Asiabizservices Differentiates 2 Business Structures
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Asiabizservices Differentiates 2 Business Structures There are 2 types of Business structures registered in Singapore. Entrepreneurs can establish a business firm or investors can incorporate a company. In a business firm, the enterprises are not treated as a legal entity. Thus, it is not accorded with rights based on the legal status recognized by the government. A company, treated as a separate legal entity can enter into legal transactions in its business name. Hence, it can name the company as the legal and rightful owner of assets and profits. It can be accountable and be sued for losses and liabilities. Two common business structures of a business firm are sole proprietorship and partnership. In a sole proprietorship, the proprietor exercises unlimited powers in running the business or executing decisions relating to profits, assets and business expansion or dissolution. However, its liability is unlimited as well. The same principle applies to general partnership, a structure requiring a minimum of 2 partners and maximum of 20 except for professional firms. Just like the sole proprietorship, the partnership does not have perpetual succession. Foreigners aiming for a business firm ought to appoint a local manager recognized as an ordinary resident of Singapore. A company can be limited liability partnership or private limited. “In a limited liability partnership, a minimum of 2 partners or shareholders are required,” says Asiabizservices, “these partners are not personally accountable for the conduct of other partners or their transactions.” A limited liability partnership enterprise is also tasked to appoint a local manager who maintains ordinary residence or labor pass. In a private limited company, Asiabizservices continues, “a minimum of 1 director and 1 shareholder, and a company secretary are necessary. The shareholders can also be directors should the company compose of more than 1 shareholder.” About the Publisher: For many years, Asiabizservices has served the community by taking charge of Singapore company registration , incorporation of a company, processing the necessary working visas of entrepreneurs or employees, and providing services
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Singapore Company Formation Service, We provide company registration,incorporation, immigration, accounting and taxation services to entrepreneurs and businesses worldwide.
Transcript of Asiabizservices Differentiates 2 Business Structures
Asiabizservices Differentiates 2 Business Structures
There are 2 types of Business structures registered in Singapore. Entrepreneurs can establish a business firm or investors can incorporate a company.
In a business firm, the enterprises are not treated as a legal entity. Thus, it is not accorded with rights based on the legal status recognized by the government.
A company, treated as a separate legal entity can enter into legal transactions in its business name. Hence, it can name the company as the legal and rightful owner of assets and profits. It can be accountable and be sued for losses and liabilities.
Two common business structures of a business firm are sole proprietorship and partnership. In a sole proprietorship, the proprietor exercises unlimited powers in running the business or executing decisions relating to profits, assets and business expansion or dissolution. However, its liability is unlimited as well.
The same principle applies to general partnership, a structure requiring a minimum of 2 partners and maximum of 20 except for professional firms. Just like the sole proprietorship, the partnership does not have perpetual succession.
Foreigners aiming for a business firm ought to appoint a local manager recognized as an ordinary resident of Singapore.
A company can be limited liability partnership or private limited.
“In a limited liability partnership, a minimum of 2 partners or shareholders are required,” says Asiabizservices, “these partners are not personally accountable for the conduct of other partners or their transactions.”
A limited liability partnership enterprise is also tasked to appoint a local manager who maintains ordinary residence or labor pass.
In a private limited company, Asiabizservices continues, “a minimum of 1 director and 1 shareholder, and a company secretary are necessary. The shareholders can also be directors should the company compose of more than 1 shareholder.”
About the Publisher:For many years, Asiabizservices has served the community by taking charge of Singapore company registration, incorporation of a company, processing the necessary working visas of entrepreneurs or employees, and providing services such as accounting, secretarial and statutory compliance with certain requirements.
AsiaBizservices is a company that provides Singapore company registrar services to local and foreign entrepreneurs and investors and offer consultation regarding the immigration and taxation law, Singapore accounting services and book keeping requirements, and other compliance matters stated under the Singapore law.
For more information:AsiaBizServices.comaddress: 120 Telok Ayer Street Singapore 068589phone: +6563034614email: [email protected]: http :// www . asiabizservices . com /
