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LEGAL TYPES OF TRADING COMPANIES

The Law regulates the types of trading companies given below. Only the limited liability Company is presented in detail since this is the most common type of company in Hungary.

KKT	GENERAL PARTNERSHIP

By the company contract, drawn up in view of setting-up the KKT, the partners bind themselves to assume unlimited and joint liability for their social obligations but also to jointly develop the economic activity. For all these, they will make available to the company their patrimony contribution.
It is a type of company with no legal status.

BT	LIMITED PARTNERSHIP

By the company contract, drawn up in view of setting up the BT, the partners bind themselves to develop a joint economic activity so that their social obligations are guaranteed with the patrimony and the unlimited and joint liability of the active partners. The liability of the sleeping partners is limited up to the incidence of the subscribed capital.
The Limited Partnership has no legal status.

KV.	JOINT ENTREPRISE

The Joint Enterprise is a type of company where the social obligations are guaranteed mainly with the patrimony. If the patrimony of the company does not cover the debts, the partners are liable with their own patrimony - proportionally to the subscribed capital - as guarantors. It is a type of company with legal status.

KFT	LIMITED LIABILITY COMPANY

The KFT is a trading company made up of the subscribed registered capital of the founders, in a pre-established value -, and the obligation of the partners towards the company is limited to the payment of the registered capital and some other patrimony obligations comprised in the articles of association. For the social obligations - except for those specially stipulated by the present law - there is no liability of the partners.
The KFT has legal status.

RT	THE JOINT STOCK COMPANY

The RT is the trading company set up with a registered capital made up of a definite number of shares with a definite nominal value and the obligation of the shareholders towards the company is limited to the payment of the nominal value or the value of the shares on their date of issue. The shareholders are not liable for the obligations of the company, except for the cases provided by the law.

THE UNION

The Union is a co-operation company, with legal status, made up of partners in order to obtain better economic results, co-ordinate the production activity and promotes professional interests. The objective of the Union is not to make profit and the partners are unlimitedly and jointly liable with the own patrimony for the debts uncovered by the registered capital.