新加坡公司法簡介

Elementsofcompanylaw2015-2016MasterofLawsSeminar1Dr.LinLinAssistantProfessorNUSLaw

BasicConcepts2OrganizationalformsSoleproprietorshipCompanyPartnershipLimitedpartnershipLimitedliabilitypartnershipBusinessTrust36/16/20244CorporationSoleproprietorshipLLC,LLP,BusinessTrust,etcLimitedpartnershipEvolutionofFirmsSelectionofBusinessForms

Whataretheconsiderations?LiabilityoftheownerManagementofthebusinessFormalities/legalrequirementTransferabilityLegalstatusTaxtreatmentDurationSoleproprietorshippartnershipsCompaniesGeneralpartnershipLimitedpartnershipLLPPrivateCoJointventure?PublicCoListCoFirmPersonalliabilityoftheownerManagementofthebusinessCapitalContributionLegalstatusTaxtreatmentDurationGeneralpartnershipPartnerspersonallyliablefor

partnership’sdebts

andlosses

incurredbyotherpartnersPartnershaveequalmanagementrights,unlessotherwiseagreeduponPartnersgenerallycontributecash,propertyorservicestothepartnership,andreceiveaninterestinprofitsandlossesNotaseparatelegalentityinUKandSGCansueorbesuedinfirm’snameCannotownpropertyinfirm’snameTaxtransparentExistssubjecttoPartnershipAgreement,whichusuallystatesafixedterm

LimitedpartnershipGeneralpartnerpersonallyliablefor

debtsandlossesoftheLPLimitedpartnernotpersonallyliable

forthedebtsofthepartnership

beyondhisagreed

contributionThegeneralpartner(s)managesthebusiness,subjecttoanylimitationsoftheLimitedPartnershipAgreementThegeneralandlimitedpartnersgenerallycontributecash,propertyorservicestothepartnership,andreceiveaninterestinprofitsandlossesNotaseparatelegalentityinUKandSGGeneralpartnerhasunlimitedliabilityLimitedpartnerhaslimitedliabilityCanprobablysueorbesuedin

firm’snameCannotownpropertyinfirm’snameTaxtransparentExistssubjecttoLimitedPartnershipAgreement,whichusuallystatesafixedtermFirmPersonalliabilityoftheownerManagementofthebusinessCapitalContributionLegalstatusTaxtreatmentDurationLLPPartnerspersonallyliablefordebts

andlossesresultingfromtheirown

wrongfulactionsPartnersnotpersonallyliablefor

debtsandlossesofLLPincurredby

otherpartnersTheOperatingAgreementsetsforthhowthebusinessistobemanaged–aManagercanbedesignatedtomanagethebusinessThepartnersgenerallycontributecash,propertyorservicestothepartnership,andreceiveaninterestinprofitsandlossesAseparatelegalentityPartnershavelimitedliabilityCansueorbesuedinLLP’snameCanownpropertyinLLP’snameTaxtransparentTheLLPhasperpetualsuccessionuntilwounduporstruckoffCompanyMembersnotpersonallyliablefordebtsandlossesofcompanyTheBoardofDirectorshaspowersofmanagement;officershaveday-to-daycontrolofthecompanyTheshareholderspurchasestockinthecompany,eitherintheformofcommonorpreferredsharesAseparatelegalentityMembershavelimitedliabilityCansueorbesuedincompany’snameCanownpropertyincompany’snameDoubletaxationAcompanyhasperpetualsuccessionuntilwounduporstruckoff9StakeholdersDirectorsCOMPANYShareholdersEmployeesCustomers&suppliersCreditorsAuthoritiesCommunity6/16/2024TypesofcompaniesLimitedliabilityvunlimitedliabilitycompaniesDetermineswhethertheliabilityofamembertocontributetotheassetsofthecoonwindingupislimitedornot.Nocommercialreasontoformanunlimitedco.Dothisonlyinordertocomplywithlegislation.Whowillchooseunlimitedcompany?E.g.architecturalcompanyLimitedcomusthavetheword‘Limited’,‘Ltd’,‘Berhad’or‘Bhd’atendofitsname(s27)Thiscourseisonlyconcernedwithlimitedliabilityco.CompanylimitedbysharesvscompanylimitedbyguaranteeAmemberneedonlycontributesatmosttheamountthatheagreedtoguaranteeinacompanylimitedbyguaranteeTheamountofcontributionisstatedinthememorandumofassociationUsuallynottradingcompanies,butengagedincharitable,scientific,religiousorartisticactivities.Typesofcompanies

