Does an Individual entrepreneur have the right to dispose freely the income of commercial activity remained after tax payment?

Individual entrepreneur has the right to dispose the income of commercial activity independently and at any time. He can spend these funds for personal needs without any explanations and limitations, because there are no such requirements in the laws. The Individual entrepreneur calculates and pays the tax from the amount of income. It doesn’t matter what funds are used for payment of the tax. That’s why the obtained income can be totally spent for business or personal needs of the Individual entrepreneur. 　　 ©Professional consultation of the “RosCo” company

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How much time does it take to liquidate LLC or Individual entrepreneur?

The procedure of liquidation of LLC in comparison with the procedure of registration of ceasing of activity of a citizen as an individual entrepreneur is more time-taking and continuous. For example, in practice liquidation of LLC can take 0.5 of a year and more, ceasing of activity of a citizen as an individual entrepreneur takes 1 or 1.5 month. Such difference in the periods is provided that the process of liquidation of LLC includes the whole range of necessary actions, for example stocktaking, identification and notification of debtors and creditors, accounts with creditors, drawing up of liquidated balance sheet and others. Except these actions a field tax inspection can be carried out in connection with liquidation of LLC.

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What does an Individual entrepreneur mean?

Individual entrepreneur is considered to be a citizen being duly registered in this position and carrying out entrepreneurial activity without formation of a legal entity.

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Can a foreign citizen be registered as an individual entrepreneur?

Foreign citizens have the same legal capacity as citizens of the Russian Federation. Therefore foreign citizens have a right to manage a business in the territory of the Russian Federation and be registered as individual entrepreneurs. This conclusion is confirmed also by judicial practice. For example, Federal Arbitration Court of Far Eastern district indicated in Determination as of 27.01.2003 No FOZ-A04/02-2/2865 that denial in registration of foreign citizens as individual entrepreneurs by reason of absence of permanent residence in the Russian Federation is contradictory to the Constitution of the Russian Federation. In opinion of the Court it is connected with the fact that this denial restricts the rights of foreign citizens for their business realization in the territory of the Russian Federation. Federal Arbitration Court of Volgo-Vyatka district also pointed out in Determination as of 23.06.2003 No A11-7159/2002-K2-E-2844/134 the illegality of administration argument that fo

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