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Individual enterprises (IĮ)

An individual enterprise is owned by a single natural person and is a legal person of unlimited civil liability. Its assets are not separated from its owner’s assets. The owner is liable for the obligations of the enterprise with al of his property. This type of business may be owned by one individual person who holds title to property in his or her name or by several individual persons – spouses in co-ownership relationship. Establishment of an individual enterprise is regulated by the Civil Code and the Republic of Lithuania Law on Individual Enterprises. Establishment of such legal form of business is the most appropriate for small business start-up as no minimum initial capital is required by law.

• A private limited liability company (with the suffix UAB)
• A public limited liability company (with the suffix AB)
• General partnership (TUB)
• Limited partnership (KUB)
• Branch or representative office
• Association
• Agricultural company (with the suffix ZUB)
• Co-operative enterprise (KBI)

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