• IK (Individual merchant)
Individual merchant – an individual who has registered its business in the commercial register. Individual merchant for its obligations is liable with all its assets.
Fixed capital during the registration of an individual merchant is required.
Individual, leading economic activity, must make themselves in the commercial register as an individual merchant if:
- Annual turnover of the business activities carried out are more than 200 000 LVL;
- Annual income from activities carried out are more than 20 000 LVL and to accomplish it more than five employees are hired at the same time.
Individual merchant must have a registered office and have a unique, among those already entered in the register, name.
• ZS (Peasant farm)
Peasant farming – individual enterprise producing agricultural products. The main means of production in this case – the land.
• Personal (contract) Society
Among the partnership share:
- PS (general partnership). The partnership of two or more natural or legal persons associated for implementing the common commercial activity. The responsibility of all owners of the creditors is complete. A partnership is created on the basis of the memorandum of association among its members;
- KS (Limited Partnership). The partnership of two or more natural or legal persons associated for implementing the common commercial activity. Responsible for at least one participant (limited partner), limited by the size of his contribution, the responsibility of the other comrades (complementors) to creditors is unlimited;
Bureau “BMK Proficio” will provide professional legal assistance with regard to these forms of commercial activity. For more information please contact our specialists.