SEMINAR 2 IVLE.ppt - BSP 1702\/1004 \u2013 LEGAL ENVORONMENT OF BUSINESS Semester 2 2018\/19 Business Organisations Seminar 2 Part 1 CONTENTS 1 Learning

SEMINAR 2 IVLE.ppt - BSP 1702/1004 u2013 LEGAL...

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BSP 1702/1004 – LEGAL ENVORONMENT OF BUSINESS Semester 2, 2018/19 Business Organisations Seminar 2 Part 1
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CONTENTS 1 Learning Objectives 2 Which Business Organisation? Sole Trader. General Partnership. Limited Liability Partnership. Limited Partnership. Joint Venture 3 Company/Corporation. Private and Public Companies. Holding and Subsidiary Company 4 Learning Outcomes 5 Readings
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How to choose the most suitable legal structure for your business To know the legal differences between the various types of business organisations 1
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2. Business Organisations: Which? Should the entrepreneur “go it alone”? Absolute authority and total responsibility Should a partnership be formed? Simple to form and operate but involves sharing management powers, duties and profits Should a company/ corporation be formed? Offers a number of advantages e.g. limited liability but heavily regulated
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Things to know when starting a business
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2.1 Types of Business Organisations 1. Sole Traders/Sole Proprietors 2. General Partnerships 3. Limited liability Partnerships (LLP) 4. Limited Partnerships (LP) 5. Joint Ventures (JV) 6. Corporations – Private or Public Companies 7. <Part 1
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. sg ACCOUNTING & CORPORATE REGULATORY AUTHORITY - BUSINESS REGISTRATION idesChaptersDetails.aspx?pageid=1755&contentid=1757 : watch video and download table summary pdf on different forms of business organisations
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2.2 Sole Trader Register under Business Names Registration Act (certain businesses exempted)
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Sole Trader No partners or company structure Owner can be one person or one company Full control of management Easiest & cheapest way of structuring a business Total privacy. Non-disclosure of profits to public Easy to close. Inform ACRA by filing notice
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Low capital Tremendous personal effort No separate legal entity Solely responsible for management and risks Liable for all business debts Takes all profits Disruption of business on retirement, death
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2.3 General Partnership Register under Business Names Registration Act Partnership Act also applies
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General Partnership Partners can be individuals or Singapore companies Share profits and risks
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