Self-employed and Unlimited companies

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  1. #1

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    Self-employed and Unlimited companies

    Hi

    Are all self-employed in HK require to establish unlimited companies? Could one register for sole-proprietorship without an unlimited company?

    Thanks


  2. #2

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    Quote Originally Posted by pokmo:
    Hi

    Are all self-employed in HK require to establish unlimited companies? Could one register for sole-proprietorship without an unlimited company?

    Thanks
    Yes, you can register as a sole proprietor. What is an unlimited company?

  3. #3

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    Quote Originally Posted by Oldtimer:
    Yes, you can register as a sole proprietor. What is an unlimited company?
    As in a company with unlimited liability. I believe sole-proprietorship is one. Is the sole-proprietorship technically a company and could it have an arbitrary name like LLC?

  4. #4

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    Quote Originally Posted by pokmo:
    As in a company with unlimited liability. I believe sole-proprietorship is one. Is the sole-proprietorship technically a company and could it have an arbitrary name like LLC?
    1) Sole proprietorship ( Single person)
    2) Partnership ( Minimum 2 persons)
    3) Ltd co ( Maximum 50 shareholders for private company)
    the first 2 are exposed to unlimited liability
    Ltd company liability is limited to the paid up capital.
    LLC is not recognized in HK.
    I may be wrong. May be some one else can correct me.

  5. #5

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    Quote Originally Posted by Oldtimer:
    1) Sole proprietorship ( Single person)
    2) Partnership ( Minimum 2 persons)
    3) Ltd co ( Maximum 50 shareholders for private company)
    the first 2 are exposed to unlimited liability
    Ltd company liability is limited to the paid up capital.
    LLC is not recognized in HK.
    I may be wrong. May be some one else can correct me.
    Yes, that's aligned with my understanding too. Could a Sole proprietorship take an arbitrary name like a Ltd could?

  6. #6

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    Quote Originally Posted by pokmo:
    Yes, that's aligned with my understanding too. Could a Sole proprietorship take an arbitrary name like a Ltd could?
    You can choose any name as long as the word Limited in not part of the name.

  7. #7

  8. #8

    FYI, registering a company and opening a bank account should be done after commencing your business. I think you can register up to a month after your first business transaction or signing of contract. If you don't have proof of business activity, it'll be hard to open a bank account.


  9. #9

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    You will also have to file tax, even for 1-2 years after you close it, and keep the documents for even longer than that