Professional Documents
Culture Documents
SEMINAR 3
1
Source: freepik.com
TYPES OF BUSINESS STRUCTURES
SP P
LP Co
LLP
Source: https://www.acra.gov.sg/
5
Source: https://www.acra.gov.sg/
6
Source: https://www.acra.gov.sg/
7
Source: https://www.acra.gov.sg/
COMPANY – DISSOLUTION
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CONSEQUENCES (1): SEPARATE LEGAL
ENTITY
Firstly, a company unlike a partnership can own property in its own name.
(1) Eg: A & B own a business named “C” – can they buy property (eg: shop) in
the name of C?
(2) Eg: A runs a business named “C” and takes things out of C for his personal
use; could he face consequences?
10
CONSEQUENCES (2): SEPARATE LEGAL
ENTITY
Secondly, debts of the company belong to
the company and not to the members (ie:
shareholders) or directors.
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CONSEQUENCES (4): SEPARATE LEGAL ENTITY
(1) The term “limited by shares” means that the members’ (ie:
shareholders’) liability to company is limited by their shares.
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COMPANY - TYPES
Source: bloomberg.com/singaporeair.com
belong to:
LIMITED LIABILITY PARTNERSHIP –
PRELIMINARIES
The minimum number of partners
required for this type of organisation
is 2.
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LIMITED PARTNERSHIP - FEATURES
➢ Eg: A & B are partners; A is negligent in the course of partnership business which
causes a loss to C.
➢ (1) Can C sue the organisation/B?
➢ (2) If the organisation/B is liable, can the organisation/B - in turn – sue A?
➢ (3) Can C directly sue A for his negligence?
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SP COMPARISONS
INTERNATIONAL P LP LLP Co
US Yes Yes Yes Yes Yes
Private and Public:
Corp or Inc
Japan Yes Yes (Go-mei Gaisha) Yes (Go -Shi Gaisha) Yes (Yugen Gaisha) Yes (Kabushihi Kaisha)
Public: Various types
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SP P LP LLP Co
(3) Are
there formalities/documenta
tion:
Little or Some or Lots?
(2) Assuming
it was a LP, the
ticket costs
$1000 and the
limited
partner
agreed to
invest $1000
0, how much
is the limited
partner liable
for if the
profit ratio is
35%?
33
SUMMARY/KEY BUSINESS TAKEAWAYS
35
REFER TO CANVAS "ANSWERING 36
37
Source: Freepix.com
TUTORIAL 1 SLIDES
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QUESTION 1
Typically would the following sets of facts amount to a criminal matter or a civil matter or both? In so far as a
particular set of facts amounts to a civil matter, how best can the dispute be resolved? In so far as a particular set of
facts amounts to a criminal matter, you should explain why you think this is so. (Note: while doing this exercise, you
do not have to determine the merits of a case ie: which party will be liable or whether the accused would be found
guilty – as we have not done any substantive law yet). This exercise is important as a business should have a general
understanding of what amounts to a civil matter and what amounts to a criminal matter and the methods of dispute
resolution.
a. T Ltd gets S Pte Ltd to renovate its office for $200, 000. There is some dispute over payment and the renovations.
Meanwhile, S Pte Ltd is also renovating the premises of T Ltd’s subsidiary under another contract. The contract is
silent on dispute resolution.
b. T breaks into a well-known jewellery chain store and steals some jewellery. The chain store is founded and owned
by S.
c. T is an employee of X Pte Ltd, which provides relocation transportation services. On one occasion, T while speeding
in the company vehicle with client’s goods knocks down S.
d. T Pte Ltd enters into a contract with Sazaki in Japan for the import of cars. T Pte Ltd complains that Sazaki has
breached the contract and as a result it has suffered a loss of $250,000.
e. T Pte Ltd runs a series of restaurants in Singapore called Think Luck. On one occasion, S falls sick after consuming
contaminated food provided by one of those restaurants. As a result, S incurs medical expenses of $22. (If you were S
in real life would you commence a civil action in this situation? If your answer is no – why not?)
f. T Pte Ltd employs X, an illegal over-stayer to work in his company. 39
QUESTION 2
40
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QUESTION 3
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Source: Freepik.com