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Status
and liabilities of Individual Merchant
Individual Merchant is individual person who is registered in Commercial
register as Merchant. Individual Merchant for liabilities in business is
fully responsible with own property. Debts must be indemnified also with
property which is not utilized in business. IM using firm can make deals in
business and be prosecutor and respondent in a court.
Registration of Individual Merchant
Individual person doing business is obliged to declare himself for
registering in Commercial register as Individual Merchant if turnover of
year from business deals exceeds 200000,- Ls or business of individual
person comply with commercial agent or real estate broker business or
business of individual person comply with following:
–
turnover of year from business deals exceeds 200000,- Ls;
–
individual person employ more than 5 employees while doing business;
Registration of Individual Merchant is allowed also if business doesn’t
comply with above indications. To register IM it is not necessary to form
fixed capital.
Registering of Individual Merchant in Commercial register of state register
of enterprises takes 3 days.
Procedure of registration of Individual Merchant
Individual Merchant is registered by state register of
enterprises on basis of filled in application form and submitted documents.
When IM is registered person will receive resolution of notary and
registration certificate which is also registration certificate of tax
payer. For registering of Individual Merchant it is necessary to get
following information:
1.
firm of Individual Merchant (name of merchant);
2.
legal address of Individual Merchant;
3.
information about Individual Merchant (name, surname, personal code,
home address).
To register as IM it is necessary:
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prepare necessary information and prepare documents for submitting
them in state register of enterprises;
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signing of documents (also need confirmation of signature at notary);
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making of required payments.
Your expenses to register as Individual Merchant:
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state tax for registering IM – 20,- Ls;
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payment for publication in official newspaper “Latvijas vēstnesis” –
16,- Ls;
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payment to notary – as from 6,- Ls (price depends on notary rates);
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payment of bank commissions – according to pricelist of bank;
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service fee – 15,- Ls
Total costs relating to IM registration is approximately
60,- Ls.
If you
need legal or accounting services or consultations, please feel free to
contact us:
Tel. (371) 29
112 333 (EN, LV, RU)
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