Asiabizservices Talks about the Business Types for Singapore Company Incorporation
A company that helps foreign individual, entrepreneur or a business professional who wants to setup a Singapore company as an individual.
by mackey william Thursday, November 18, 2010
“That is because the owner is treated as one with the business,” says a representative of Asiabizservices, “the legal status is awarded to the owner,” thus, all operations including “profits, assets, losses, and liabilities are accountabilities of the owner.”
Nonetheless, a sole proprietorship enterprise is not subjected to double taxation, a feature common among corporations. Filing of tax returns is also not an obligation of the proprietor as long as he renews his membership annually. And the proprietor enjoys liberty over his earnings and business management.
On the other hand, Partnership—which can be General Partnership, Limited Partnership, and Limited Liability Partnership—is a business structure requiring a minimum of two parties, whether individuals or corporate entities, to form.
“In General Partnership, the risks are similar to a sole proprietorship structure, whereby, personal assets and resources are involved,” Asiabizservices continues, “plus the partners are liable for the actions of each partner.”
Unlike the General Partnership, the Limited Partnership limits the liability of each partner to his investment in the company—capital or property.
Asiabizservices continues its elaboration, “nevertheless, in Limited Partnership, limited partners are unable to exercise free will in business management because that is discretionary of a General Partner.”
The ideal business structure in Singapore, according to Asiabizservices, a company composing of business professionals specializing in all aspects essential to a business, is the Limited Liability Partnership because “its features are a blend of that of partnerships and a corporation.”
Introduced to Singapore in 2005, the Limited Liability Partnership allows its proprietors the versatility of operating the business as partners while enjoying the benefits accorded to a private limited corporation.
“Each partner is not liable for the other partner’s debts and financial obligations,” as each partner is only responsible for his acts and decisions, “and because it is in itself a separate legal entity, it can participate in a lawsuit” either as a plaintiff or respondent.
When it comes to procurement and ownership of assets, both can be awarded to the Limited Liability Partnership company. Hence, during losses and financial crises, “only the resources and assets owned by the company are involved,” the partner’s personal possessions and liquid assets are safe.
Asiabizservices elaborates further that foreign business aspirants cannot handle personally the Singapore company incorporation unless they possess a National Registered Identification Card of Singapore or NRIC, a SingPass or Singapore Personal Access, or any necessary working visas, all of which enable access to various government agencies online such as the ACRA and IRAS, where company registration and incorporation are accomplished.
For many years, Asiabizservices has served the community by taking charge of Singapore company registration, incorporation of a company in Singapore, processing the necessary working visas of entrepreneurs or employees, and providing services such as accounting, secretarial and statutory compliance with certain requirements.
AsiaBiz is a company that provides Singapore Company Registration services to local and foreign entrepreneurs and investors and offer consultation regarding the immigration and taxation law, Singapore accounting services, Singapore Company Incorporation and book keeping requirements, and other compliance matters stated under the Singapore law.
For more information:
address: 120 Telok Ayer Street Singapore 068589
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