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I want to thank you for downloading my book, Business Law For You. This is a comprehensive beginner's guide to business law. It has everything that an entrepreneur might need to know about the basics of starting and running their own company, including what type of business entity they should register as, how to find an appropriate office space, and the paperwork involved in creating contracts with employees and suppliers. I keep it short and sweet so you can get started with your own business quickly! Please let me know what you think by leaving a review on Amazon after receiving your copy. If you have any questions about anything please don't hesitate to contact me at info@lee-mei-pheng. com. Dedication: To my family, who allow me to pursue my lifelong goal of self-employment.Business Law For You is dedicated to my mother, Mrs Linda Chang, Hong Kong's first woman lawyer who was trained at the University of Hong Kong, and is still actively practising law. I thank her for her confidence in my abilities and her belief that I could bring the world of business law into the limelight.Business Law For You is dedicated to all entrepreneurs everywhere who want to succeed with their own businesses. I dedicate this book to you because it is only your work ethic and your drive that has allowed me to achieve so much success in my career so far. Table of Contents Part 1: The Structure Of A BusinessPart 2: Starting UpPart 3: Employee ManagementPart 4: Exit StrategyPart 1: The Structure Of A BusinessChapter 1. Separate v. Sole Proprietorship (Sole Traders)A sole proprietorship is a business entity where there is only one owner, hence the term ‘sole’ plus ‘proprietorship’. There are two ways to register a sole proprietorship – as a sole trader or a limited liability entity, discussed below. Registering as a sole proprietorship means you have no liability protection from the business actions of the business owner. This means that all debts and losses of the business will be on the owner, not on anyone else. In a sole trader, the business owner is considered a professional manager who is liable for any debts or loss suffered by their business. You can register as a sole trader if you have no employees and no liabilities outside of your own property. There are different types of sole traders, from an individual who owns their own equipment to a company with more than one owner. However, for our purposes, we will assume that there is only one owner – the Sole Trader – and that there are no employees or other businesses owed money by him or her. RegistrationIt is possible to register as a sole trader in Hong Kong. You can register at the government-run website, hongkong.gov.hk/en/services/registration-of-business-entity.html, or by telephoning the company registration hotline at (852) 2827 2222 or emailing enquiry@crb.gov.hk . Registration is free but you will need to pay $1,000 for an FPC (Franchise Business Permit). eccc085e13
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