SingaporevforeigncompaniesForeigncoisdefinedins4(1)RequiredtolodgedocumentswithACRAIncludes:CoincorporatedoutsideSingaporesomeunincorporatedbodies(association,societyorotherbody)thatdoesnothaveitsheadofficeorprincipalplaceofbusinessinSingaporePublicConsultationontheReviewoftheCompaniesActandRegulatoryFrameworkforForeignEntitiesPublicConsultationon“ReviewofTheRegistrationandRegulatoryRegimeforForeignCompaniesunderTheCompaniesAct(Cap.50)” 116/16/2024TypesofcompaniesPrivatevpubliccompaniesImportantmainlyonextentofobligationsimposedandwhetherthesharesarefreelytransferable.Certificateofincorporationwillstatewhethercoisaprivateco(s19(4))Privatecomusthavethewords‘Private’,‘Pte’,‘Sendirian’or‘Sdn’aspartofitsname(s27)Aprivatecompanymayconverttoapubliccompanyandviceversa(s31)Suchaconversiondoesnotaffecteithertheidentityortheobligationsofthecompany(s31(4))AvoluntaryconversionofaprivatecompanyintoapubliccompanyisanecessarypreliminarybeforeIPO

126/16/2024Privatecompany13Section18:Cowithsharecapitalmaybeincorporatedasaprivatecoifitsmemorandumorarticles:Restrictstherighttotransferitsshares;andLimitsthenumberofitsmemberstonotmorethan50(butnotcountingapersonwhoisanemployeeofthecooritssubsidiaryorapersonwhowhileemployedwasamemberandhascontinuedtobeso).Lessregulationcomparedtoapublicco.Eg:Canoptoutofsomeadministrativeobligations,eg,theholdingofannualgeneralmeetings(s175A)Canissueequityshareswithmultiplevotingrights(s64)6/16/2024ExemptprivatecompanyAsub-setofprivateco.Tworequirementsasdefinedins4(1):Nocorporationhasbeneficialinterestinitsshares;andNotmorethan20members.Enjoyslesserregulationthannon-exemptprivateco:Canlendmoneytodirectors(s162(1))NotnecessarytofilefinancialstatementswithitsannualreturnwithACRAifitfilesacertificatethatthecoisabletomeetsitsliabilitieswhentheyfalldue(s197(1),r38(C)ofCompanies(FilingofDocuments)Regulations)Auditisnotrequiredifitisdormant,oritsannualturnoverisbelowS$5m,unlessrequestedbymemberwithnotlessthan5%shareholdingordirectedbyRegistrar(s205C)SteeringCommittee:replaceEPCwithsmallco,butgovernmentsaidno.146/16/2024PubliccompanyPubliccoconstitutestheresidualcategory.Acootherthanaprivatecoisapublicco:s4.Eg:acolimitedbyguarantee;acolimitedbyshares,butwherethesharesarefreelytransferableSomepubliccoarelistedonSGX.15XYZLtd6/16/2024166/16/2024CompaniesincorporatedundertheCompaniesActPrivatecompanies(companiesthatsatisfytheconditionsforprivatecompaniesPubliccompanies(allcompaniesthatarenotprivatecompanies)Exemptprivatecompanies(twotypes;companiesthatsatisfytheconditionstobeexemptprivatecompanies)Non-exemptprivatecompanies(Allotherprivatecompanies)Limitedliability16/6/202417LimitedliabilitycompanyLimitedpartnershipLimitedliabilitypartnershipLimitedliabilityProvidedforins250(1)(d).MainreasonwhypeopleincorporateacooraLLP(whichalsoenjoyslimitedliability).Limitedliabilityherereferstotheliabilityofthemembers,nottheco.Coisalwaysliabletothefullextentforitsdebts.Meaningoflimitedliabilityisthatifthesharesarefullypaid,ashareholderisnotliabletocontributetotheassetsofthecowhencoisininsolventwinding-up.Thiscapsthemaximumamountthatashareholderwillloseifhisinvestmentincoturnsbad.186/16/2024LimitedliabilityProsandconsoflimitedliability:Enablesdiversificationofriskandpoolingofequitycapit