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Lithuania: Types Of Company

Partnership

Partnerships have legal personality in Lithuania. The General Partnership (Tikroji Ukine Bendrove – TUB) and the Limited Partnership (Komanditine Ukine Bendrove – KUB) are used. As usual, General Partners have unlimited liability; in a Limited Partnership the limited partners are liable to the extent of their contributions, while there must be at least one General Partner with unlimited liability.

For both General Partnerships and Limited Partnerships, there needs to be an agreement between the partners, signed by all of them and notarised.

Documents needing to be filed with the Registrar include:

  • An application to register;
  • The Partnership Agreement;
  • Any licences that are required for the business to be undertaken;
  • Attestation to the payment of the registration fee;
  • Evidence of the opening of a bank account;
  • Minutes of the partners' founding meeting.

 

 

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