The scope of corporate activities in Georgia is governed by the Law of Georgia on Entrepreneurs, according to which, corporations are subject to mandatory registration at the National Agency of the Public Registry.
There are the following corporate entities existing under the Georgian legislation:
- Limited Liability Company - is an entity where the liability of partners is limited to their contribution to the capital of the company. This entity can be established by one or more physical or legal persons.
- Joint Liability Company – is an entity where the partners are liable jointly and directly with their entire personal property. It can be established by two or more persons.
- Joint Stock Company – is a company whose capital is divided into stocks. This entity possesses ability to self-investment by issuing and selling stocks. JSCs having more than 50 stockholders are obliged to have Independent Register for registering stocks. As for the companies falling out of the threshold, they are entitled to carry out stock registrar by its internal staff or Independent Register.
- Limited Liability Partnership – is an entity governed by limited partners and full partners. The liability of the former is limited to their contribution to the capital of the entity, while the latter are liable jointly, with their entire personal property.
- Cooperative – is an entity based on the labour activity of its members, or determined to develop agricultural activities and increase the profit of the members. Satisfaction of the interests of the members is the main object of the entity and it is not primarily oriented at profit generation.
- Individual Enterprise - a legal entity established by a natural person, carrying full personal liabilities before its creditors.