st two partners for the purpose of engaging in commercial transactions under a joint business name. The partners bear joint and unlimited liability. A foreign person must be resident in Bulgaria in order to participate in a general partnership. There are no requirements for minimum or maximum amount of registered capital. Limited Partnership is a company founded by two or more persons for the purpose of engaging in commercial transactions under a joint business name. In a limited partnership there are one or more general partners, bearing unlimited liability, and one or more limited partners, whose liability is limited to the extend of their agreed capital contribution. Partnership Limited by share is a transitional entity between a joint-stock company and a limited partnership, and shares features of both legal forms. A partnership limited by shares has general partners, who have unlimited liability, and at least three limited partners, whose liability is limited to the extent of their shareholding. To be able to participate in a partnership limited by shares the foreign general partners must be residents in Bulgaria. Co-operative Society - a co-operative is a voluntary society of individuals, with a non-fixed capital and a non-fixed number of members, who carry out economic and other activities to satisfy their interests, by mutual aid and co-operation. A co-operative is a legal entity and is deemed a merchant under the Commerce Act. Co-operative members can only be individuals, at least 7 in number. To participate in a co-operative, foreign person should have permanent residence in Bulgaria. Sole Trader - any capable individual, residing in the country, can register as a sole trader. State Companies - they exist under the forms of one-member private limited or joint-stock companies where the quotas/shares are solely owned by the State. These forms of business are established to facilitate the process of privatization of the state com...
