The structure of a business affects taxation, legal and financial liability as well as decision-making authority. Before selecting a business structure, you should consult either to Ozg or your nearest attorney and/or accountant as each structure carries with it unique legal and tax consequences.
To get your business name registered, file Trade Mark application as well as get internet domain [www.yourbusinessname.com] at earliest.
A sole proprietorship is a business that is owned and operated by an individual. The owner is personally and legally responsible for his or her actions. All profit or loss from a sole proprietorship belongs to the owner.
A general partnership is formed by two or more persons who agree to contribute money, labor, and/or skill to a business and to share its profits, losses, and management. All partners typically are held legally responsible for their own actions and the actions of the other partners.
A limited liability partnership, or LLP has only general partners, but nonetheless affords protection from personal liability.
A corporation is a separate legal entity from the individuals who form it and its owners. Owners are generally protected from personal liability.
A Private limited company
A Public Limited Company