Choosing The Right Structure For Your Business In Bermuda

Anyone seeking to set up a business in Bermuda has a variety of options, depending on the nature of the business activities planned and whether they wish to conduct business in the local market.

A sole proprietorship is owned and controlled by one person, who is not considered a separate legal entity from the business. The owner has unlimited liability, meaning he or she is personally responsible for all the debts and obligations of the business.

The owner must keep separate personal finances and accounts from those of the business.

This type of business is easy and inexpensive to establish and provides the owner with full control over how the business is managed.

However, a sole proprietorship will not be appropriate where an owner is seeking the limited liability offered by other business structures.