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How can I start my own business?

A lot depends on what kind of business you want to start. That determines what steps to take and where problems can happen. How can you get off to a flawless start so you can focus on your future?

Starting a sole proprietorship is simple and quick. You register with the Crossroads Bank for Enterprises and apply for a company number and VAT number. A minimum capital is not required and you do not have to draw up articles of association. In most cases, simplified accounting is sufficient. The income from your business is taxed in your personal income tax.

If you set up a company you need to bear in mind that there are various company forms, each with their own characteristics. Which form you choose best depends on exactly what you want to do. If you want to set up a company, you need to draw up a financial plan and articles of association. For the NV, the minimum capital of EUR 61,500 remains. For the BV, this has been abolished. Then you register with the Crossroads Bank for Enterprises and apply for a company number and VAT number.

So a company has more administrative and legal obligations than a sole proprietorship. For example, extensive bookkeeping is usually required and you usually have to file annual accounts with the National Bank. Income is taxed in corporate income tax.

Do I need a lawyer?

When you start your own business, the first step is to choose a legal structure. That choice depends on many factors: what activity do you want to pursue, what is your capital, do you have business partners? A lawyer will help you make the right choice that will open but secure your future.

A lawyer first analyses your concrete situation. They will guide you in your first choice: will you start a one-man business or which form of company suits you best? Next, a lawyer will help you set up your business or company. A lawyer also has the necessary expertise for the follow-up in terms of company law, tax and social security. This allows you to concentrate on your core business.

A lawyer will also provide adapted statutes for your company and can thus prevent many problems. Think about special majorities for important decisions, agreements when selling shares, how to calculate the value of shares, conflict resolution, etc. A lawyer will also help you in case of reorganisation, transfer or termination.

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