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An individual entrepreneur (IP) (outdated private entrepreneur (PE), PBOYuL until 2005) is an individual registered as an entrepreneur without forming a legal entity , but in fact having many rights of legal entities. The rules of the civil code governing the activities of legal entities are applied to individual entrepreneurs, except for cases when separate articles of laws or legal acts are prescribed for entrepreneurs. ( CC Article 23, paragraph 3 )
There is no legal entity, and therefore it is fully responsible for its activities, and the legal entity is primarily responsible for its authorized capital.
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