Establishment of MB
A small partnership (MB) is a private legal entity with limited liability. Members of a small partnership shall not be liable for the non-performance of their personal assets. Setting up an MB is quite time-consuming, complex, lengthy, and subject to changing circumstances.
140,00 € without VAT
- It will take 3–5 working days.
(All you need to do is come up with the company name)
- Taxes;
- Registration address.
Professional registration and establishment of small partnerships, accounting services for companies at a good price! With MyTax, it’s hassle-free, no matter what you want to do.
Setting up a small partnership
ORDER SERVICES FROM ANYWHERE IN THE WORLD! WE WILL SET UP THE COMPANY WITHOUT YOUR DIRECT INVOLVEMENT.
A small partnership (MB) is a private legal entity with limited liability. In simple terms, the members of a small partnership are not liable for the non-performance of their personal assets. Setting up an MB is quite time-consuming, complex, lengthy, and subject to changing circumstances. With the help of experienced professionals, setting up a MB will be simple and easy, because we will take care of everything for you.
Contact the MyTax team of specialists! We are here to help you with the expertise we have built up over many years of work. Working with us on all set-up processes will save you valuable time and costs.
Setting up a MB online
Setting up a small partnership online is an easy and quick way to get started. Wherever you are, setting up a MB online will be a quick and reliable solution, with our specialists on hand to help you. We provide start-up and accounting services remotely, advise on all aspects of setting up a MB and help you find the best, tailor-made solutions.
Advantages of MB
Setting up a MB company is new compared to setting up other types of companies. This form of business activity has been operating in Lithuania since 2012 and is becoming increasingly popular. Setting up a MB is particularly popular and convenient when the business is run by a family or by just one person, as the establishment of a small partnership has to be carried out by between one and ten people.
Opening a MB does not require share capital. This makes it much easier to start a business. Each member of the MB can contribute their share of the capital. It is for these reasons that setting up a MB partnership can be a convenient and readily available solution to consider when developing a small business.
Another major advantage is that the participants in the MB are involved in the management themselves. They all form a meeting to decide on all the company’s affairs. If the MB meeting decides, it may appoint one member as a manager or appoint a competent person as manager. Setting up a MB is therefore a great way to run a family business.
Advantages:
- no authorised capital is required;
- limited civil liability;
- participants themselves can take part in governance;
- contributions can be recovered upon withdrawal;
- there are corporate tax breaks. They may be 0%.
Small partnership tax
No tax is required in the early months of a small partnership. This helps to ensure an easier and faster start-up with no commitments. Later, after a year of operation, there is a need to pay the first tax — income tax. Other taxes paid by small partnerships are value-added tax (VAT), Sodra taxes (SSI and MHI), and personal income tax (PIT).
We’ll take care of all the necessary tax calculations and declarations. We’ll help you sort out your tax worries and inform you about the best tax treatment options for your company. If you have a larger business and can no longer cope with the hassle of accounting, MyTax will provide professional assistance.
Documents needed to set up a MB
Documents you should have to set up a MB:
- the decision of the founder or founders — the document that appoints the person in charge of the partnership and sets out all the rules of the partnership;
- the instrument of incorporation or the memorandum of association — the founder may be one person or several. This document is intended to capture the most important data about the company;
- the company’s articles of association — this document sets out the company’s main objectives and activities, and all important operational and management issues;
Registering and opening an MB usually takes 3–5 working days. Not sure where to start? Your most important task is to come up with a unique name that reflects your activities. That’s it! The MyTax team will take care of everything else. They will help you prepare the memorandum and articles of association of the small partnership and submit all the necessary documents to the Register of Legal Entities.
Cost of setting up a MB
What is the cost of setting up a small partnership? All registration and incorporation services can cost up to €259. The cost of setting up a MB if you have an e-signature is €189. We’ll take care of everything to ensure that your small partnership runs smoothly, setting up doesn’t take up a lot of your precious time, and you’ll be up and running in just a few days.
Price:
- €259
The cost of setting up a MB if you have an e-signature
- €169.4
According to the Order No. VA-189 of the Head of the Ministry of Finance of the Republic of Lithuania dated 15-12-2004, a legal entity registering a new company must submit the necessary data to the Tax Register within 5 days of the notification of the registration, where the person (company) managing the taxpayer’s accounts must be entered.
Can I do my own bookkeeping for a small partnership?
- Yes, it is possible.
How many members can a small community have?
- A small partnership can have between 1 and 10 members.
Can a small partnership employ staff?
- Yes, it can.
Can a small partnership become a VAT payer?
- Yes.
Is a small partnership a legal entity?
- Yes
What are the membership fees for a small partnership?
- For more detailed information, please see the STI website by clicking here
Is it necessary for the owner/members of a MB to employ themselves?
- Not necessary, a civil service contract is possible.
140,00 € without VAT
