Sole Proprietor

• Single owner, simplest form of business.

• Liability: Unlimited – personal and business assets are the same.

• Best for: Freelancers, micro-businesses, early startups.

• Compliance: Low – simple annual obligations.

Partnership

• 2 or more owners share responsibilities and profits.

• Liability: Unlimited – partners are jointly responsible.

• Best for: Family businesses, professionals (law, accounting).

• Compliance: Moderate – requires partnership agreement.

Limited Liability Company (LLC / Profit Company)

• A separate legal entity owned by shareholders.

• Liability: Limited – protects personal assets.

• Best for: SMEs and growing companies.

• Compliance: Higher – annual returns, directors, company secretary required.

• Extra Requirement: FIU registration for certain businesses (e.g., financial services).

Non-Profit Company (Companies Act)

• Company limited by guarantee, formed for charitable or social purposes.

• Liability: Limited.

• Best for: NGOs, charities, religious, cultural, educational groups.

• Compliance: Must file annual returns with Companies Registry + register with the NGO Unit under the Non-Profit Organisations Act, 2019.

Non-Profit Organisation (Unincorporated or Incorporated by Act of Parliament)

• Formed by constitution or enabling Act of Parliament.

• Liability: Unincorporated = no separate legal entity (assets held by trustees). Incorporated by Act = governed by statute.

• Best for: Community groups, clubs, statutory charities.

• Compliance: Governed by constitution or enabling law; may still need NGO Unit registration.

External / Foreign Company

• Overseas company registered to operate in T&T.

• Liability: Limited to the parent company.

• Best for: Multinationals, foreign investors.

• Compliance: Must appoint a local representative and file with Companies Registry.