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.
A partnership is a business firm formed by two to twenty partners. Once there are more than twenty partners, the partnership must be registered as a company under the Companies Act.
The first step is to choose a name for the business and then register the business. This can be done in two stages or all at one go.
There is now the option of purchasing a Special UEN (Unique Entity Number) for your Business (sole-proprietorship or partnership) where you choose the numbers. A UEN is your business' unique identification number that will be used in all interactions with government agencies.
The Registrar must be notified whenever there are changes to the business name, business address, business activities or if there are changes to the particulars of the sole-proprietor or partner. The notification of change must be lodged with the Registrar online within 14 days from the date of change. There is no fee payable when filing these changes. However a penalty may be imposed for late filing.
There are certain changes which require the endorsement (consent) of all the partners. Such changes include the addition or withdrawal of the partners. The endorsement must be done within 14 days from the initial submission date. Some changes do not require any endorsement e.g. change of business address, change of business name and change of business activity.
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