Advantages of Sole Proprietorship in Singapore.

Advantages of Sole Proprietorship in Singapore;

10 advantages of sole proprietorship;
What are the main advantages of a sole proprietorship?

State three advantages of sole proprietorship.

What are the advantages of a sole proprietorship.

Sole proprietorship pdf notes?

Advantages / Pros of Sole Proprietorship:

• It is an easy procedure to register a sole-proprietorship.
• It is easy and quick to start trading as a sole trader as there are no formalities to comply with other than notifying the Tax Authorities.
• The business itself is flexible. Any decisions and changes can be made easily as there is only one person to make the relevant choices.
• All the profits generated by the business will belong to the sole-trader.
• Sole-traders own their business and so are able to sell or transfer the business assets & liabilities as they wish.
• One of the advantages of this form of business is that there are fewer formalities in terms of its formation and registration.
• Pay income tax for your trade income at individual income tax rate.
• CPF contribution is not mandatory.
• Due to flexible structure it’s easy to convert into Partnership just by adding another person as a Partner.