Legal Business Forms (SP)

What are the different forms of businesses in Singapore?

Pick all you know!

• Sole proprietorship

• Private limited company

• Public limited company

• Limited liability partnership

How many owners can a sole proprietor have?

(type a number)

(a)  

What is the most common wat a sole proprietor raises funds to start business?

(i.e. how does a SP access funds?)

• Easiest is to invest owner's own money

• Get more investors to invest money

• Easiest to take a loan from a bank

•  Issue more shares to shareholders to raise funds

The owner of a sole proprietorship owner enjoys all profits earned by the business and suffers all losses.

True or False?

• True

• False

BRAIN BREAK!

Draw your favourite food!

The control of a SP is shared between the owner and his other investors / workers. Any one can enter into contracts (i.e. sign contracts) on behalf of the business.

True or False?

• True

• False

Anna owns a ice cream shop which operates as a sole proprietorship. Her husband, Kris, works in the shop as well.

She has decided that she hates ice cream and wants to transfer the ownership of the business to her sister, Elsa.

Must Kris agree to the transfer to Elsa before the transfer can happen?

• Yes.

  Kris needs to agree or the transfer cannot happen.

• No.

  Anna can transfer the business to anyone she likes.

Give some examples of businesses which you think operate as a sole proprietorship.

Give some examples of businesses which you think operate as a limited liability partnership

Name some businesses which you think operate as a limited company.