Formed by two or more persons seeking to earn profits divided between them, a partnership is a legitimate business structure that rests the legal personality upon its partners. Because it is not recognized as a legal entity, it cannot engage anybody and another business entity in a legal proceeding. Inversely too, it cannot be filed with a lawsuit.
The partners are personally accountable for legal consequences of their business activities. Thus, their personal assets may be at stake. However, on a bright side, a partnership is easy to register and maintain. Asiabiz Setup, a creator of business innovations describes a partnership business as an entity with the least requirements to comply with.
It is not obliged to keep financial accounts nor is subjected to auditing requirements. The only obligation it must carry out is annual renewal of its registration. The revenues it earns are regarded as personal income of its partners, thus, they are exempted from Double Taxation.
The partners, which can reach the number of twenty, can be a natural person or another business entity or corporation. Before its registration however, a proposed business name must first be submitted for approval.
Asiabiz Setup by availing its professional business registration services especially by foreign nationals, the business name check availability is comprised within the package. Upon approval, documents are then submitted to BizFile, using a Singapore Personal Access Card.
Among the pertinent documents are a photocopy of National Registered Identification Card for locals or Foreign passport for foreign nationals, proof of residential address of each partner, consent to act as manager, and statement of non-disqualification to act a manager.
Asiabiz continues to elaborate that after a successful registration, ACRA shall issue via an e-mail a business profile and certificate of business registration. Included in the documents is the unique business registration number which must be displayed on all official documents of a business.
While the partnership enterprise is not subject to filing of annual returns, its partners are obliged. Asiabiz has a team of professionals expert at different specializations concerning corporations. Its team of accountants, for instance, can help the partners in their personal legal obligations like filing of personal income tax return with IRAS, Singapores taxing authorities.
During an approaching deadline, a member from Asiabiz shall contact via mail the partners of the business organization to remind them of their pending obligation. Early settlement of personal taxes brings forth certain privileges.
Asiabiz Setup is a one-stop firm for all business needs, including processing of labor passes for foreign entrepreneurs.
About the Publisher: For many years, Asiabizsetup has served the community by taking charge of Singapore company incorporation, Singapore company registration and processing the necessary working visas of entrepreneurs or employees, and providing services such as accounting, secretarial and statutory compliance with certain requirements.
AsiaBiz is a company that provides Singapore company setup services to local and foreign entrepreneurs and investors and offer consultation regarding the immigration and taxation law, Singapore accounting services, book keeping requirements, and other compliance matters stated under the Singapore law. The company has successfully helped thousands of both local and foreign entrepreneurs form a Singapore company. Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions.
For more information visit: AsiaBizSetup PTE LTD address: 120 Telok Ayer Street Singapore 068589 phone: (65) 62426533 email: sales@asiabizsetup.net website: http://www.asiabizsetup.net
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