Show:
Sole Proprietorship
Ordinary Partnership
Limited Partnership
Limited Liability Partnership
Company
100
This is a natural person engaged in any kind of business activity with a view to making profit.
What is a sole proprietor?
100
It is the law that governs ordinary partnerships.
What is the Partnership Act?
100
This law governs limited partnerships.
What is the Limited Partnerships Act?
100
This law governs limited liability partnerships.
What is the Limited Liability Partnerships Act?
100
This means that a the company should be treated separately from its members, with an existence of its own. Thus, members are not personally liable for the debts of the company.
What does the concept of separate legal entity mean?
200
Licensed hawkers, taxi drivers, accountants, doctors and lawyers.
Who are exempted under the Business Registration Act?
200
It is the relationship which subsists between persons carrying on a business in common with a view to profit.
What is a partnership?
200
At least 1 general partner and 1 limited partner.
What is the minimum number of partners in a limited partnership?
200
This is a separate legal entity that is a combination of the features of an ordinary partnership and an incorporated company.
What is a limited liability partnership?
200
This case applied the concept of separate legal entity and the court ruled that the member cannot be held personally liable for the debts of the company. This involves a leather merchant and boot manufacturer sole proprietor who converted his business to a company.
What is the case of Salomon v Salomon & Co. Ltd.?
300
Submit an application online via BizFile with the Accounting and Corporate Regulatory Authority's electronic filing and information retrieval system.
How do you register a sole proprietorship?
300
At least 2 partners and at most 20 partners.
What are the minimum and maximum number of partners in an ordinary partnership?
300
General partner and limited partner.
What are the 2 kinds of partners in a limited partnership?
300
There must be at least 2 partners and at least 1 manager who is a natural person of full age (at least 18 years old). There is no maximum limit.
What are the minimum and maximum number of partners in a limited liability partnership?
300
This can occur in the following scenarios: 1. A substantial wrongdoing by the company can be attributed to its members such as when a debt was intentionally created by a company officer who had no reasonable belief that the company could pay the debt. 2. When the company is used as a device to evade a contractual duty or to commit fraud. 3. When the company was employed as an agent or alter ego of its controllers and where the company was a mere sham or facade.
When can the corporate veil be lifted?
400
Send notice of termination of business to ACRA within 1 month of ceasing to do business, bankruptcy, mental incapacity or death of sole proprietor.
What are the means of dissolving a sole proprietorship?
400
If one of the partners becomes bankrupt, dies or his share in the partnership property is charged for his personal debts. Or if an event renders the business of the partnership unlawful. Or if the court orders dissolution upon an application made by a partner.
What circumstances give rise to an involuntary dissolution of an ordinary partnership?
400
This type of partner is similar to a partner in an ordinary partnership. He is liable for the firm's debts and obligations and he is responsible for management of the firm.
What is a general partner?
400
This is the liability of partners in a limited liability partnership. The partners cannot be sued individually since the LLP can be sued in its own name.
What is limited liability?
400
It is a type of company in which no corporation holds shares directly or indirectly, has no more than 20 members, or it can be a private company that is wholly-owned by the government.
What is an exempt private company?
500
You bear the entire risk of business alone. You have limited capital and borrowing power. Expansion is limited to your own skills. Profits taxed as personal income. No continuity of existence.
What are the disadvantages of a sole proprietorship?
500
This means that the liability of partners for the debts of the firm is unlimited. A creditor can either sue the partners together or sue any individual partner separately and run after the private assets of that individual partner.
What is joint and several liability of partners in an ordinary partnership?
500
He is similar to a partner in a limited liability partnership. He is not personally liable for the firm's debts but he cannot take part in managing the firm and he cannot contract on firm's behalf.
What is a limited partner?
500
A partner in an LLP can be personally liable if he commits a tort.
When can a partner in an LLP be personally liable? or What is an exception to the rule that a partner in an LLP has limited liability?
500
This is the term used to refer to several companies that are related by some common shareholdings or directorships.
What is a group of companies?