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Starting a traditional business

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amcpl1
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PostSubject: Starting a traditional business   Starting a traditional business EmptySun Sep 27, 2009 3:56 pm

Hi All,

I hope to share some insights to the details of starting a business to the operations of a traditional business model. Feel free to share your experiences or questions pertaining to operations of a business.
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amcpl1
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PostSubject: Re: Starting a traditional business   Starting a traditional business EmptySun Sep 27, 2009 4:16 pm

To start-off, some websites important to setting up business or registration of business:

1. Acra website: http://www.acra.gov.sg
2. Bizfile website: http://www.bizfile.gov.sg

If you are intending to register a partnership or sole proprietorship, just take it that your company is you, and you are the company. Meaning, whatever the company earns, it is your income (for partnership is equally share among the partners). However, your risk and expense is also in the similar nature. In actual fact, your liability is "up to your last pants".

If you are intending to register private limited, you have to separate personal accounts from the company. Your risk is up to your authorised capital. Therefore there is a lot of accountability to be done. Fortunately, rules has eased such that if your annual turnover or revenue is below S$5M, your company can be exempted from audit.

For better accountability to partners and controlled risk, I always suggest for private limited unless your business has low risk and is about yourself.
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inle
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PostSubject: Re: Starting a traditional business   Starting a traditional business EmptyMon Sep 28, 2009 9:45 am

Maybe you like to share more about LLP..
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amcpl1
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PostSubject: Re: Starting a traditional business   Starting a traditional business EmptyMon Sep 28, 2009 9:51 pm

Remember I mention in sole proprietor, your company account is also your account. Means that you are fully liable to the external factors as you are using your personal name in it. In partnership, it is about more than one sole proprietor, just equally sharing the liability.

In private limited, you are separated from the entity (the company). You are shielded from maximum liability by the entity.

LLP is Limited Liability Partnership which is the combination of both partnership and limited liability. You are not personally liable as like the pte ltd, and you are also a partnership in nature.

You can read up more in:
http://www.acra.gov.sg/Limited_Liability_Partnership/Starting_a_LLP/What+is+a+Limited+Liability+Partnership+LLP.htm

LLPs are popular among professional services like legal firms and accountants firms as they uses their name in real world practice...
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PostSubject: Re: Starting a traditional business   Starting a traditional business EmptyTue Sep 29, 2009 6:40 pm

Do we need a lawyer to setup a business? Or is there a cheaper solution (lawyers are expensive).

If you don't know, I am forming a partnership. So for the partnership agreement (who gets how much shares), do we need a lawyer?

And do we need a lawyer for the registration of partnership with ACRA?
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amcpl1
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PostSubject: Re: Starting a traditional business   Starting a traditional business EmptyTue Sep 29, 2009 11:06 pm

For partnership, no need lawyer, you can do-it-yourself. Draft your own contracts if you cannot afford. Make it simple. Registrar of companies is not interested in your share proportion as they will assume equal.

For pte ltd, get a corporate secretarial company to handle for you. They have standard resolutions for partnership share ownership which you just have to tell them how you want it to be.

We draft our own simple contracts for employment, business deals and other arrangements as it is expensive to engage lawyer. Not unless necessary will we use a lawyer.
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PostSubject: Re: Starting a traditional business   Starting a traditional business EmptyWed Sep 30, 2009 1:16 pm

Oh, thanks for much for your help. Will do as you have said.
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amcpl1
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PostSubject: Re: Starting a traditional business   Starting a traditional business EmptyThu Oct 01, 2009 12:05 am

Saying that, it is more appropriate to do it officially as a pte ltd company. Shares by way of share allocation should be good enough. However, do note that if you are the founder, you should protect your company's interest by taking a percentage big enough to control the company. Like in some dramas and movies, company shareholders can come together to take control of company operations if it is not carefully administered. Therefore do be careful over share allocations and voting rights.

You can approach a neutral company secretary to help you with the share allocations and ask about the implications.
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amcpl1
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PostSubject: Re: Starting a traditional business   Starting a traditional business EmptyWed Oct 07, 2009 10:44 pm

After registering a company, what's next?

Open a corporate bank account if required. There are many banks in Singapore that offers that. If you do not need overdraft facilities or trade financing, the main criteria should be convenience. Some bank charges service fees, while others don't. However, if your business receive money through cheque payment, then go for one that is has branches convenient to you. If you expect to receive cheques and need it for cash flow, you will want to quickly bank in. Banks may charge an amount of $15 to $25 service fees, may still worth taking up if you have to take a bus of 30mins per trip to another bank without charges. Your time cost and transport to the bank might be more expensive than the service charges. So don't just look at the charges as main criteria. In any business planning, do go for long term planning than short term benefits.
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inle
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PostSubject: Re: Starting a traditional business   Starting a traditional business EmptySat Oct 10, 2009 3:37 am

We were talking about banks together, a few days ago ya..

And also some OLD TRICKS of naming your company to get more noticed as well..
Maybe you like to share here?
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amcpl1
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PostSubject: Re: Starting a traditional business   Starting a traditional business EmptySat Oct 10, 2009 11:36 pm

OLD TRICKS are no longer suitable for new generation businesses. I am trying to share more of business operation instead of business strategies here as I think old tricks are obsoleted. Remember I was classified as working class mentality in books that you guys have been reading, instead of running a business?

Just to share something that I realised is a thing of the past:

We had been advertising in the Straits Times for job opening. We had even started to put slightly bigger and pay slightly more thinking that it will bring in more quality candidates for selection. This time round of near to 500 applicants, more than 95% consist of foreigners especially from Myannmar, India and other countries. Today I am left with barely 3 candidates for interview of which 1 of them is a Malaysian. Of the 2 other Singapore candidates, I realise that they had problem getting an interview, whereas I have problems getting candidates. Where is the missing link? Here we have problem reaching the jobless, even though there is a high unemployment rate. Feedback is that these people has applied to job agencies who will act as a middle person. So traditional medium may no longer work well.

Look out for changes, for where business environment is concern, change is the only constant you will find...
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amcpl1
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PostSubject: Re: Starting a traditional business   Starting a traditional business EmptyFri Oct 16, 2009 1:19 am

Roles to perform as an entrepreneur and is starting a one-man show (example of an IT company):

1. Director/boss/businessman (5% of your time)
2. Marketing executive (10%)
3. Sales person (30%)
4. Accountant (10%)
5. Admin clerk (5%)
6. Purchaser (to purchase products) (5%)
7. HR manager (when you begin employing) (1% or nil)
8. Delivery/despatch driver (conventional business) (15%)
9. Serviceman, technician or engineer (if you deliver services) (15%)
10. Research and development department (5%)

Based on my personal estimates...

These are some of the multi-hats a business start-up entrepreneur will have to wear... Are you ready? Good luck...

Next series, I will share on how i do all these as one man show...
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