REDV

Question 1

Business registration

Answer 1

Accounting and Corporate Regulatory Authority (ACRA)

Question 2

Carrying on a business

Answer 2

every form of trade
commerce
craftsmanship, calling, profession and
any activity carried on for the purposes of gain but does not include any office, employment or occupation, or any of the businesses specified in the First Schedule

exempted
hawker
craftsman
taxi etc
farmer

Question 3

Unincorporated business organisations

Answer 3

(1) Sole proprietorship (SP)
(2) Partnership (PS).
(3) Limited Partnership

Question 4

Incorporated business organisations

Answer 4

(4) Companies and
(5) Limited Liability Partnerships (LLPs)
(6) Public Listed Companies

Question 5

Legal Status of Sole Proprietorship

Answer 5

not a separate legal entity from the business owner

business owner has unlimited liability (i.e. the business owner is personally liable for all the debts and losses of the sole proprietorship)

can sue or be sued in the owner’s name

owners personal liability for companies debts

dissolution: give notice to ACRA; dies or bankrupt

Question 6

Sole Proprietorship Registration

Answer 6

Register under Section 5 of Business Registration Act

Name must not be identical to similar to existing corporation

Nature of Business, Principal place of business

Question 7

Partnership

Answer 7

Governed by Partnership Act (PA)

“a relation that subsists between persons carrying on business in common with a view of profit”

Question 8

Partnership Registration

Answer 8

Arises out of agreement

registered under the Business Registration Act

Can be referred to as the “firm”

Minimum 2 persons, maximum 20 generally (professional partnerships more)

Question 9

Partnership rules