Estate Settlement of Sole Proprietor Business
Started by TEA ENG PENG
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TEA ENG PENG
In Singapore, every person running a sole proprietor business needs to register with the Accounting & Corporate Regulatory Authority (ACRA) except for those who come under the list of exempted categories under section 4 of the Business Registration Act. Therefore, there are sole proprietor business owners who are registered under ACRA; there are also some trades, such as financial advisors, insurance & property agents, who do not need to register with ACRA but operate like sole proprietors. If a sole proprietor business owner dies, the estate settlement process needs to include the settlement of the business.
0 points
TEA ENG PENG
In Singapore, every person running a sole proprietor business needs to register with the Accounting & Corporate Regulatory Authority (ACRA) except for those who come under the list of exempted categories under section 4 of the Business Registration Act. Therefore, there are sole proprietor business owners who are registered under ACRA; there are also some trades, such as financial advisors, insurance & property agents, who do not need to register with ACRA but operate like sole proprietors. If a sole proprietor business owner dies, the estate settlement process needs to include the settlement of the business.