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What Type of Company to Create?

It is a well-known fact that many people in our society prefer to work for an employer, because it is more convenient for them: they are provided with stable salaries, day after day they fulfill well-defined functions and in the majority of cases they do not have to take responsibilities for their actions and decisions. But there are also those who would rather work for themselves. Whenever such a person decides to start his own business and to set up a company, there appears such a question: What type of a company it should be?

It is extremely important to choose the one, which suits the financial condition and development strategy of the founder.

The founder can decide on a sole proprietorship. It is one of the simplest types of companies. The sole proprietorship organization has a single person at the head, who owns and controls it. This type of organization doesn’t require a lot of money for foundation, the dissolution procedure is simple and quick and any liabilities in this kind of business are the personal liabilities of the owner.

One can prefer partnership. This is a kind of company, formed between two or more people. All the founders are partners and joint owners of the entire organization. All of them are accountable for any profit, loss or liability of the company. It depends on the agreement between partners how they are going to run the company.

Founders can also set up a limited liability company. An LLC is a mix of a business corporation and partnership, which provides more flexibility and gives an opportunity to blend benefits of both types.

I think you will agree that there are no obstacles for those, who want to act and earn money. Everything you need to start your own business is a strong desire, an interesting idea and some money.

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Checked: 19 Jan 2018
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