Sole Proprietorship

 A sole proprietorship is a business owned either by an individual or a single company, with no additional partners involved. The sole proprietor retains complete autonomy in the management and decision-making processes of the business. 

 The features of Sole Proprietorship are as follows:  

• Not recognized as a distinct legal entity
• Owner is subject to unlimited liability
• Can initiate or be subjected to legal proceedings in the individual's name
• Permitted property ownership contingent upon the individual's legal capacity
• Owner bears personal liability for business debts and losses
• Self-employed individuals are required to augment their Medisave account with the CPF Board before registering a new business, assuming ownership of an existing business name, or renewing business registration
• Renewal of registration must be completed before the expiry date
• Profits are taxed at the owner's personal income tax rates