Choosing the paint finish of your chosen color depends on your personal preferences. Satin and gloss paints reflect the room's natural light and can create a more striking effect, whereas flat paint has a matte finish and is known to be good at covering holes in the wall, such as from hanging artworks or pictures, which can make it a good option for the living room.
For somewhere in between the two, opt for eggshell paints which have a subtle sheen to them.