Singapore legislation
Regulation 2
Regulation 2
Conditions for relief from ad valorem stamp duty upon conversion of firm to limited liability partnership
The conditions for relief from ad valorem stamp duty in respect of the conversion of a firm (referred to in these Rules as the original firm) to a limited liability partnership referred to in section 15(1) of the Act are —
the partners of the limited liability partnership on the date of the conversion (referred to in these Rules as the original partners) were also the partners of the original firm immediately before that date;
the assets of the limited liability partnership on the date of the conversion were the sole assets of the original firm immediately before that date; and
the amount of capital contributed by each original partner as at the date of the conversion remains the same as in the original firm immediately before that date.