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sj93

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Need advice about Drop Shipping business
« on: October 15, 2016, 12:59:23 am »
Hi,

I'm 24 years old and waiting to start a drop shipping business alone. I have little to none business experience. I would like to seek advice to those who are in this business;

1) Legal aspect, which to register as SP or LLC?
2) Which HDB home scheme is suitable?

I already have a business model just that for the legal part of this business is stopping me from executing it. I understand that SP will or can be sued and is liable. I have no assets other than my savings but i'm living with my parents.

Any senior Entrepreneur could guide me by giving tips would be greatly appreciated.

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ventureguide

Re: Need advice about Drop Shipping business
« Reply #1 on: January 11, 2017, 01:40:07 pm »
Hi,

I'm 24 years old and waiting to start a drop shipping business alone. I have little to none business experience. I would like to seek advice to those who are in this business;

1) Legal aspect, which to register as SP or LLC?
2) Which HDB home scheme is suitable?

I already have a business model just that for the legal part of this business is stopping me from executing it. I understand that SP will or can be sued and is liable. I have no assets other than my savings but i'm living with my parents.

Any senior Entrepreneur could guide me by giving tips would be greatly appreciated.

sorry for seeing this sooo late.
SP sole proprietorship is easier and can get started very fast. Most people start off with this for hassle free.

if you have more budget, you would want to to get to LLC or Private Limited soon. SP means you are personally liable for any damages your business may incur.
LLC and private limited, you as a person's liability is limited to the company.

Personally I always ask young businessman to start SP, because you just want to start NOW. and thats the fastest way, and the cheapest way also.
When your business is small, there is not much issues.
When you are growing, then switch soon!

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cherubcove

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Re: Need advice about Drop Shipping business
« Reply #2 on: Yesterday at 11:37:38 am »
Hi,

I'm 24 years old and waiting to start a drop shipping business alone. I have little to none business experience. I would like to seek advice to those who are in this business;

1) Legal aspect, which to register as SP or LLC?
2) Which HDB home scheme is suitable?

I already have a business model just that for the legal part of this business is stopping me from executing it. I understand that SP will or can be sued and is liable. I have no assets other than my savings but i'm living with my parents.

Any senior Entrepreneur could guide me by giving tips would be greatly appreciated.

u still doing it? Q4 of 2018 is here.
Q4 is the best best best sales quarter.. . hope you are crushing it