Practical Guide to Starting a Company

A Limited Liability Company (LLC) is a legal entity in which the liability of the partners is limited, as members are only responsible for company obligations up to the extent of their contributions to the share capital.

This company structure is popular among small and medium-sized enterprises, resembling a partnership and founded on trust among co-owners.

The company can be established by a minimum of one and a maximum of 50 members, though the same individual or legal entity may only be the sole member in one LLC.

Formally, the articles of association are a private document, but if real estate is included in the registered capital, it must be prepared as a public document in authenticated form.

The application for company registration must be submitted within 15 days to the competent court based on the company’s registered address. Required documents include the articles of association and company bylaws, name reservation, bank proof of capital deposit (minimum 200 lei), lease or loan-for-use agreement for the registered office, signature specimen of the executive manager, and a notary statement from the members and the executive manager affirming they meet the legal requirements for holding these positions, as well as proof of payment for the legally mandated fees and publication charges.

The LLC obtains legal personality from the date it is entered in the company register.