In more recent years, many people have began moving away from the corporate world and started their own small-scale businesses from home. For some, having a home-based business may even mean being able to work remotely and having the ability to bring work with you no matter where you go.
If you are still new to the gig economy and have only been freelancing for a few months or years, you might still need some time to grow your services. However, if your business has grown at a much larger scale over the years, it may be a good time to incorporate.
When it comes to up and coming entrepreneurs, the most suitable business entities are either a sole proprietorship or partnership. Both of them come with less formalities than other private companies and are a great option for those who are just starting out.
There many business structures one can choose from right here in Singapore. Let’s take a closer look at Limited Liability Partnership (LLP) and Sole Proprietorship and find out which one is most suitable for your and your business.