WHICH BUSINESS STRUCTURE IS BEST FOR YOU?
Before you start a business, you will need to consider a number of factors in order to determine which structure is the most suitable for your needs. Factors that you may consider include:
- How many owners will there be in the business?
- What liabilities and responsibilities are you prepared to take on?
- How much capital are you prepared to invest and how are you going to obtain the desired capital?
- How easy is it to transfer the ownership?
- Does your desired type of entity has perpetual succession?
- What are the on-going compliance requirements and how costly is it to maintain the entity?
- How easy is it to close a business? What are the options?
Below is a summary of comparisons between the different business structures that may be helpful in your decision making:
Comparisons of features of Sole Proprietorship, Partnership, Limited Partnership, Limited Liability Partnership and Limited Company
Comparisons between Limited Company, Foreign Branch Office and Representative Office