Sole Proprietorship

Register of a sole-proprietorship

A sole-proprietorship is a business owned by one person or one company. There are no partners. The sole-proprietor has absolute say in the running of the business.

The features of Sole Proprietorship are as follows:

  • Not a separate legal entity
  • Owner has unlimited liability
  • Can sue or be sued in individual’s own name
  • Can own property if individual has legal capacity
  • Owner personally liable for debts and losses of business
  • Self-employed persons must top up their Medisave account with the CPF Board before they register a new business, become the owner of an existing business name or renew their business registration
  • Must renew registration before the expiry date
  • Profits taxed at owner’s personal income tax rates