Types of business setup: You can setup as a sole proprietor if you are willing to take up personal liability for any losses. Alternatively, you can also be a sole proprietor with limited liability. You can also register yourself as a private limited setup or as a partnership enterprise. In the former, your liabilities do not extend to your personal assets, while in the latter the terms and conditions of your partnership dictate the contribution of your capital and the division of profits and losses. An accountant or a company secretary can help you decide on the best type of business setup for you.