore.
The local manager is personally responsible for discharging all obligations of the LP. He is subject to the same responsibilities, liabilities and penalties as a general partner of the LP if the general partner defaults in respect of such obligation.
The manager of an LP must not be an undischarged bankrupt (unless he has obtained permission from the High Court or of the Official Assignee)