Founding of a Public Establishment in Lithuania

BY / IN The establishment of the legal person

2016-07-29

A public establishment in Lithuania shall be a non-profit public legal person of limited civil liability, the aim of which is to satisfy public interests by carrying out the activities useful to the public. The founders of a public establishment may be state or municipal institutions and other persons who are not seeking personal benefit from the activities of this establishment and who have concluded the memorandum of association of the public establishment. The number of founders shall not be limited. The legal ground for the founding of a public establishment shall be the memorandum of association of the public establishment as concluded by founders. Where a public establishment is founded by a single founder, he shall draft and sign a founding act instead of a memorandum of association. The statutory meeting must be convened prior to the registration of a public establishment. It must appoint the head of the public establishment as well as form collegial bodies, where the articles of association of the public establishment provide therefor.

Fountation process can take up to 6-7 days.

Expenses:

  1. Price may vary for our services (Discussed individually);
  2. 500 LTL for notary services (Price might change due to different notary services if needed);
  3. 107 LTL payment that must be payed to Register of Legal Persons;
  4. 56 LTL reservation of temporary name in Register of Legal Persons (If you want us to do it for you, price is – 100 LTL).

Our services:

  1. Professional consultation at any questions regarding foundation;
  2. Preparation of all needed legal documents;
  3. Representation in notary actions and in Register of Legal Persons.

 

The memorandum of association of a public establishment must specify:

 

  • the founders (names, surnames, personal identification codes and addresses of natural persons; names, registered offices, codes of legal persons, business names and surnames of representatives thereof);
  • the name of the public establishment;
  • the field (fields) and objectives of activities of the public establishment;
  • property and non-pecuniary obligations of founders, the procedure for and time limits of performance thereof;
  • the procedure for compensating for the founding costs;
  • the procedure for settling of disputes between the founders;
  • the persons who have the right to represent the public establishment being founded, rights and powers thereof;
  • the procedure for convening the statutory meeting and taking decisions at this meeting;
  • the date of the conclusion of the memorandum of association.

 

The incorporator’s actions:

 

Come to the notary to sign the instrument of incorporation or establishment act.

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