Running your business

Running a sole proprietorship

There are no laws which govern how you should run and organise a sole proprietorship. The owner of a sole proprietorship represents the enterprise externally, and no distinction is made between the sole proprietorship’s finances and your own personal finances.

Running a general partnership or a partnership with joint liability (ANS/DA)

The supreme authority in a general partnership or a partnership with joint liability is the partners’ meeting. It consists of the partners, and it is the partners collectively who can take decisions. The partners’ meeting can take decisions regarding all matters, but the partners can also opt to establish a board to take responsibility for managing the company.

Operation of associations

The articles of association establish the framework for the way in which an association must be organised, and the rules that apply to the association.

Practical board work

The board is more than a mandatory task, and an efficient board can be a resource for the organisation. It is therefore important to be aware of how the board should be organised and what competences the board members should possess. This text has been written for the work of boards of private limited companies, but is also ideal for use as a starting point for corresponding work in other organisational forms.

Budgets during the operational phase

Once you have got through the initial start-up phase, it can be a good idea to set further targets for your business and plan what you will need to do in order to achieve these targets. Budgets are a useful tool in this context.

Statistical obligations

Statistics Norway (SSB) has primary responsibility for preparing official statistics in Norway. Most surveys are conducted monthly, quarterly or annually.

Tax conversion

Sole proprietorships, businesses assessed as a partnership, co-operatives and NUFs (Norwegian-registered foreign companies) which carry on activity in the sense of the Tax Act may, subject to certain rules, be converted to a private limited company tax-free. The conditions for tax conversion include a requirement for the limited company to be newly established, the limited company to take over the assets and liabilities of the existing enterprise and the enterprise that is converted not to be closed down or cease operating before the conversion.

Do you need assistance?

Our business consultants are ready to answer your questions about starting a business in Norway. The service is free of charge.

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