• Mon - Fri 08:00 - 17.00 / Closed on weekends

What form of business is best for me?

Image

What form of business is best for me?

Business Registry - For telephone enquiry call 025 332396 or E-mail:info_busreg@oarg.gov.sl

Sole Proprietor Partnership Company
For how many owners is the form suitable? Single ownership. Two or more owners. Two or more owners (up to 50).
What is the ideal size of business? Smaller retail shops, traders, repair shops, craft stores, restaurants, bars, cafes. Small and medium. Often family business. No or few employees. No standard accounting necessary. Medium and large. Many employees. Turnover makes proper book-keeping necessary.
Examples for kind of businesses? Smaller retail shops, traders, repair shops, craft stores, restaurants, bars, cafes. Smaller retail shops, traders, repair shops, craft stores, restaurants, bars, cafes. Supermarkets, manufacturing plants, industry, mining, larger hotels, large import/export.
What is the legal difference? A sole proprietor is a person acting under a business name. He/she is personally responsible. A partnership is persons acting together under a business name. Each partner is personally responsible. A legal entity that can sign contracts, sue and get sued and acts through a managing director. Company and managing director are responsible.
Who is liable for debts incurred in the course of the business? The owner with his/her personal assets. The owners with their personal assets. The company with all assets held by the company. The owners up to their signed share capital.
What are the tax implications? Owner pays personal income tax on business income. Owners pay personal income tax on business income. Company pays corporate taxes. Owners pay withholding tax on dividends
Are there any reporting requirements to the OARG? Changes in ownership, name and address must be reported. Changes in ownership, name and address must be reported. Change of owners, share capital, allocation thereof, address, managing director.