Proprietor & Partnership
We have in-depth
experience with clients in proprietorship and partnership.
There is no need for the financial statements to be audited
annually. They need to file individual tax return or profits
tax return to the Inland Revenue Department yearly. Other
than tax issues, we provide continuous business advice for
business improvements and system control so that they can
run the business more efficiently and effectively.
A sole proprietorship business is the kind of business that
is conducted by one person. He/She gets all the profits of
the business, but he/she also takes up all the risks &
liabilities of the business.
- Easy to make decision
- Profits entitlement
- Close relationship with customers
Where a person joins
with other people to conduct business for getting profits,
this is a partnership business. The Partnership Ordinance
(under Partnership Ordinance) defines partnership as the relation
which subsists between persons carrying on a business in common
with a view of profit. A partnership can have partners up
to a maximum of 20.
- easy to set up
- collective efforts, skills and knowledge of the partners.
- More funding and finance
- Share profits according to capital invested
- Remain close relationship with customers
New business carried on by an individual or a partnership
must be registered with Business Registration Office within
1 month of its commencement. Business records must be retained
for at least seven years after the date of the transaction
to which they relate.
- Application of Business Registration Certificate & Change
- Employer Return
- Non-Employee Returns - in case of hiring sub-contractors
or consultants etc..
- Transfer of Sole Proprietorship Business
- Notice of transfer in the Gazette...
- Cessation of Sole Proprietorship
- Partnership Agreement
- Submit Individual Tax Return
Submit Profits Tax Return
- Change of partners
- Tax computation & plan
- Accounting & assurance
- Employee compliance
- Business plan
- System review
- Internal control recommendations
- Business valuation
- Partnership & business restructing
- Partnership In & Out
Our aim is to always
provide a comprehensive service to our clients and we tailor
our services to their individual requirements. If you
find above helpful, please get in touch.