An Individual Business is established by the operation of a business by a natural person. A person who is the owner of the business has unlimited liability, meaning that individual assets can be pursued in the event of default.
An Individual Business does not have the status of a legal person. Nevertheless, it may enter into a contract, own property, and sue or be sued in its own name or in the name of its owner.
Registration of an Individual Business
To initially register an Individual Business, the following documents must be submitted by the owner or its authorized representative:
- The special form prepared by KBRA
- An identification document (ID or Passport)