Wednesday, December 5, 2018

Wholly owned partnership in Latvia

What does it mean?
A wholly owned partnership is a partnership whose purpose is to conduct a business through a joint venture, in which two or more persons (members) are united on the basis of a public contract. The members of the full partnership are personally liable for the obligations of the general partnership. A member of the general partnership may be a natural or legal person, as well as a legal partnership.

A wholly owned partnership can be founded:
  • For an indefinite time
  • For a specific deadline
  • To reach a specific goal
The partnership must be registered in the Register of Enterprises in order to carry out business activities.
It takes up to 3 business days, costs 162,03 Eur to 481,03 Eur and you can register it electronically.

Documents to be submitted:
  • Application form KR3 (must be signed)
  • The consent of the owner of the real estate for registering the legal address of the merchant (not to be provided if the owner is one of the signatories of the application)
  • A voucher or a copy of it, or an internet bank payment, or information about payment of the state fee
  • Quotation or a copy of it, or an Internet bank payment, or information on the publication in the "Latvijas Vēstnesis"

If you need any information about this type of company, contact us and we will help you to reach your goals!

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