Sole Proprietorship and Partnership
The Sole Proprietorship and the Partnership are two of the simplest form of business structure in Singapore. It is a business firm registered under the Business Registration Act, Cap 32.
Sole Proprietorship
The Sole Proprietorship structure features a single individual owner and no partner(s) and the single owner has complete control of the running of the business.
The Sole Proprietorship is not a separate legal entity and the owner has unlimited liability. Both the business and the owner can sue and be sued in the business's name and the owner's name. Ownership of property or properties will be in the owner's name. The owner is also personally liable for all debts and losses of the business.
The Sole Proprietorship is not a separate legal entity and the owner has unlimited liability. Both the business and the owner can sue and be sued in the business's name and the owner's name. Ownership of property or properties will be in the owner's name. The owner is also personally liable for all debts and losses of the business.
Partnership
The Partnership structure features two to twenty partners who owns the business.
The Partnership is similar to the Sole Proprietorship in many ways. It is also not a separate legal entity from its owners. All the partners have unlimited liability. The partnership can sue and be sued in the partnership's name. The partnership cannot own any property in its own name. Ownership of property or properties will be in the partner or partners' name. Partners are personally liable for the partnership's debts and losses even if it is incurred by the other partners.
The Partnership is similar to the Sole Proprietorship in many ways. It is also not a separate legal entity from its owners. All the partners have unlimited liability. The partnership can sue and be sued in the partnership's name. The partnership cannot own any property in its own name. Ownership of property or properties will be in the partner or partners' name. Partners are personally liable for the partnership's debts and losses even if it is incurred by the other partners.
