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Business law
 


We are providing legal services relating establishment of legal entities of various legal forms (read more).

The following companies may be presently establishes in the Republic of Lithuania:

  •   individual enterprise (sole proprietorship) (IĮ);
  •   private limited liability company (UAB);
  •   public limited liability company (AB);
  •   general partnership (TUB);
  •   limited partnership (KUB);
  •   state enterprise;
  •   municipal enterprise;
  •   agricultural company;
  •   co-operative enterprise;
  •   European company;
  •   European cooperative society;
  •   European Economic Interest Grouping;

also:

  •   association, charity and sponsorship fund;
  •    branch, affiliates of enterprise.

Individual enterprises (IĮ)
An individual enterprise is owned by a single natural person and is a legal person of unlimited liability. Its assets are not separated from its owner's assets. The owner is liable for the obligations of the enterprise with al of his property.


Public and private limited liability companies (AB and UAB)
They are limited liability private legal persons and their assets are separated from their shareholders' assets.
The authorised capital of a public company may not be lower than LTL 150.000 (EUR 43.445). Its shares may be distributed and trade publicly. The authorised capital of a private company  may not be lower than LTL 10.000 (EUR 2.900) It must have 1-250  shareholders.
The mandatory bodies of a company are the general meeting of shareholders and the head of a company.


General partnership
A general partnership is an enterprise of unlimited liability established on the basis of  a partnership agreement by joining the property of several natural or legal persons into the joint and several ownership in order to engage into economic-commercial activities with the common name of the firm.


Limited partnership
A limited partnership is a legal person of unlimited liability, however only with respect to the general members thereof. The general members of the limited partnership shall be jointly and severally liable with all of their property for the obligations of the limited partnership, also after its liquidation, whereas limited members are liable only for the part of their property that is transferred for the joint activity of the partnership under the agreement.

State and municipal enterprises
State or municipal enterprises are limited liability legal persons the assets whereof are owned by the Republic of Lithuania or a respective municipality.

Agricultural company
Agricultural company is a limited liability legal person established by natural and legal persons under an incorporation agreement, where income from agricultural production and services redered to agriculture constitute over 50 percent of the total income from sales during the business year. There are 2 groups of person participating in the company's management: members and stakeholders. The company must have at least 2 members.

Cooperative companies
A cooperative company is an enterprise established by natural or legal persons in order to satisfy the economic social and cultural needs of its members. Its members contribute funds to form its capital, share risk and benefits according to the turnover of goods and services of its members with the cooperative company and they are actively involved in the management of such company.

Branches and representative offices of enterprises
Enterprises, including foreign enterprises may establish their branches for performing some elected or all function as well as representative offices which have the right to represent and protect the interests of the legal person, to conclude agreements and perform other actions on behalf of the company that established the representative office, to execute export and import operations, but only between the representative office and foreign legal person or other organisation which established the representative office or between such representative office and enterprises, institutions or organisation related to it. It should be noted that neither the branch nor the representative office has the status of an independent legal person.

 

          
Law   Depart.    +370 682 31865
Finance Depart. +370 672 17947
E-mail.:
info@tfs.lt 

 
 
© UAB "Teisės ir finansų sprendimai"