Online Foundation in Slovakia
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Forms of Companies in Lithuania
Single Proprietorship (individuali imone)
Single Proprietorship is owned by a natural person. The person is liable for company commitments up to the full height of his personal assets and property. The name of an owner must be included in a business name.
Limited Liability Company (uzdaroji akcine bendrove;UAB)
Limited Liability Company (Ltd., GmbH) can have at the most 250 owners. A minimum basic capital of an LLC is 10.000 LTL (circa 2.896 EUR). Its copartners have limited liability. A company guarantees with its total property; copartners, however, only up to their paid-in contribution. The copartners warrant with their personal property though, if a company is not able to pay off its liabilities by reason of unfair activities of copartners.
In Lithuania, a Limited Liability Company must have the seat of a company. It is possible to form a company for a definite period of time as well as for an indefinite period of time.
Limited Liability Company must consist of minimum one administrator and the General Assembly of Copartners. The Supervisory Board can be established additionally and a management of a company may consist of several persons. For any of those bodies there is not a duty to have a seat. This means that foreign citizens who often stay out of Lithuania can choose a seat of all the bodies.
A position of an auditor must be established if at least two out of three following conditions are fulfilled :
- The annual turnover of a company exceeds 10,000,000 LTL (2.9 million EUR) in the preceding financial year;
- Average number of workers is higher than 50 in the preceding financial year
- Total state of assets in balance is above 5.000.000 LTL (1.45 million EUR)
Public Limited Corporation (akcine bendrove; AB)
The number of shareholders at a Public Limited Corporation is not limited, domestic or foreign investors as well as natural persons or legal entities can become the shareholders. A Public Limited Corporation guarantees with its total property, copartners, however, only up to their share capital. The copartners warrant with their personal property though, if a company is not able to pay off its liabilities by reason of a deceit. The shares of a Public Limited Corporation can be publicly dealt on the stock-market. A minimum basic capital of a Public Limited Corporation (PLC) is 150,000 LTL (circa 43, 443, - EUR).
In Lithuania, a Public Limited Corporation must have the seat of a company. It is possible to form a corporation for a definite period of time as well as for an indefinite period of time.
A Public Limited Corporation must have minimally the Board of Directors and the General Assembly. Additionally, the Supervisory Board can be established and the Board of Directors may consist of several persons of a company. For any of those bodies there is not a duty to have a seat.
This means that foreign citizens who often stay out of Lithuania can choose a seat of all the bodies.
In any case, a position of an auditor must be established at a PLC as well as there is a duty of registration of shares at the Securities and Exchange Commission.
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