Establishing companies and international business structures
Establishing a new company is an elaborate process. Nowadays even choosing your company’s name is not easy as it must be available not only in the register but it is also important that a web domain for it is available. Deciding on the structure of your business, exploring bank accounts options and choosing the best one, extensive document work, many fees payments, those are only a few of the aspects to establishing a company that you will encounter.
Decision on the legal type of your business is of high importance.
Each country’s legal system defines types of business entities in that specific country. The information that the country you want to expand to offers registration of the entity type which corresponds with your current one does not mean the legal obligations and rules for that type of business are the same as in your domestic country. Specific rules apply for each type of entity and they differ upon countries, states and provinces. In most cases, there are approximate equivalents in English-speaking countries.
Business structure types
- Sole Trader
- Partnerships
- General partnership
- Limited liability partnership (LPP)
- Limited partnership (LP)
- Companies
- Private Limited Companies (Ltd, Limited)
- Public Limited Companies
- Unlimited company
- Other
- NGOs, Associations, Trusts, etc.
Limited Liability Companies (LLC) are the most common thanks to their easy and quick formation within the European Union, low corporate tax, and benefits.