Procedure for Liquidation of an Individual Enterprise
Individual enterprise (in Lithuanian „IĮ”) is liquidated on the grounds and according to the procedure of liquidation of legal persons as set forth in the Civil Code. The process of liquidation depends on the activities which have been performed by individual enterprise and the number of employees it has possessed.
The owner of the individual enterprise submits personal identification document, the certificate of an individual enterprise and stamp to the State Tax Inspectorate (hereafter called “STI”) and fills up an application form to liquidate an individual enterprise appointing a liquidator (the owner may be liquidator himself).
That is publicised in the press.
Legal status of an individual enterprise being liquidated is registered in the Centre of Registers. A confirmation letter is received within 5 working days.
A declaration of an individual enterprise is submitted to the STI. Declarations of the recent five years have to be submitted (if they were not previously submitted). The balance of an individual enterprise for the period of the beginning of liquidation is formed.
If it was set up an electronic declaration, it is cancelled.
If there any branches of an individual enterprise exist, they are closed.
If an individual enterprise is registered as Value-Added Tax (hereafter called “VAT“) payer, STI deletes the entry.
If there are any cash registers, we apply to STI to have them being cancelled.
All employees are made redundant.
We settle with the creditors of an individual enterprise and impose requirements on debtors (if there are any).
We shall settle with the State Social Insurance Fund Board (in Lithuanian „Sodra“), pay compulsory health insurance (hereafter called “CHI“) fee for the owner of an individual enterprise for the particular period if the company had not paid it before. We pay income tax.
We settle with the customs.
We close the bank accounts of individual enterprise.
We cancel rental contract for lending agreement, the property of an individual enterprise is transferred to the owner.
We handle particular accounting documents – we submit cancellation of unused documents and the acts for confirmation of used documents to STI.
We transfer documents of an individual enterprise to a storage archive (certificate is issued).
As all these procedures were performed, STI provides State Land Cadastre (in Lithuanian „JAR“) the form about full settlement. The liquidator of an individual enterprise fills up application form in the Register Centre, submits the certificate of an individual enterprise (original) and other documents necessary for an individual enterprise deregistration.
State Enterprise Centre of Registers (in Lithuanian „VĮ Registrų centras“) issues a certificate of de-registration of a legal person.