Sole proprietor
If you run a business for your own account and risk, you are a sole proprietor. In that case there is no distinction between your company assets and your private assets.
Financial liability
A sole proprietor business has assets and debts. You are liable for the debts with all your assets. Creditors of a sole proprietor can recover directly from your private assets, and private creditors can recover from business assets.
Liability of the spouse
If you are married in community of property, your spouse can also lose his or her share in the joint assets, if the sole proprietor is held liable by creditors.
Incorporation
You are not obliged to incorporate the sole proprietor business with a civil-law notary, but it is to be recommended. He can think with you whether sole proprietorship is the best form. Or he can advise you to convert a possible community of property into a prenuptial agreement.
Do you have any questions?
You can always call one of our specialists during office hours if you have a question. You can reach us at our telephone number (040) 244 88 55. Of course you could also contact us by sending us a message. We are happy to help you and advise you on the best solution for your personal situation.
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