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02/08/2017 Comparison of each form of business | Eesti.

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Comparison of each form of business


The first stage in establishing a company is selecting the form of business, which depends
most of all on your companys area of activity and related risks and needs, amount of
capital and objectives.

The forms of business differ from each other primarily with regard to the following
characteristics:

principles, extent and share of shareholder liability;


the companys management bodies and decision-making processes, right of
representation;
the amount of required share capital and means of contribution;
the companys audit requirements;
the simplicity of organizing everyday activity (such as accounting).

The most common forms of business in Estonia are sole proprietor (FIE), private limited
company (O) and public limited company (AS).

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Comparison of the primary features of each form of


business

Min. Minimum
required required
Form of Financial
start-up number Management
business liability
capital of
(euros) founders

Sole Unlimited No management


none 1
proprietor liability bodies

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Min. Minimum
required required
Form of Financial
start-up number Management
business liability
capital of
(euros) founders

The obligatory
management body
2500; none Partners are not of the private
if the share personally limited company is
Private
capital is liable for the the management
limited at least 1
not bigger private limited board; a supervisory
company
than 25 companys board is mandatory
000 obligations only if specified in
the articles of
association.

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Min. Minimum
required required
Form of Financial
start-up number Management
business liability
capital of
(euros) founders

The supreme
management body
Shareholders of the public limited
are not company is the
Public personally general meeting of
limited 25 000 at least 1 liable for the shareholders; a
company public limited public limited
companys company must have
obligations a management
board and
supervisory board

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Min. Minimum
required required
Form of Financial
start-up number Management
business liability
capital of
(euros) founders

none;
amount of Unlimited
the liability for the
General contribution partnerships No obligatory
at least 2
partnership is stipulated obligations is management bodies;
in the shared equally
partnership by the partners
agreement

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Min. Minimum
required required
Form of Financial
start-up number Management
business liability
capital of
(euros) founders

At least one
general partner
none; has unlimited
amount of liability for the
the partnerships
Limited contribution obligations; at No obligatory
at least 2
partnership is stipulated least one management bodies;
in the limited partner
partnership has limited
agreement liability to the
extent of their
contribution

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Min. Minimum
required required
Form of Financial
start-up number Management
business liability
capital of
(euros) founders

The general meeting


is the associations
Partners are not
supreme body,
personally
decision are made
liable for the
by voting, where
Commercial commercial
2500 at least 2 every member of the
association associations
association has one
obligations
vote. The
unless agreed
management board
otherwise
is the associations
management body.

Types of companies
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According to the amendments of the Accounting Act, which became effective on 1


January 2016, companies are divided into different categories based on the figures of the
balance-sheet date of the accounts and the level of public interest.

The categories of companies are:

micro undertaking a private limited company which indicators meet on the balance
sheet date of an accounting year all the following conditions: total assets up to 175,000
euros, liabilities not exceeding the owners equity, one shareholder who is also the
member of the management board and which sales revenue during an accounting year is
up to 50,000 euros;

small undertaking a company registered in Estonia which is not a micro undertaking


and only one of which indicators may exceed on the balance sheet date of an accounting
year the following conditions: total assets 4,000,000 euros, sales revenue 8,000,000 euros
and average number of employees during an accounting year 50 persons;

medium-sized undertaking a company registered in Estonia which is neither a micro


undertaking nor small undertaking and only one of which indicators may exceed on the
balance sheet date of an accounting year the following conditions: total assets 20,000,000
euros, sales revenue 40,000,000 euros and average number of employees during an
accounting year 250 persons;

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large undertaking a company registered in Estonia at least two of which indicators


exceed on the balance sheet date of an accounting year the following conditions: total
assets 20,000,000 euros, sales revenue 40,000,000 euros and average number of
employees during an accounting year 250 persons.

Last amended: 13-09-2016 15:34 | Compiled by: Ministry of Justice

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