Registration of a LLC (SIA) with no minimum capital requirement in the Commercial Register
6. Folio of the shareholders’ register
A Member registry partition is a document that specifies the full membership composition and division of shares. It shall be signed by the Chairman of the Management Board or a Member of the Management Board on the basis of a mandate signed by all members of the Management Board.
The document must specify:
- company name (firm name);
- the registered office;
- the title of the document 'Participant registry partition';
- the serial number of the compartment;
- the date of the bin;
- the serial number of the entry;
- details of participating persons — natural persons: given name, surname, personal identity number (if the person does not have a personal identity number of the Republic of Latvia, then indicate the date of birth, the number of the personal identification document and the date of issue, the country and institution which issued the document) and the address at which it is to be reached;
- the electronic mail address of the participant (if the participant has requested it to be used for public communication with him or her);
- the serial numbers of the shares belonging to the participant;
- categories of shares of each Member where the undertaking has several categories of shares;
- the number of shares held by each participant;
- the nominal value of the part;
- the number of votes resulting from the shares held by the Member;
- the state of payment of the instalments;
- if the shares are jointly owned by several persons, a joint representative of the participants who has been appointed in accordance with the procedures laid down in Section 157 of the commercial Law shall be indicated, indicating the given name, surname, personal identity number of the representative (if the person does not have a personal identity number of the Republic of Latvia, then the date of birth, the number of the personal identification document and the date of issue, the state and institution which issued the document) and the address at which it is to be reached shall be indicated.
When a company is formed, a division with serial number 1 shall be drawn up. A single entry is made for each participant, entry numbering must start at 1 (for example, if you have three members, you must specify the record order numbers 1, 2, and 3). The serial numbers of the shares shall be indicated according to the number of shares belonging to each participant (for example, if there are two members and each has 10 parts, the order numbers 1-10 and 11-20 of the parts should be indicated accordingly).
Each part shall give only one vote to the Member, unless otherwise provided in the statute. The division of the register of members shall specify, inter alia, the number of votes resulting from the shares. For example, if a Member has 50 shares in a company and according to the articles of association one part gives 1 vote, the division of the register of shareholders shall indicate that the number of votes resulting from the shares is 50. However, if a shareholder has 50 shares in a company and according to the articles of association one part gives 3 votes, it shall be indicated in the division of the register of shareholders that the number of votes resulting from the shares shall be 150.