Sole ProprietorA sole proprietorship is a business that can be owned and controlled by an individual, a company, or a limited liability partnership. There are no partners in the business. This kind of setup is good and quick for simple trade or businesses. To set up a sole proprietorship, you must be:
- At least 18 years old
- A Singapore Citizen, Singapore Permanent Resident, or an eligible FIN holder.
- It is not a separate legal entity from the business owner
- The business owner has unlimited liability (i.e. the business owner is personally liable for all the debts and losses of the sole proprietorship)
- It can sue or be sued in the owner’s name
- Businesses cannot own property or any other assets in their name