Entity set up
Norway
Private LLCs
- Unlimited number of shareholders
- No personal liability for shareholders
- Taxed on its earnings at a corporate level. Shareholders are taxed on any distributed dividends
- Typical charter documents include: memorandum of incorporation, articles of association and shareholders' register
- Board of directors has the overall management responsibility. General manager has the day-to-day responsibility
- Shareholders subscribe for shares in a company. A company may have different share classes, for instance ordinary shares and preference shares
- Incorporation has to be registered in the Norwegian Register of Business Enterprises (the NRBE), within 3 months of incorporation
Public LLCs
- Unlimited number of shareholders
- No personal liability for shareholders
- Taxed on its earnings at a corporate level. Shareholders are taxed on any distributed dividends
- Typical charter documents include memorandum of incorporation and articles of association
- Shareholders are registered in a shareholders' register at a securities depository
Partnerships with unlimited liability
- Unlimited number of partners
- As a general rule, partners jointly have unlimited liability for all of the company's obligations. However, partners may agree in the partnership agreement that they will be severally liable according to its pro rata ownership in the partnership
- Not taxed on its earnings at a corporate level. Partners are taxed at their individual rates based on each partner’s part of the profits
- Typical charter documents include: partnership agreement
- Every partner has to sign the partnership agreement. Since this agreement is registered with the NRBE, the identity of partners is public information
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