Hey guys whats the best business company type to register a business for couples. whats the difference between partnership and sole proprietorship when couples team up to start a business.considering the risks nowadays za kuchezwa
Partnership - both partners are liable for the risks of the business equally. Sole Proprietorship - Sole means one so one of the persons is liable for all the risks of sole proprietorship (registered as a business trading name). Actually there is no difference a sole proprietor and the business name/ sole proprietorship business. I would still go for limited companies as it has more benefits and is allowed to do all kinds of businesses. Partnership will hit a rock after some time and will not allow you to do some biasharas.
And to add to the above, you’re liable personally as in up to your socks. A limited Company is liable upto the shard of the investor. They won’t come for your socks.
The best mode of business to register as couples… hands down is…
NONE.
NEVER enter into enter into business ventures with “your” woman.
There is a reason why the word your was in quotes.
Just register a limited liability company and employ your wife as Ceo,if she misbehaves just fire and hire another qualified ceo
crazy hehee
I also think that limited liability company would be best solution for registering business. The issue is related to business law, by which you are liable for your business with all your assets, while in the LLC you are liable up to the value of your stocks
Sure but nowadays for loans, they force you to personally guarantee the loans. But generally that is the case, e.g. Insurance claims, and other liabilities