Sole 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.

Advantages
• Easy to make decision
• Efficiency
• 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.

Advantages
• 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 of Particulars
• 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.