Properitorship Entity

[liverpoolbrat]

Hi guys,

I needed an advice on setting up a Properitorship entity on my Wife's name. I does little bit of freelancing as a sales consultant apart from my Full time job. Now i want to know if it is possible for me to start a Properitorship entity under my Wife's name since i dont want to shell out the amount for setting up a co.ltd at this point since i'm not sure about how things will turn out.

can anyone advice if it is possible, and how to set up, and whether she be able to open a bank account on the entity's name ?

Thanks in advance

Shawn

Edited November 10, 2008 by liverpoolbrat

[monty]

Indeed as above, sole proprietorship is only meant for Thai persons to do business.

Although in certain circumstances (i.e. having 4 employees, or 2 employees in the case the sole trader is your legal wife. She does not count as an employee!) it is possible for a sole proprietor to employ a foreigner and obtain a work permit for him/her.

A sole proprietorship does not have to be registered at all as long as the only thing it does is service related (consultancy etc). Most other activities, including the sale of goods, auction sales, transportation, handicraft manufacturing and hotel keeping, must effect commercial registration with the Ministry of Commerce.

A few occupations are prohibited as a sole proprietor, such as insurance and finance. For this you will need a Co.,Ltd.

I'm not sure about the bank account since a sole proprietor only pays personal income tax. You only need gross receipts, deduct a fixed percentage from that, usually 70 or 80 depending on line of work, for expenditures (no proof needed) and the remaining is taxed using the progressive personal income tax scale.