Legal persons being commercial organizations may be created in the form of economic partnerships or societies , production cooperative and unitary enterprises.
Partnerships may be created in the form of unlimited partnership and partnership in commendam (limited partnership). A partnership in commendam is a partnership where along with full partners there is one or several participants (contributors, limited partner) who bear the risk of losses connected with the activity of the partnership limited by the sums of their contributions made and do not participate in the entrepreneurial activity of the partnership.
Economic societies may be created in the form of limited liability company, additional liability company and joint stock company.
The Law of the Republic of Belarus of December 9, 1992 “On Joint Stock Companies, Limited and Additional Liability Companies” sets up types of these economic societies and regulated the procedure of its activity.
A unitary enterprise is a commercial organization not having the right of ownership over the property at its disposal. Such property may belong to the unitary enterprise based on the right of economic running or operational management. The property of the unitary enterprise is indivisible and cannot be distributed under the shares (contributions), including the distribution among the enterprise workers.
Fruits, production and incomes from utilization of the property being in economic running or operational management as well as the property acquired by the unitary enterprise under the contracts or other grounds goes under economic running or operational management of the enterprise.
Legislation provides formation of the unitary enterprises based on economic running (except for the state enterprise based on operational management, that may be formed under the decision of the Government of the Republic of Belarus in cases stipulated by legislation on unitary enterprises) exclusively based on the property owned by the Republic of Belarus.
The Republic of Belarus is subsidiary liable under the obligations of the state enterprise, in cases there is not enough property of the enterprise.
“Braginiec & Partners” can consult on any matter connected with types of business presence in the Republic of Belarus and provide solid legal ground for your investments.
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