THIS WEEK'S FOLIO: DOING BUSINESS FROM HOME

TO REGISTER your company, you first have to decide the type of business model you are helming.

SOLE PROPRIETORSHIP

Most small businesses are sole proprietorships since it is simple and inexpensive.

You can convert a sole proprietorship or partnership to a company or limited-liability partnership later if you wish, but not the other way around.

It costs $65 to register. This amount includes the nameapproval fee.

PARTNERSHIP

It is similar to a sole proprietorship and registration costs are the same.

There are two types - general partnership and limited liability partnership, which is a new vehicle for doing business in Singapore.

Like the sole proprietorship, the owners are taxed at the personal-income tax rate.

COMPANY

Registration costs $315. Profits are taxed at the corporate rate and audited accounts are required in the case of large companies.

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kohht@sph.com.sg

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