Business entity types

Once you have completed your business plan, select the entity type that suits you best.

A limited liability company and entrepreneur/commercial name are the most common types of business entities for new businesses. Partnership and limited partnership are sound choices in many circumstances.

What is the best choice for you?

Business entity types differ from each other in these respects, for example:

  • Is the entrepreneur personally liable for the company's commitments?
  • How flexible is the company's decision-making?
  • How are the company's profits divided between owners?
  • How is the company taxed?

You should go through the various types together with an expert.


Safer way to become an entrepreneur

It is perhaps easier to become an entrepreneur if you join a franchise in which you get to profit from a tried and tested business idea and operating model.

A franchise agreement sets the rights and obligations of the parties. The entrepreneur must follow the chain's instructions on marketing and the decor of the facilities and make purchases from a vendor nominated by the chain. The franchise agreement limits the entrepreneur's freedom but, on the other hand, the entrepreneur can immediately benefit from the chain's brand recognition. The agreement often includes also training and other joint services.

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