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There are four different types of business entities: Sole Proprietorship, Partnership, Limited Liability Partnership (LLP) and Company.

Sole Proprietorship - A sole proprietorship is a firm owned by one person (or one company). There are no partners, and the owner can have absolute say in running the firm. The sole proprietor will also receive all profits the firm generates.

Partnership - A partnership is when two or more persons come together to run the business. It is usually good to draw up a partnership agreement before setting up the disputes over profits and management rights in the future.

Limited Liability Partnership (LLP) - A limited liability partnership (LLP) combines the limited liability features of companies with the operational flexibility of partnership.

Company- A company is a legal coporate body incorporated under the Companies Act. The owners of the company are the shareholders.

The information for this article is gathered from some of these organisations.
EnterpriseOne
SPRING Singapore
ACRA
ACE
Start-up@Singapore

Online registration of business via Bizfile

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