Sole Proprietorship/ Partnership Business To protect your money and financial assets
SOLE-PROPRIETORSHIPS
A sole-proprietorship is a business firm with only one owner by a person or a company.
Simple and flexible --It is the simplest and most flexible business structure.
Not a legal entity - A sole-proprietorship is not a legal entity (i.e. it cannot sue or be sued in its own name and it cannot own
or hold any property).
Personal Tax Rates -Profits are taxed at personal income tax rates via Income Tax Form B .
All sole-proprietorships must be registered with the Accounting & Corporate Regulatory Authority (ACRA).
Advantages
Suitable for certain businesses and start ups Many low-risk service businesses such as copywriters, small retailers, pet groomers and designers start off as sole-proprietorships.
Low cost to maintain with ACRA
Sole-proprietors do not need to submit compilation of their accounts or file annual returns with ACRA.
100% profit belongs to owner
The owner receives all the business profits
Disadvantages
Risk and Control The control of a sole-proprietorship belongs entirely to the owner who also assumes full risk of the business.
Lack of continuity As the business and owner are inseparable, the business exists only as long as the owner is alive or until the owner decides to close the business.
Unlimited liability The owner is personally accountable for unlimited debts and losses. The owner may be required by law to sell off personal assets (e.g. house, car, shares, etc.) to pay off debts and losses.
Business loss can be HUGE –No limit. Private Limited Company loss is limited to the Paid Capital.
Convert your business to Private Limited Company for just $475/-
Free Formation Service fee (worth $300/-) Free First year secretarial service fee (worth $120/-) Free First year Nominee Secretary fee (worth $240/-) Government Registration Fee of $315/- and Secretarial Kit Set of $160/-
(Common Seal, Memorandum & Articles of Association
(2 copies) and Share Certificates)
This special package is applicable if you subscribe to our annual Corporate Secretarial Services for a fee of $120/- p.a. and Nominee Secretary fee of $240/-p.a.
Registered Address - $10/- per month We offer registered Address service which can be used for registered business address for your set-up and registration of business or company.
On top of that registered address can be used your business cards, letterheads or any other official documents that may require a registered address for example.
Register Address Package (Local) . Price Lock Guarantee . Zero Setup Fees
. Free Daily Mail Alert via Email . Address as Accounting and Corporate Regulatory Authority (ACRA) Registered Address . Address as Mailing Address . Receiving of Normal Mails, Parcels or Registered Mails . Operate on Mon - Fri: (9am to 6pm)
Simple and flexible --It is the simplest and most flexible business structure.