Registration of a Single-Member Limited Liability Company (SMLLC)
Key Steps in Registering an SMLLC
Choosing a Company Name
Articles of Association
Capital
Bank Account
Notarization of Documents
Registration with the Commercial Register
Advantages of an SMLLC
- Limited Liability: The owner is liable for the company’s obligations only up to the amount of the contributed capital.- Simple Management: An SMLLC is managed by a single person, which simplifies decision-making.
- Flexibility: It is easy to make changes to the company's structure or increase its capital.
Taxation and Accounting
An SMLLC is required to maintain accounting records in accordance with Bulgarian law and submit annual financial statements. Companies registered for VAT must also submit monthly or quarterly VAT returns.
Conclusion
Registering an SMLLC in Bulgaria is a process that requires careful planning and document preparation but offers numerous advantages for entrepreneurs. This legal form is ideal for small and medium-sized enterprises seeking flexibility and protection of personal assets.
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