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Difference between Sole Proprietorship & Partnership?

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  • Yuki Lim's Avatar
    10 posts since Jan '18
    • Hi everyone, not sure if this is the right forum to post this question, but i need help to clear some confusion.

       

      What I know:

      1: Sole Proprietorship(SP) is owned by 1 person. Partnership is owned 2 to 20 people

      2: Owner/Partner is personally liable for any liabilities company owes.

      3: Income tax is based on personal income.

       

      What I dont know:

      1: Does partnership business require and different kind of tax filing? or just same as SP?

      2: Partnership tax is based on total of all the partners income? or individually tax?

      3: Any other reasons why people would want to register partnership rather than SP other than the management?

      4: If I register the company and don't do any business, do I still need to file income tax?

      I'm just very confused about the filing income tax part for SP/Partnership.

      THANKSS <3

  • Giorson Parsey's Avatar
    19 posts since Dec '17
  • Certificates.provider's Avatar
    9 posts since Feb '18
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