Business account for Limited Partnerships

A limited partnership, or Limited Liability Partnership (LLP) in Singapore is a business structure that gives the partners who own the business limited liability. Limited liability means the partners share financial responsibility — their personal assets are protected as they’re only liable for the amount they have invested in the company. Limited partnerships are separate legal entities from their owners and shareholders, meaning the business can own assets, enter into contracts, and be held liable independently of its owners.

LLPs can be flexible in how they manage and share profits, which is often set out in a partnership or operating agreement. Running a business as an LLP can also mean a smaller tax bill, as the partners are taxed separately.

1. Choose the right company structure. Check your local laws and regulations or speak to an expert to see if a Limited Liability Partnership — or your local equivalent — is right for your business
2. Choose a unique name for your partnership. Make sure your name isn’t already in use and follows local rules regarding business names, as you’ll need to get this approved by your national business registry
3. Draft a partnership agreement. Prepare a formal agreement outlining roles, responsibilities, profit-sharing, and decision-making processes for limited partners. This document is essential for defining the terms of the partnership
4. Register your limited partnership. Submit your documents to the national or regional business registry. These may include a declaration of partnership, details about partners, including their liability and contributions, and proof of compliance with any relevant laws and regulations
5. Appoint limited partners. You must also make sure they meet any relevant legal requirements
6. Contribute capital. Limited partners need to invest money into the limited partnership when they're setting it up. Some countries may have minimum contribution requirements
7. Register for taxes. Sign up with the tax authority for any applicable taxes, like income tax, VAT, or corporate tax. Tax rules might vary in your region, so make sure you’ve checked the requirements in your country
8. Open a business account. Use a business account to keep personal and partnership finances separate. This is a standard requirement in most jurisdictions
9. Employment and social security registration. If your limited partnership is going to hire employees, register with social security and employment authorities as required by local law
10. Obtain required licences or permits. Depending on your business activities, you might need specific industry permits or licences

This process makes your company a separate legal entity with limited liability for its partners, which means you’ll have the protections and obligations of a limited partnership in your region.

These steps might be different for each country, so check with your local business registry to make sure you've done all the right things to start your limited partnership.

Yes, Limited Partnerships are legally required to have their own business account. A limited partnership is a separate legal entity from its owners, so it'll need a business account to handle its own finances.

Having a business account helps limited partnerships ‌track their cashflow, comply with regulations, and pay taxes. It also builds trust with customers and suppliers by making and receiving payments from a business account that matches the name of the company.

When choosing a business account for your limited partnership, consider factors like transaction fees, online finance features, integration with accounting software, and the level and type of support available. For businesses handling international transactions, an account with competitive cross-border fees and multi-currency accounts like Revolut Business can be beneficial.

Revolut Business offers features that support businesses of all sizes:

• For startups
• For SMEs
• For large businesses

Most business account providers will charge a subscription fee. Make sure to check for any other fees and charges for services like currency exchange, money transfers, or additional tools.

Revolut Business keeps things simple with our range of plans, starting from S$0. We offer a fee-free allowance for currency exchanges and transfers, and our outside allowance fees are competitive.² See our full list of fees.

²Within plan allowance. Interbank rate applies during market hours. Weekend fees may apply.

To open a Revolut Business account, the following requirements must be met:

• Your company must be fully incorporated and active
• Your company must be registered in an eligible country
• Your company's legal form should not be a charity, operate in the public sector, or act as a cooperative (all legal forms for your jurisdiction will be listed during signup. If you don't find your legal form listed, unfortunately we can't support your company at the moment)
• Your company doesn’t operate in unsupported industries
• Your current legal home address should be in the UK, EEA, Switzerland, Australia, Singapore, or the US

Revolut Business provides a wide range of benefits built into your subscription:

• Offers and rewards from our partners
• Expense management without all the legwork
• Physical, Metal, and and virtual debit cards for your whole team (Metal cards available on Grow plan and above)
• Integrations with a wide range of tools, from accounting to HR