Definitions of Types of Businesses Essay

Definitions of Types of Businesses Essay

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1. Sole Proprietorship
This is a one man business. The owner is entitled to all the profits as well as the losses. He is also personally liable for any obligations or debts incurred by the business. A Singaporean PR or individual looking to start a sole proprietorship must first make an application for the business name. This is done to ensure the name is available and also that Medisave payments have been fully paid. Thereafter, he registers the business in accordance to Business registration act.
2. Partnerships
A partnership is made up of 2 to 20 people. People join together based on similar skill, resources, or ambition. The partners share out the duties, profits, and losses depending of the capital contribution or terms laid out in the partnership deed. They are also personally liable for debts incurred by the business.
NOTE: Since they are not corporate entities, partnerships and sole proprietorship are not required to file annual accounts. However, they are required to renew their registration yearly. They also have to furnish the IRAS with their annual returns.
3. Limited Partnerships (LP)
Limited Partnerships or LP is comprised of an unlimited number of both general as well as limited partners. A general partner who may be an individual or corporation is personally accountable for any liabilities or debts incurred while he is a general partner. Limited partners are only responsible up to a certain limit as specified in the contribution or partnership agreement.
4. Limited Liability Partnerships
Limited Liability Partnerships or LLPs is a merger between partnership and private limited companies. It thus offers more flexibility to the owners. The partner’s liability is pegged on the amount of capital contributed. They are...


... middle of paper ...


... the debentures or shares to the public, it has to register its prospectus with ACRA.
• Company Limited by Guarantee: These Company will be formed by not for profit organizations. These include trade associations, clubs, charitable bodies, religious bodies, professional societies, among other non-commercial entities.
6. Foreign Company
This is a company, society, corporation, association, or any other body formed outside Singapore. Under the foreign law which allowed the company to be incorporated, it should be possible to sue the company. The company should also be able to hold property.
7. Non-Trading Representative Office
This is a form of foreign company which only operates for a short term. It is usually started to explore business ventures, market surveys, or trade leads in Singapore. The goal is always to test the waters before establishing the company.




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