Economic Project

Contents

Introduction

Business Registration

~Meaning

~Registration Procedure for Sole Proprietorship and Partnership

~Registration Procedure for Limited Company

~Registration Procedure for Overseas Company

~Registration Fee and Levy

~Payment Methods

~Cancellation

Sole Proprietorship

~Definition

~Popularity

~Set-up process

~Advantages

~Disadvantages

~Reason of suitable for Small Business

~Examples

Partnership

~Definition

~Features

~Forms/Establish

~Liability

~General partnership

~Limited partnership

~Advantages

~Disadvantages

~Tax rate

~Dissolution and Termination

Limited Company

~Meaning

~Advantages

~Disadvantages

~Private limited companies

~Public limited companies

~Shares

~Procedures of Formation

~Taxes

Comparison

Conclusion

Working Table

Definition

  According the Partnership Ordinance, “Partnership is the relation which subsists between persons carrying on a business in common with a view of profits”. Partnership can use the word “company” in its name, but are prohibited from using the word “Limited” or any related abbreviation.1

  Partnership is the relation which subsists between persons carrying on a business in common with a view to profit. To satisfy the definition, two or more persons must be carrying on a business. It follows from this that an agreement to run a business in the future does not constitute an immediate partnership, nor does the taking of preliminary steps to enable a business to be run.2

A partnership is not a separate legal entity. The partners are synonymous with the firm. The partners are personally liable for the activities of the business. In addition to their own debts and obligations, partners are personally liable for: torts committed by other partners in the ordinary course of the partnership business torts of employees acting within the scope of their employment contracts made by other partners. Each partner is an agent of the other partners.3

1 http://www.sgasc.com/Types%20of%20company%20in%20HK%20%28English%29.htm#Partnership

2 Business Law – Anthony King & John Barlow

   Blackstone Press Limited (1993) P.3

3 http://www.legalstudio.com/Site/sg/business/business_qanda/startup.asp#partner

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