Register of a sole-proprietorship
A sole-proprietorship is a business owned by one person or one company. There are no partners. The sole-proprietor has absolute say in the running of the business.
The features of Sole Proprietorship are as follows:
- Not a separate legal entity
- Owner has unlimited liability
- Can sue or be sued in individual’s own name
- Can own property if individual has legal capacity
- Owner personally liable for debts and losses of business
- Self-employed persons must top up their Medisave account with the CPF Board before they register a new business, become the owner of an existing business name or renew their business registration
- Must renew registration before the expiry date
- Profits taxed at owner’s personal income tax rates
