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Legal Forms of Companies

Corporation

Number of partners: Close corporations: limited to a maximum of 75 individual shareholders.

Subchapter N Corporation: maximum 75 shareholders or members.
Capital (max/min): No minimum capital requirement
Shareholders and liability: Corporate liability limited to the actions of the company.

Limited liabilities company, LLC

Number of partners: Minimum one person
Capital (max/min): No minimum capital requirement
Shareholders and liability: No member or manager is not personally liable for the obligations of the LLC outside their responsibility as a manager or a member.

Partnership

Number of partners: Minimum of two persons
Capital (max/min): No minimum capital requirement
Shareholders and liability: Unlimited and joint liability of partners regarding the losses, damages, expenses and liabilities; except for limited liability partnerships and for secondary partners in limited partnerships and special partnerships.

Sole proprietorship

Number of partners: A single owner
Capital (max/min): No minimum capital requirement
Shareholders and liability: Unlimited liability for the debts and obligations of the company.

Business Setup Procedures

Source: Doing Business - Latest available data.