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Managing and Running a Hosting Business How to run a hosting business from business licence registration, setting up, billing, chargeback to customer solutions.

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Old 21-04-2009, 23:05   #1
Lewis
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Registering more than one company?

Hi guys, I have already register as a sole-proprietor with a company now running with my own and a few friends. This company is registered under my name, question is can I register another company under my name with a sole-proprietor company for another type of business?

Please advice, thanks.
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Old 21-04-2009, 23:14   #2
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first off, some clarity
sole-proprietor = business
company = private limited

so i presume you are now the sole-proprietor of a business and this business is being run by you and a few friends.

you would like to enquiry if you can register another business as its sole-proprietor.

the short answer is YES.

ps - i might be too nosey here, but take care as to how your sole-proprietor business is being "shared" or being "run" with your few friends, if that is indeed the case now. a sole-proprietor assumes all responsibilities and all liabilities of the business.
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Old 05-06-2009, 07:20   #3
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Hi Lewis, if you're registered as a sole-proprietor, its a one-man show..

if you and ur pals are in also, if anything, ANYTHING at all goes wrong, all legal liability falls on u heavily, it would be better if you register a company(PTE LTD) and then have ur friends off as the members on the board of directors, that way, u will not be held liable if anything goes wrong, either ways, a company enjoys better tax reliefs.

As for ur question, YES. u can. just call up acra to clarify.
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Old 08-06-2009, 10:00   #4
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Quote:
Originally Posted by Lewis
Hi guys, I have already register as a sole-proprietor with a company now running with my own and a few friends. This company is registered under my name, question is can I register another company under my name with a sole-proprietor company for another type of business?

Please advice, thanks.

Each individual can own more than one business/company. Each business/company is only permitted to have 1 to 2 business natures. e.g. If I have registered as a florist, I am not able to sell spa services. In this case, I would need to create a seperate business/company. Even if both businesses are selling the same thing, it is possible to have 2 business/companies under 2 different names. The downside of having more business/companies is that it would probably be more troublesome when you file tax and compliance matters.

Back to your first point. Are your friends just "employees" or are they unofficial "partners". An official and legal partner is one that is defined that their names are reported in the Businesses/Company ACRA records.
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Old 08-06-2009, 12:16   #5
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What about LLP? It is a new trend lately.
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Old 08-06-2009, 13:00   #6
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lets say if im running internet marketing, web hosting, web design and ecommerce selling general items and it stuffs, can all this be under one business name or??

Can this be under a sole-proprietor ??
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Old 09-06-2009, 06:26   #7
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Whether You register as a Business (SP/Partnership), LLP or Pte Ltd.. I would say there's advantages and disadvantages for each of them. Choose something that will suit you best.




Quote:
lets say if im running internet marketing, web hosting, web design and ecommerce selling general items and it stuffs, can all this be under one business name or??

Can this be under a sole-proprietor ??
For this.. Yes, you can. You will need to delcare your business nature correctly when you register with ACRA.
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Old 09-06-2009, 12:28   #8
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Quote:
Originally Posted by titan_lyy
Hi Lewis, if you're registered as a sole-proprietor, its a one-man show..

if you and ur pals are in also, if anything, ANYTHING at all goes wrong, all legal liability falls on u heavily, it would be better if you register a company(PTE LTD) and then have ur friends off as the members on the board of directors, that way, u will not be held liable if anything goes wrong, either ways, a company enjoys better tax reliefs.

As for ur question, YES. u can. just call up acra to clarify.
Since there's so much information online, i didn't want to elaborate too much.

I just want to clarify on this.

Even for a Private Limited Company, it doesn't mean that the losses or any other legal liabilities will not end up landing on you. Under Company Law, a director of the company has legal responsibilities to ensure the operations of the company are in good faith. Therefore, if the losses are incurred through natural operations of the company, you may be able to escaped from personal liabilities. However, if it is you who made calls that were no neccessary and caused the company the loss, you can still be held responsible.

Just to describe an example. Your company is already not making money, with cashflow problems and foreseeable investment losses. However, you borrowed additional funds at high interest rates to make a final dash in hope that it'll earn your company quick money to tide over. In case the company goes bankrupt later, you can still be held responsible personally.

Furthermore, a company does not neccesarily mean better tax reliefs. In fact, if you're a OMO, you'll actually be paying more tax than a sole proprietor. For a sole proprietor, you pay personal income tax for whatever that you and your business had earned. For a company, not only you've to pay the 18% company tax, you'll also have to pay the prevailing personal income tax for your own share of earnings. The tax reliefs comes on the 18% company tax only.
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Old 18-05-2010, 19:07   #9
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In general you can start as many business as you wish. The problems come only when you are making money.
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