The answer is very simple - nothing. So if there are any differences between an LLC and an Entrepreneur to the accounting in general.
Here we can refer to article 2 of the Law of the Republic of Kazakhstan "On Accounting and Financial Reporting", which says that Entrepreneurs have the right not to maintain accounting and preparing the financial statements, except for the preparation and storage of primary documents, if they meet the following criteria:
- Apply tax regime based on patent or simplified declaration;
- Not registered as the VAT payers;
- Not the subject of the natural monopolies and regulated markets.
Thus, if an entrepreneur meets the three criteria presented, decides not to keep accounting records, then the difference between an LLC and an Entrepreneur appears. If an Entrepreneur maintains its accounting records, then there is no difference exist.
Unfortunately, that's not all…
If an Entrepreneur does not maintain accounting records, he is required to keep tax records in a specific order. The following tax ledgers were approved by the authorized body:
- Tax Register on revenue;
- Tax Register on for the acquisition of goods, works and services;
- Tax Register for individuals income at the source of payment and the tax, pension fund contributions and social security contributions liabilities on such income;
- Tax Register on the tax obligations on payment for environmental emissions, charge for surface water resources;