Public institution – a non-profit limited liability public legal entity. Public institution is the only non-profit organization that can carry out economic and commercial activities.
- The aim of the public institution is to meet the public interest by carrying out the activities beneficial to the society.
- Public institution has the right to engage in lawful economic, commercial activities, which are intrinsically related to the business objectives.
- The minimum authorized capital is not defined.
- The number of founders and shareholders of the public Institution is not limited. Individuals who have paid their contribution become shareholders of the public institution. A shareholder of the public institution is a natural person or a legal entity that has transferred its contribution to the public institution in accordance with the laws and the Articles of Association and possesses the rights of a shareholder determined by the laws and the Articles of Association, as well as the person to whom the rights of a shareholder have been transferred in accordance with the laws and the Articles of Association.
- The public institution must have the general meeting of shareholders and the governing body of a single person (the manager).
- The public institution is funded by member contributions, grants, special contributions, income from economic activities and other funding (e. g., 2% of income tax).
- The public institution can obtain the status of a beneficiary; the public institution uses the funds received as a support as well as other endowment funds for the purposes specified by the donating person.
- The profit obtained by the public institution is used only to achieve the goals established by the Articles of Association.
Public Institution registration fee – 1100 Lt/ 318.59 Eur (within 7 business days).