Business Setup

Individual Entrepreneur

An individual entrepreneur is not a legal entity. In business relations, he has his rights and fulfills his duties as a natural person. An individual entrepreneur is personally liable to the creditor with all his property for the obligations incurred from his entrepreneurial activity.

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Limited Liability Company

A limited liability company is an entrepreneurial company whose capital is divided into shares. And the liability of the partners for the obligations of this society is limited. The limited liability company is liable to the creditor with all its assets. The limited liability company is not responsible for the partners' obligations.

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General Partnership

A general partnership is a company where several persons (partners) conduct entrepreneurial activity jointly, under one common company name, and are jointly and severally liable with all their assets to the creditors as joint debtors.

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Limited Partnership

A limited partnership is a company where several persons carry out entrepreneurial activity under one common company name, where the liability of one or several partners to creditors of the partnership is limited to payment of a fixed-guarantee amount – limited partners (komandits) and the liability of other partners is not limited – general partners (komplementars).

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Joint-Stock Company

A joint-stock company is an entrepreneurial company whose capital is divided into shares.

The shareholder is not responsible for the obligations of the joint-stock company.
The joint-stock company is liable to the creditor for all its assets.

The joint stock company is not responsible for the liabilities of the shareholders.

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Cooperative

A Cooperative shall be a company based on the labor activity of its members or established for developing the business and increasing the income of the members. The objective of a cooperative shall be the satisfaction of the interests of the members. A cooperative shall not aim primarily at gaining profit.