BUSINESS REGISTRATION FOR SOLE PROPRIETOR AND PARTNERSHIP
Your Business Registration Form A must be completed with the information and details below:
- Name of your business
- Type of business
- The commencement date of your business
- The primary address of your business
- Address branch of your business (if applicable)
- Information about owners and partners
In the case of a partnership, each partner will be required to sign the completed form. The completed application form for your sole proprietorship or partnership registration must then be submitted to the SSM either over the counter, or online through the SSM e-Lodgement Services available on the SSM’s website.
Once approved, your Business Registration Certificate will be available for collection within 1 hour after payment has been made. It is important to note that even though your business may be registered legally with SSM, you will still be responsible for obtaining any relevant permits or business licenses which may be required depending on the nature of your business.
Who is it for?
The LLP concept will also support start ups, small and medium enterprises (SMEs) to grow their businesses without having to worry too much on their personal liabilities, personal assets and strict compliance requirements.
Amongst others, LLP is featured with the protection of limited liability to its partners similar to the limited liability enjoyed by shareholders of a company coupled with flexibility of internal business regulation through partnership arrangement similar to a conventional partnership.
Any debts and obligations of the LLP will be borne by the assets of the LLP and not that of its partners’. An LLP has the legal status of a body corporate which is capable of suing and being sued in its own name, holding assets and doing such other acts and things in its name as bodies corporate may lawfully do and suffer.
LLP also offers flexibility in terms of its formation, maintenance and termination while simultaneously has the necessary dynamics and appeal to be able to compete domestically and internationally. With the introduction of LLP, entrepreneurs will have more options to choose the most preferred form of business vehicle.