Sole proprietorship

A limited liability company (LLC) is a business structure in the U.S. that protects the assets of its owners from lawsuits and creditors concerned with the company's business debts.

Specifications

No minimum share capital 150 000
One or more Managers
Optional at incorporation
Corporate Tax (I.S). However, if the sole shareholder is an individual, he can opt for the Income Tax (I.R).

Documents to be provided for the creation

  • 2 copies of a national identification document (national card or passport) - An extract of your criminal record from your country of origin dated less than 3 months
  • A certificate of residence issued by the police or the city hall of your place of residence
  • A copy of your marriage certificate (if you are married)
  • 2 tax stamps for the Trade Register and for the NINEA national identification number for companies and associations

Documents received after creation

  • The trade register
  • The notice of registration in NINEA
  • The declaration of establishment

 Benefits

There is no minimum capital required to start your business. Creating a sole proprietorship allows you to easily test your project

  • The costs of incorporation are low
  • The creation process is very fast
  • No need to hire or appoint an auditor

 Drawbacks

  • It can be difficult to prove one's credibility to potential partners, investors, banks or clients.
  • The entrepreneur has an unlimited liability: his assets can be seized if the business goes bankrupt.
  • Obtaining credit can be complicated.