Limited Liability Company is a form of enterprise which is established by contributing of members.? A member shall be liable for the debts and other property obligations of the enterprise within the amount of capital that he/she?has undertaken to contribute to the company.
Limited liability companies are regulated by two types:
- One member Limited Liability Company is an enterprise owned by one organization or individual;
- Limited Liability Company with two or more members is an enterprise owned by organizations or individuals, in which the number of members shall not less than two members and not exceed fifty.
Organizational and management structure of Limited Liability Company normally comprise of a Member’s Council, General Director or Director.
A limited-liability company established by foreign investors may take the form of either:
? 100% foreign-owned enterprise (where all members are foreign investors); or;
? foreign-invested joint-venture enterprise between foreign investors and at least one domestic investor.