Organizational Forms of Business Entities in Kazakhstan

Organizational Forms of Business Entities in Kazakhstan -...

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Organizational Forms of Business Entities in Kazakhstan January 20, 2010 By Sovremennoe Pravo LLC Source: http://www.hg.org/article.asp?id=7984 The legislation in Kazakhstan provides for rather wide range of organizational forms of business entities. Limited liability partnerships (LLP), joint stock companies (JSC), and branches of foreign legal entities, however, remain the most popular. Generally, foreign companies start up their business in Kazakhstan by opening a representative office or a branch, and subsequently transform it to an LLP or JSC. The choice of a business structure is dictated by the legal regime of a particular entity and specific needs of individual businesses. According to the Civil Code of the Republic of Kazakhstan, the foreign citizens and the legal entities shall have a right to create the commercial organizations within the territory of Kazakhstan in the following organizational and legal forms: - joint-stock company; - open type joint-stock company; - production co-operative; - business partnership. The Civil Code of the Republic of Kazakhstan stipulates several forms of business partnerships: the general partnership, limited partnership, limited liability partnership, partnership with additional liability, however, the foreign citizens and foreign legal entities may only create the business partnerships in the form of limited liability partnerships and the partnerships with the additional liability. Individuals and legal entities that create the business partnership, joint-stock company, production co-operative shall be called the founders. The founders shall be deemed the participants of the partnership or the shareholders, or the members of the co-operative
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Organizational Forms of Business Entities in Kazakhstan -...

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