While “self-employed” and “sole entrepreneur” are often used interchangeably, there are subtle distinctions. Both refer to individuals operating businesses on their own. However, a sole entrepreneur is a more formal term, often associated with a specific legal structure.
An OJSC (Open Joint-Stock Company), on the other hand, is a legal entity with distinct advantages. Unlike self-employed individuals or sole entrepreneurs, OJSCs can raise capital by selling shares, OJSCs can attract investments and expand their operations, limit personal liability, establish credibility, and access government programs: OJSCs may be eligible for government grants, loans, and other support programs. While self-employment and sole entrepreneurship offer flexibility and simplicity, an OJSC can provide a more substantial foundation for business growth and stability.