Sole trader.

An individual conducting business activity regularly must register as such in a local tax office. Sole traders bear liability for any commercial debts with the all property belonging to them.

Individual entrepreneur's activity is, generally speaking, governed by the same legal acts as corporate bodies. Some considerable exceptions include rare tax reporting and less severe restriction on cash transactions. Since January 1, 2001, individual entrepreneurs pay VAT. Those, however, with revenues less than 2 million roubles within three subsequent months, are entitled to be exempted from liability to charge VAT on his/her goods or services.

 

 

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