A general partnership is a full liability company consisting of two or more legal or natural persons. A limited partnership also consists of two or more partners, but at least one partner is liable with all his property to the full extent, whereas other partners are liable only within the limits of their contributions. Articles governing general partnerships also apply to limited partnerships subject to certain exceptions. The main difference between the aforesaid commercial undertakings consists in the level of statutory requirements. For example, for joint-stock companies the Commercial Code has established the requirement for a tenfold minimum capital, existence of the Council and annual audit report.
Stocks can be either bearer or registered stocks.
Bearer stocks can be encumbered or transferred without any restrictions, whereas with regard to registered stocks such a restriction can be provided under the articles of association. With regard to registered stocks, the articles of association may provide the right of first refusal for other stockholders. A joint-stock company can be founded either by subscription for stocks or without the same. Foundation without the subscription for stocks requires conclusion of a foundation agreement, contribution for the stocks, submission of an application to the Commercial Register, and registration of the joint-stock company. By concluding a foundation agreement the founders approve the articles of association.