Description

ACQUIRING OF LAND BY A LIMITED LIABILITY PARTNERSHIP AND
RELATED MATTERS

1. BACKGROUND

1.1 An LLP is a body corporate with unlimited capacity and is capable of doing
and suffering any act or things that a body corporate may lawfully be allowed to
do or suffer including the ability to hold property under its own name.


1.2 With the introduction of LLP as an alternative business vehicle, it is
inevitable that an LLP may acquire or dispose properties in the course of its
business.


1.3 Additionally, since the Limited Liability Partnerships Act 2012 (LLPA 2012)
allows the conversion of conventional partnerships and private companies to LLP,
the issue of transfer of properties from partners of the conventional partnerships
and the private companies, as the case may be, must also be appropriately
addressed to avoid any adverse legal implications.