Unlimited/Limited Company Minimum number of people required


	Owned	Partnerships	Private limited company
Number of shareholders	1 person	2 to 20 people	1 to 50 people
Legal Status	There is no independent legal status, and only the proprietor can own assets and sign contracts in his private name	There is no independent legal status, and only co-ownership of assets and signing contracts in the name of partners	It is a legal entity with an independent legal status, and the company can own assets and sign contracts
Debt Liability	The proprietor is liable and must be fully liable if the company becomes insolvent.	Except for the limited partnership partners, the rest of the partners are unlimited liability; If the company becomes insolvent, the partners must be fully liable.	All shareholders have limited liability, limited to capital contributions, and if the company becomes insolvent, the company is only required to be wound up, and the shareholders are not liable.
Year-end taxes	No audit required, no deduction for personal expenses (including the salary of the proprietor and his/her spouse)	No audit, no deduction for personal expenses (including salaries of partners and their spouses)	Must be audited and all normal expenses of the company can be deducted (directors’ remuneration can be deducted by the company and converted to personal assessment tax)
Other things to know	An annual business registration fee is payable. However, the business registration fee may be waived in certain circumstances.	An annual business registration fee is payable. However, the business registration fee may be waived in certain circumstances.	A business registration fee must be paid annually and an annual return and registration fee must be filed with the Companies Registry.