There are several types of legal entities stipulated in Latvia’s Commercial Law:
- Limited Liability Company (Ltd)
- Individual Merchant (Sole Trader)
- Joint-stock Company
- Branch or Representative Office
Representative offices, similar to branches, are not independent legal entities. Representative offices cannot perform economic activities, and their functions are limited to market research, promotion of the parent company, and other limited marketing activities.
The most popular form of business by far is Ltd