Setting up a limited company in Slovakia? Why set up a private limited company in Slovakia? After all, setting up a limited company is likely to involve more administration and higher costs than if you were a sole trader.
Essentially, the answer as to whether you set up a private limited company concerns personal financial liability. If you’re a sole trader and your business fails, you’re personally liable for its debts. Potentially, you risk personal bankruptcy if the debt is considerable and you can’t pay it. Setting up a limited company offers protection against this.
Why set up a limited company in Slovakia?
A limited company is a separate legal entity and as such, legally, it’s responsible for its own actions. The finances of private limited companies are entirely separate from those of its owner(s). Private limited companies can have one or more shareholders, but shares cannot be sold publicly (ie on the stock market). Public limited companies, of course, can do this.
However, you’re liable for bank loans if you provide personal guarantees for that limited company.
To an extent, being a private limited company might make you more credible to potential customers, partners or investors.
How do I set up a limited company in Slovakia?
To become a limited company, you can register (‘incorporate’) with us :-)
All you need do to set up a limited company in Slovakia is provide some basic information and a few signatures.Alternatively, if you want to form a brand new limited company, you must prepare a memorandum of association, articles of association.A memorandum of association details the limited company’s name, registered office and nature of business. It must be signed by the director(s) at the notary. A registered office is the official limited company address, which is where the state authorities will send notices, letters and reminders. The articles of association set out the rules for the running and regulation of the company.
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