Sole Proprietorship Essay Sample

In this sample essay, we shall be looking at the topic of “Sole proprietorship” in the context of Singapore. Moreover, the term is not a largely unknown one. In fact, most of the students reading it must already have an idea, about what it means. Nevertheless, we shall be providing you a clear picture of this concept.

Moving on, we shall be adding various topics to clear all doubts related to the concept. In addition, we will be providing a picture of the topic so that you have no questions at the end of this sample essay. Nevertheless, the topics included in this sample essay are, as follow:

Firstly we shall be going through the definition of the sole proprietorship in the city-state of Singapore. Moving on, we will be going through the process of becoming sole proprietors. Further, we shall look at the sole proprietorship within the legal system of Singaporean. Lastly, we will be looking at the advantages related to a sole proprietorship. So we shall be starting without further adieu.

 What is a Sole Proprietorship in Singapore?

The term “sole proprietorship” in the Singapore city-state refers to a business that is owned by a single person. This person regardless of gender holds absolute power over that business which includes long-term management as well as day-to-day operations.

Moreover, in the City-state of Singapore if a person indulges in any activity continually with aim of gaining something. He or She has to register as a business. Moreover, a business can be registered under many different ones of which is “sole proprietorship”.

Moving on, in the next section of the sample essay we shall be looking at the process of registering as a sole proprietor in the Singapore city-state.

Process of registering as a sole proprietor in Singapore

In this section of the sample essay, we will look at how a person registers as a sole proprietor in the Singapore city-state. However, in order to do so, one must follow certain steps.

Moving on these steps are, as mentioned below:

• The first step is to select a name for the business as from here on after this name shall be used in all the documentation.
• After deciding on a name, one has to describe the operations and type of activities the business will be carrying out.
• A local address for the HQ or office of the proposed business is to mention for further processes
• For legal and documentation purposes a copy of the owner’s identification has to attach,
• The sole proprietor’s residential address which is different from the address of the business is to be mentioned.
• Lastly, the sole proprietor has to declare his or her compliance as well as issue a statement of Non-disqualification.

So there are steps to follow in order to register oneself as a sole proprietor in the Singapore city-state. moving on, we shall be looking at the legal status of a Sole Proprietor in the Singapore legal system.

Sole proprietorship in Singapore legal system

Here we shall be looking at the legal status of a business registered as a sole proprietorship under the Singapore legal system. Moreover, it can be defined as mentioned below:

• According to regulations, a sole proprietorship is the same as the business owner itself and may not be treated as a separate entity.
• As a business owner and sole proprietorship are the same entity, the business owner has unlimited liability.
• Any and every case filed against or by Singapore legal system would be in the owner’s name

Sole proprietorship related advantages in Singapore

If a person registers as a sole proprietorship, there are certain advantages related to it. We will discuss the same in this section of the sample essay. Moving on, the Advantages of sole proprietorship in the City-state of Singapore are as mentioned below:

• It is easy to set up as well as the cheapest option.
• As we read above, in this business structure owner has absolute power.
• There is no sharing of profit i.e. owner gets all the gain from the business.
• If a person decides to terminate a business, a sole proprietorship is easiest to terminate.
• Sole proprietorship requires quite a few compliances

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Moving on, if you want to read more Sample essays like this one related to the topic of business. For example Decision Bias in Merger & Acquisition, Recent Developments in the Maritime Industry, Global Macro Strategy, Limited Partnerships Regulations in Singapore, and so on.