Key points
A sole proprietorship is not separate from its owner. An ordinary partnership likewise leaves partners exposed to business liabilities. A limited partnership distinguishes general partners from limited partners, while an LLP has separate legal personality. LLP partners remain responsible for their own wrongful acts even though the structure limits exposure to other partners' actions.
Planning your next steps
A company is another separate legal entity, with more extensive governance and filing obligations. ACRA compares eligibility, fees, continuity and tax treatment across these structures. In practical terms, consider who will manage the business, whether investors will join and what compliance administration is sustainable. Limited liability should not be read as eliminating every personal obligation or every consequence of misconduct.
Official source
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