About Private Business Corporation
What is a Private Business Corporation
A Private Business Corporation (PBC) is a type of business structure that is similar to a partnership, but with the added benefit of limited liability for the members. This means that the members personal assets are protected in the event that the PBC goes bankrupt.
PBCs are often used by small businesses and professionals, such as lawyers and accountants. They can also be used by larger businesses, but they are not as common as limited companies.
To register a PBC, you will need to file the appropriate paperwork with the Companies Registry. You will also need to appoint members, who will be responsible for managing the PBC.
PBCs are a good option for businesses that want the flexibility of a partnership, but with the added protection of limited liability. They are also a good option for businesses that want to avoid the costs and formalities of registering up a Private Limited Company.
Why would I want a Private Business Corporation
Here are some of the key advantages of a Private Business Corporation:
- Limited liability for the partners
- Flexibility in management
- Tax efficiency
- Increased credibility
- PBC profits are shared between members.
- A PBC cannot include other companies as members.
- There is no requirement for members to reside in Zimbabwe.
- Internal structure of the business can be decided collectively by the members.
- The rights, responsibilities and duties of PBC members are usually equal, but there is a great deal of flexibility in a partnership structure which enables rights and profit distribution to vary between each member, if required.
- Registered through the Companies Registry.
- Must have at least one member and a maximum of 20.
- Physical address must be located in Zimbabwe.
- PBC’s must be registered with the intention of making a profit.
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Company Formations has the most simple procedure for company registration in Zimbabwe. I was able to register my company from Kwekwe.