Company Registration Latvia

CHOOSE A TYPE OF LEGAL FORM In Latvia, several forms of legal entities exist to meet commercial needs. These are: a limited liability company, joint stock company, general partnership, limited partnership and individual merchant.

Individual merchant (IK) Definition: an individual merchant is a natural person registered in the Commercial Register as a merchant.

Foundation: it is registered in the Commercial Register. The grounds for registration is an application including the name, surname, personal ID number, address of the place of residence of the respective person, details of the individual merchant, its registered address and information on types of business activities pursued.

Equity capital: none

Management: decisions are made by one person (he or she may recruit employees).

Division of profit: all revenue is gained by the individual merchant (however, it pays taxes to the state).

Liability: an individual merchant is liable for its obligations with its whole property.

Raising of funds: an individual merchant may conclude transactions related to its business, as well as take out loans.

General partnership Definition: a general partnership is a partnership the aim of which is doing business by using a joint company and which is formed by two or more persons joining together based on the partnership agreement not limiting their liability towards creditors.

Foundation: it is registered in the Commercial Register. The application for registration must include the name, surname, personal ID number, address of the place of residence of every member of the company or in case of a legal person – a name, registration number, registered address, name and registered address of the company, information on type of company and types of business activities pursued.

Equity capital: none

Management: it is implemented in compliance with provisions of the agreement. In order to make a decision it has to be agreed on by all those members of company who has the right to make the respective decision. If the agreement stipulates that the decision is to be made by majority, the majority is determined based on the number of members. In compliance with the agreement record-keeping can be carried out by one or several members of the company (secretaries).

Division of profit: after taxes the profit and losses are divided amongst members in proportion to their investments (shares) in the company.

Liability: members of the company are personally liable for the company’s obligations as co-debtors with their whole property.

Raising of funds: part of the profit is invested in the company. It is also possible to take out loans.

Limited partnership Definition: a limited partnership is a partnership the aim of which is doing business by using a joint company and which is formed by two or more persons joining together based on the partnership agreement provided that the liability of at least one member of the company (a limited partner) towards creditors is limited according to the amount of his or her investment, but the liability of other personally liable members of the company (complementary partners) is not limited.

Foundation: it is registered in the Commercial Register. The application for registration must include the name, surname, personal ID number, address of the place of residence of every member of the company or in case of a legal person – a name, registration number, registered address, name and registered address of the company, information on type of company and types of business activities pursued, amount of total investments and the amount of the limited partner’s investment.

Equity capital: none

Management: limited partners do not have the right to participate in record-keeping of the company, as well as to object to a complementary action except for the cases when such action exceeds the limits of the usual conduct of the company’s business activities.

Division of profit: after taxes the profit and losses are divided amongst members in proportion to their investments in the company.

Liability: a limited partner is liable only with its capital share; however, complementary partners are liable for all other loses in proportion to invested capital shares with their whole property.

Raising of funds: the company can attract new limited partners. It invests the profit and can take out loans.

https://www.company-registration-latvia.lv/registration/
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Last-modified: 2025-03-02 (日) 21:44:18 (138d)