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Types of Corporationsin Lithuania
In Lithuania, the following are very acceptable forms of incorporation:
- A private company (with the suffix UAB) or a public company of this sort (with the suffix AB) may be formed.
- One or more shareholders are required in order to found the company. The maximum number of shareholders in a private company must not exceed 250. There is no restriction on the number of shareholders in a public company.
- The minimum registered capital in a private company is Litas 10,000 (approximately Euro 2,896). The minimum registered capital in a public company is Litas 150,000 (Euro 43,443).
- Part of the registered capital must be paid in cash and cash equivalent according to the requirements of the law.
- The shareholders' undertaking is limited to the amount of the capital invested only.
- The management bodies of the company are determined by the general shareholders meeting.
- A public company must appoint a supervisory council or "board of management."
An agricultural company (with the suffix ZUB) in Lithuania
- This is a company in which at least 50% of its income is derived from agricultural activities.
- The company's liability is limited to the amount of the company's capital.
Additional types of companies in Lithuania:
- An individual enterprise.
- State enterprise
- Co-operative society.
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