What are the types of companies in Gambia?

There are various types of companies in Gambia. The most common among these are:

1. Individual Company: These are companies operated by a single person. The owner assumes all responsibilities of the company.

2. Partnership: Companies established by two or more people. Partners make company decisions together and share responsibilities.

3. Limited Liability Company (LLC): A type of company in which each partner has limited liability. Partners are only liable for the capital they invest.

4. Joint Stock Company: It can be a public or private company. Owners become partners in the company through shares. The liability of the company is limited to the capital invested by the owners.

5. Cooperative: A business jointly owned and managed by members. Decisions are made democratically and profit sharing is done among members. These types of companies are commonly used and legally accepted in Gambia. Each type of company has different advantages and responsibilities. In the process of establishing a company, it is important to choose the appropriate type of company and it may be beneficial to seek professional legal advice.

What are the types of companies in Gambia?

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