4 business days.
- No registered capital is necessary;
- Limited civil liability;
- Participants can participate in the management themselves.
4 business days.
The most recent form of a legal entity that has the characteristics of an individual enterprise and a private limited liability company. The partnership can be established by 1 to 10 people.
We will establish the company within 4 days.
The small cooperative is the latest legal form of the entity which was only established on 1 September 2012 when the Law on Small Cooperatives of the Republic of Lithuania came into force.
It is an intermediate option between the individual enterprise and the private limited liability company, inasmuch as the small cooperative has the characteristics of both. The small cooperative is a private entity of the limited liability which can be established by 1 to 10 natural persons.
Limited liability means that members of the small cooperative are liable to third parties and creditors only with the assets they have contributed to the cooperative and are not liable with their personal assets for the obligations of the small cooperative.
The advantage over the private limited liability company is that there is no requirement of the registered capital when establishing the small cooperative.
The small cooperative is distinguished from other forms of legal entities by the fact that the member withdrawing from the business has the opportunity to recover the contributions he has made (which may have changed depending on the profitability of the cooperative).
A sole management body is not mandatory in the small cooperative. The meeting of stakeholders can adopt all decisions. In such a case, the small cooperative will be represented in its relations with third parties by a representative of the small cooperative elected by the meeting of stakeholders. Such a representative will not be considered a sole-member management body. It is also possible to choose a traditional management structure where the key management body is the manager.
A structure without a sole management body; one member voting in the meeting shall have one vote, regardless of the contribution of the member.
A civil (service) contract and not the employment contract is concluded with the manager. Employment contracts are only concluded with employees who are not members of the small cooperative.
The profit share of the small cooperative intended for the members of the small cooperative is distributed to each member in proportion to the size of his contribution; however, the regulations may also provide for a different profit distribution procedure. The profit of the small cooperative may also be distributed between its members for a shorter period than the financial year.
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