In some jurisdictions, personal companies have maximum numbers of shareholders. Having a business name doesn’t separate the business entity from the proprietor, which implies that the proprietor of the business is responsible and answerable for debts incurred by the business. If the business acquires debts, the collectors can go after the owner’s private possessions. The taxation system for businesses is different from that of the corporates. The proprietor is personally taxed on all earnings from the business.
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