New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Types of business organization

by: moonlightkitty

Types of business organization BSP1004

Marketplace > National University of Singapore > Business > BSP1004 > Types of business organization
Business Law

Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

Summary of different types of business organization
Business Law
Study Guide
50 ?




Popular in Business Law

Popular in Business

This 4 page Study Guide was uploaded by moonlightkitty on Friday October 9, 2015. The Study Guide belongs to BSP1004 at National University of Singapore taught by in Spring 2015. Since its upload, it has received 62 views. For similar materials see Business Law in Business at National University of Singapore.


Reviews for Types of business organization


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 10/09/15
9 gt 9 9 E E E 9 g E m L Q C 4 L L C CD 8 ro m c c E L E C C O l a 4 4 O m L 390 C 39 E E U Q 4 0 CU L D D L 4 U D E D 393 Descriptio Ownership Biz org which allows Can invite investors Owned by group of Separate legal entity n Business owners to run the biz don t have a say in the individuals may be sued or be sued organisation owned by one person can have more than one person involved in the business org as a partnership and yet enjoy status of a separate legal entity Governed by LLP Act Must register Partnership if not First Schedule will applyX510 Must keep acting records company similar to a partnership which allows for partners with limited liability Governed by LP Act Governed by Partnership Act 2 or more persons carrying on a business in common with a view of pro t called a rm in its own name owns property in its name iabiity separate from its owners perpetual successionowner dies company continues Need to be familiar with Company Act Formalitie s Registration required Must register Partnership agreement if not First Schedule will apply 10 Must keep accounting records to explain nancial position of LLP although need not submit annual returns only submit annual declaration of solvency 24 During registration must indicate who is limited partner Must keep accounting records to explain nancial position of LP Responsibility of general partners Must register Preferably have a Partnership agreement pro t and loss distribution mngemnt of assets Must incorporate Require a Mamp A Must appoint Dir Company Secretary and Auditors Must conduct annual company meetings Must le annual returns with audited accounts Pte Exempt Company need not audit account however must still le annual returns Must maintain registers register of members charges Members One owner 2 members min Min 2 220partners Shareholders may be Owners rs determined by natural personcorporate Can be natural partnership agreement personcorporate bodies Min all property brought into lsharehodersharehode the stock of partnership r can also become becomes partnership director sounds like sole property proprietorship Relationship determined by MampA and possibly shareholders agreementable to restrict transfer of share to within original shareholders Managem Managed by sole Min 1 manager Limited partner shall nt Equal right to manage Directorcan be that sole ent owner Must be natural person participate in shareholderat least one 18 years of age management of LPif he Partners are agents of the must be ordinary resident Ordinarily resident in participates he ll become rm and of each other of Singapore Min singaore a general partner instead Decision made by one 18years Cannot be Must not be disquali ed of a limited parner partner can affect the disquali edeg to act as manager rest bankruptcy bankruptcyS33 gt eg a partner sought Un t manager because contract from a supplier of insolvenet LLPS34 binding towards other 36537 partners also Finance May obtain loans May obtain loans May obtain loans Obtain loans Greater access to May form May add partners May add partners Add partners fundsease and amount partnerships gtcompanies can give some form of securitycharges Issue new shares to get more investors Public listing Pro t Pro ts will all go to To be shared in GP have unlimited Shared equally for pro t Shareholders does not distributio the owner accordance wih liability and limited and liability have share of the pro t n partnership agreement partners have limited Unless partnership states as pro ts earned belong Liability Unlimited liability liabilityusually to otherwise to the company Partners have limited contribution in Shareholders earn money liability accordance with Note through dividend partnership agreement Liabiity of partners Unimited liability Limited liability company Joint amp Several Company unlimited liabilitycan sue one or liability Shareholders sue all limited liability Partner s right to demand contribution Owners have limited liability No one can sue the shareholders if company fails Dissolutio Deregister Deregister Deregister Voluntary Voluntary winding up n Contnue to be liable Separate legal entity Continue to be liable for Agree to de Company declare for personal debts Death Bankruptcy and may be dissolved similar to a company By creditor of partner Bankruptcy of partner does not affect position as partner but cannot act as Manager debts May be dissolved similar to partnership But will not be dissolved on death bankruptcy or mental incapacity of limited partner registerexpiration of partnership Involuntary Death of partner Bankruptcy of partner Application to court to dissolve partnershipseen as the other partner don t want to dissolve partnership already bankruptcy Involuntary winding up Only available in company Receivership Judicial Management attempt to have mutual agreement to resolve partner suffering from mental disorder partner guilty of misconduct partner persistently breaches the partnership agreement If AB and C enters into a partnership A leaves partnership BampC can reach a new partnership Liabilities incurred before leaving partnership still holds for that person Take note of section numbers Why partnership not LLP lack of knowledge attitudes more comfortable with traditional concepts Voting by poll amount of shares you have Voting by hand one per person


Buy Material

Are you sure you want to buy this material for

50 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Kyle Maynard Purdue

"When you're taking detailed notes and trying to help everyone else out in the class, it really helps you learn and understand the I made $280 on my first study guide!"

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.