Do note that this is about tax obligations. Namely, what needs to be filed to the Inland Revenue Authority of Singapore (IRAS). This is not the same as the filings that need to be made to the Accounting and Corporate Regulatory Authority (ACRA). There is still a requirement according to the Limited Liability Partnerships Act to file a declaration of solvency with ACRA. However, we will not be covering this in this article. This article is focused on tax-related matters.



All self-employed persons must report the income earned from the business as business income and NOT as salary. Partners in a partnership that is registered with ACRA are considered self-employed persons. A Limited Liability Partnership (LLP) is considered a partnership and hence falls under this rule as well.


We will break down what an LLP needs to do. In essence, it is not any different from what a partnership needs to do.


Step 1: Filing of Form P with IRAS

The precedent partner of a partnership needs to file the Partnership Income Tax Return (Form P) on behalf of the partnership.

The LLP should have a statement of accounts prepared. The information in the statement of accounts will correspondingly be placed into the fields in Form P. The statement of accounts is the profit and loss statement and the balance sheet of the LLP.

Click here to download a template for the statement of accounts for partnerships.

Please note that the LLP does not actually pay taxes. This filing is to inform IRAS how much profits the LLP made for a certain financial period. The partners of the LLP will have to allocate the profits in accordance with what was agreed. Usually, this agreement will be in the partnership agreement.


Step 2: Filing of Personal Income Tax with IRAS

The partners of the LLP will individually have to file their personal income taxes with IRAS. The total business income that is declared by all the partners of the LLP will need to correspond with the figure that was declared to IRAS in the Form P that was submitted earlier.


Please note that the filing deadline for personal income taxes is on the 18th of April 2024 for Year of Assessment 2024.

If you require assistance with the filing of Form P for partnerships or the filing of personal income taxes, please contact the Raffles Corporate Services team at [email protected].


Yours sincerely,

The editorial team at Raffles Corporate Services