is a commercial company, whose capital is formed by the quotas (shares) of its shareholders. The members' liability is limited to the amount of the capital they have subscribed. A private limited liability company must be founded by at least two persons, including foreign natural or legal persons. The minimum authorized capital is BGN 5,000. At least 70% of the capital must be paid before registration. One person owns a private limited company, including a foreign individual or legal entity. The sole owner exercises the powers of both the general meeting and the manager, unless another manager has been appointed to run the company. The sole owner's liability is limited to the amount of the capital subscribed. Joint-Stock Company is a company whose capital is divided into shares, each of a par value of at least BGN 0,1. Any higher par value must be divisible by 100. The company is liable to its creditors to the extent of its assets. A Joint-Stock Company is required to have no fewer than two shareholders, including foreign individuals and legal persons. The only exception to this rule occurs when the State is the only founder and, therefore, the sole owner of the whole capital of the company. In this case we have a one-member public limited company. The minimum capital is BGN 50,000 or BGN 100,000 if the capital is raised by subscription. A higher minimum capital is required to establish a bank, insurance company or an investment company: banks - BGN 10,000,000; Insurance companies- BGN 2,000,000 for life insurance and personal accident insurance- BGN 3,000,000 for property insurance- BGN 4,000,000 for reinsurance; Investment companies - BGN 500,000,000Public Company is a new type of joint-stock company introduced by the Securities, Stock Exchanges and Investment Companies Act, now repealed by the Public Offering of Securities Act (POSA). A company must register as public where it makes a primary offering of shares; or its shares are reg...
