{"id":359,"date":"2018-10-25T13:39:57","date_gmt":"2018-10-25T11:39:57","guid":{"rendered":"https:\/\/www.fidupress.be\/ba\/?page_id=359"},"modified":"2022-01-07T15:17:10","modified_gmt":"2022-01-07T14:17:10","slug":"private-or-legal-person","status":"publish","type":"page","link":"https:\/\/www.brussels-accountants.be\/nl\/setting-up-business-in-belgium\/private-or-legal-person\/","title":{"rendered":"Private or legal person?"},"content":{"rendered":"\n<p>To obtain a clear idea of the pros and cons of the two options, please look carefully at the following comparative table.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Advantages<\/h2>\n\n\n\n<p><strong>Self-Employed:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>There are fewer formalities and limited costs, more especially with regard to the accounts (however, if turnover exceeds 500,000 euros, double-entry bookkeeping is mandatory).<\/li><li>Speedy decision taking, quickly set-up, easily winded up.<\/li><li>No start-up capital is required.<\/li><\/ul>\n\n\n\n<p><strong>Company:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>A company combines the resources of several individuals, except in the case of a one-person private limited company.<\/li><li>Shareholders of certain forms of company are liable only up to the amount of their respective contributions. Their personal assets are therefore unaffected.<\/li><li>The same person may be a shareholder of more than one company (except of several one-person private limited companies).<\/li><li>Shareholders are not affected by the company\u2019s bankruptcy, except in very special cases (e.g. bankruptcy during the first 3 years of existence of a substantially undercapitalised company).<\/li><li>The disappearance (through death, resignation, etc) of a shareholder does not jeopardise the survival of the business. However, the danger exists with a one-person private limited company.<\/li><li>Lower tax rate compared to individual taxes.<\/li><li>No social security contributions on earnings retained by the company or on distribution of profits via dividend whereas self-employed persons pay social security on their net income up to 73K euro per annum (net income above 73K euro per annum is exempted of social security contributions).<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Disadvantages<\/h2>\n\n\n\n<p><strong>Self-Employed:&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The entrepreneur bears all losses; his personal assets are a common pledge towards his creditors.<\/li><li>The profits which are retained in the business to permit its development are nonetheless subject to personal income tax. This is generally higher than corporation tax.<\/li><li>The bankruptcy of the business means bankruptcy of the entrepreneur at the same time.<\/li><\/ul>\n\n\n\n<p><strong>Company:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>A minimum capital is required for certain companies.<\/li><li>Management of the company is more difficult and complicated.<\/li><li>Training\/contribution expenses may be relatively substantial.<\/li><li>Accounting legislation imposes strict accounting rules irrespective of turnover.<\/li><li>The law imposes strict formalities for the publishing of financial statements.<\/li><li>The tax benefit compared with freelancers might remain rather small in case the company owner needs to take all earnings out of the company (for personal purposes), in other words: there&nbsp;might be&nbsp;limited tax benefit using a company when all profit is taken out (owner\u2019s salary).<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>To obtain a clear idea of the pros and cons of the two options, please look carefully at the following comparative table. Advantages Self-Employed: There are fewer formalities and limited costs, more especially with regard to the accounts (however, if turnover exceeds 500,000 euros, double-entry bookkeeping is mandatory). Speedy decision taking, quickly set-up, easily winded [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":354,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-359","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Private or legal person? - Brussels Accountants<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.brussels-accountants.be\/nl\/setting-up-business-in-belgium\/private-or-legal-person\/\" \/>\n<meta property=\"og:locale\" content=\"nl_NL\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Private or legal person? - Brussels Accountants\" \/>\n<meta property=\"og:description\" content=\"To obtain a clear idea of the pros and cons of the two options, please look carefully at the following comparative table. 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