I want to start a business activity: is it better for me to be self-employed or to set up a Limited Company?
In order to make this decision, it is important to individually assess the responsibilities and benefits of each of these possibilities:
One of the things to take into account is the type of taxation.
- A company is normally taxed at a fixed rate of 25%. Although some under the provisions of art. 29.1 of Law 27/2014 on Corporation Tax can apply for the reduced rate of 15%.
- An individual trader or legal person will be taxed based on their profits, and the taxation rate can range between 15% and 45%.
Another issue to consider is liability.
- The individual entrepreneur (self-employed) will respond to both third parties and any possible debt with all their assets, both present and future.
- In a limited liability company (SL) the liability is limited to the contributed capital, and in the event that debts are contracted, they are not liable with the personal assets of the partners, but rather with those contributed by said company.
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