Posts
If you are keen on setting up and registering your small business in Singapore, then you will need to first understand the different types of company set up. If you're the only owner of this business and in case you are selling, in particular, an original creation of your own, then establishing a sole proprietorship is perhaps ideal. This way, you're in direct control of the monetary and operational aspects of your business. You receive all of the income. However, the danger to being a sole proprietor is that clients can have access to your own assets in case the business faces concerns or liabilities.
However, in case you are a practicing professional CPA, lawyer, civil engineer it is possible to set up a Limited Liability Partnership with another professional with whom you wish to partner with in providing your services together. The important differentiation between a sole proprietorship and an LLP is that right away, you divide the liability in the business with your partner and not hold it up all by yourself.
Most businesses in Singapore prefer to set up as a Private Limited Company which is a Limited Liability Company. This really is a company entity with its own legal entity, which suggests the business itself can engage into legal activities including obtain and sell assets, enter contracts, apply for loans, sue other parties furthermore be sued by other parties.
Aside from being a lawful entity on its own with its own legal powers, a Private Limited Company can be essentially the most preferred company set up because of the protection it gives to shareholders' personal assets which can't be accessed for enterprise liabilities. A Private Limited Company also presents greater overall flexibility in top management changes and movements. There is easy succession, hand over or acquisition of shares, without as much legal procedures and documents required.
Now you have a better comprehension of what kind of company to set up, the following thing to undertake is to source skilled incorporation service provider to undertake it for you. Provided you have the whole papers ready, setting up a Private Limited Company will only take two days.
However, in case you are a practicing professional CPA, lawyer, civil engineer it is possible to set up a Limited Liability Partnership with another professional with whom you wish to partner with in providing your services together. The important differentiation between a sole proprietorship and an LLP is that right away, you divide the liability in the business with your partner and not hold it up all by yourself.
Most businesses in Singapore prefer to set up as a Private Limited Company which is a Limited Liability Company. This really is a company entity with its own legal entity, which suggests the business itself can engage into legal activities including obtain and sell assets, enter contracts, apply for loans, sue other parties furthermore be sued by other parties.
Aside from being a lawful entity on its own with its own legal powers, a Private Limited Company can be essentially the most preferred company set up because of the protection it gives to shareholders' personal assets which can't be accessed for enterprise liabilities. A Private Limited Company also presents greater overall flexibility in top management changes and movements. There is easy succession, hand over or acquisition of shares, without as much legal procedures and documents required.
Now you have a better comprehension of what kind of company to set up, the following thing to undertake is to source skilled incorporation service provider to undertake it for you. Provided you have the whole papers ready, setting up a Private Limited Company will only take two days.
About the Author:
Related articles on singapore company incorporation or visit www.companyregistrationsingapore.com
No comments:
Post a Comment