ICS - Company formations

Discovering Your Choices Relating to Company Formation

Varieties of Bulgarian Businesses

There are several types of Company Formation Bulgaria for running business. According to the Commercial Law entrepreneurs can select between five principal forms of company. Their general characteristics are, mentioned by Article 64, division 3, chapter 10.

a) Bulgarian General partnership (subiratelno druzhestvo)

A general partnership is a company formed by several persons for the purpose of conducting commercial transactions under a combined trade name, by profession. This kind of enterprise doesn't need the absolute minimum amount of capital. The partners bear joint and unlimited liability, beyond the sum invested by each one. Profits are shared equally, and every general partner has an equal right to take part in control and the management of the company.

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b) Bulgarian Limited partnership (komanditno druzhestvo)

This organization is established by one or more general partners who manage the project, and limited partners who invest money, but have limited liability in conformity with all the sum of the contribution that was agreed upon. Usually limited partners receive income, tax benefits, and capital gains, similar to a dividend. The typical partner collects fees and also a share of benefits and the income, previously created.

c) Bulgarian Limited liability company (drujestvo s ogranichena otgovornost)

The limited liability company is a flexible kind of business enterprise, combining elements of partnership as well as corporate structures. It is founded or possessed by one or more persons, including legal or foreign persons. The stockholders are liable for the company's obligations using their contributions to the capital of the company. Provide, or each associate has to pay up its interest, and also the failure to do this, constitutes grounds for the expulsion of the associate. Associates share the rights to take part in the distribution of gains, in the managing of the company, to be told of the business 's issues, to review the business 's publications and to liquidation procedures. This sort of business entity has to possess a minimum of 2 BGN (Bulgarian Lev, the currency of Bulgaria) authorized capital.

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d) Bulgarian Joint-Stock Company (aktsionerno druzhestvo)

The capital stock of this kind of firm is broken up into shares, and cannot be less then 50.000 BGN. A share has a minimum nominal value of 1 lev and it's not divisible. The organization filed for this sort of business can increase its capital stock or reduce it by using shares having a nominal value that is lower, or by cancellation of the shares. The shareholders are obligated to contribute for the shares and in case this stipulation isn't respected, the shareholder owes interest. The organization 's organs are divided in two: the meeting of the investors, and the board of directors. The joint-stock company is responsible before its lenders using its assets and needs to run complete accounting. The documented auditors made by the General Meeting audit the yearly financial statement.

e) Bulgarian Partnership limited by shares (komanditno druzhestvo s aktzii)

This type of partnership is defined by a transitional entity between a joint-stock company and a limited partnership. The general partners have unlimited liability, while a minimum of three limited partners possess an indebtedness determined by their share contribution. The general partners form the firm and have the right to pick their partners that are limited from subscribers. The organs of the partnership and the provisions are employed as in the joint-stock company. Our Twitter.


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