Public companies

Public stock companies (Akcine bendrove , AB)

It is similar as private limited liability company, but shares can be publically traded and there is no limit on number of shareholders. The authorized capital of a public company may not be lower than LTL 150.000 (EUR 43.445). Its shares may be distributed and trade publicly. The mandatory bodies of a company are the general meeting of shareholders and the head of a company. The company is liable for its obligations only to the extent of its assets. The shareholders are liable only to the extent of the amounts due to be paid for the shares subscribed. However, the Civil Code introduces a provision that in the case where a company is unable to perform its obligations due to unfair actions of a shareholder, the shareholder may incur subsidiary liability for the obligations of the company with its personal property.

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