If you have a good mindset about business and the economy of your country and you are updating yourself about the stock market changes, you have the ability to open your own business. You can start from the smallest and with your capital, you may even incorporate with a partner whom you trust and have the ability and the interest as you do. The ideal type of business is starting a small/micro business, and to incorporate the business you have to contact your Secretary of State who has the responsibility to register your company in your state. As the definition of what is a company is in the eyes of the law it’s a legal person who has the ability to sue or to be sued since it can act legally as well as fraudulently.
In order to incorporate a company setup in Hong Kong you have to include the intention of incorporating, how many members and the capital, the rights and benefits of the members should be included in an application for a charter with the respect state. After incorporating, there are benefits as well as demerits of incorporating a small company, since if there’s a liability of bankruptcy it will be a big burden laid on the two partners, and mostly the people like to conduct their businesses with more larger and well established companies since they have already have a higher place in the business place and gained their reputation. But the profit will be higher and owned to yourself or divided with your partner. It’s all depended on your business skills and the less number of employees, the success of the business is built upon members’ hard work and your leadership qualities. You may be able to advertise through launching a web or through advertisements since it will be less costly.
The court has the right to pierce the veil of the corporation in order to sue the members who are liable for the illegal actions; this is known as separate legal personality. The Article of Associations which is the legal document which contains the intention of the company and the duties of the director and also the directors can appoint an officer to handle the legal obligations of the business which he handles the company secretarial services. The directors have to perform duty of care towards the corporation and us their independent judgments with skill, care and diligence.
Even though there are different types of companies, the aim of them should be to serve the public with their utmost service for the public have kept their trust upon.Continue reading: Incorporating Your Own Company