In Singapore, a partnership is a business structure where two or more individuals (partners) come together to carry on a business to profit.

There are two main types of partnerships in Singapore:

General Partnership (GP): In a general partnership, the partners manage the business and are jointly liable for the debts and obligations of the partnership. Each partner contributes capital, labour, or skill, and they share in the profits and losses of the business according to the partnership agreement.

Limited Partnership (LP): A limited partnership consists of both general partners and limited partners. General partners have unlimited liability for the debts and obligations of the partnership, similar to a general partnership. However, limited partners’ liability is limited to the amount of capital they have invested in the partnership. Limited partners typically do not participate in the management of the business and are more like silent investors.

Partnerships in Singapore are governed by the Partnership Act and are relatively easy and inexpensive to set up compared to other business structures like companies. However, partners should carefully consider the implications of unlimited liability in general partnerships and ensure they have a clear partnership agreement in place to govern the operation of the business.