A sole trader business structure is a person trading as the individual legally responsible for all aspects of the business. This includes any debts and losses, which can't be shared with others. This is the simplest, and relatively inexpensive business structure that you can choose when starting a business in Grenada. As a sole trader, you'll generally make all the decisions about starting and running your business, although you can employ people to help you.
A partnership is a business structure that involves a number of people who carry on a business together. You may choose a partnership over a sole trader structure for example, if you'll be jointly running the business with another person or a number of people (up to 20). There are two types of partnerships - general and limited.
Incorporating or forming an LLC provides advantages to business owners that operating a business as a sole proprietorship or general partnership does not, including: Limited liability protection for the personal assets of the owner(s). Certain tax advantages such as tax deductions not available to sole proprietors.