one of the above forms (Preduzetnik; O.D.; K.D.; J.-C.; D.O.O.), as such, it is registered in the Central Register of Companies. This form is a bit specific and was created for companies that are based in other countries and have their share in Montenegro. By integrating ELF codes into the standardized set of legal entity reference data available in the Global LEI Index, the business card information contained in each Legal Entity Identifier (LEI) record is further enhanced. The richer data provides an improved user experience as it helps categorize legal entities and thus provides better insight into the global market. In a sole proprietorship, a natural person carries out the business or profession on his own account. No formal procedure or formality is required to establish an autonomous property. Under the Canada Cooperatives Act, 1998, c. 1, a co-operative must have the word «co-operative», «co-operative», «cooperative», «cooperative», «co-operative», «united» or «pool», or any other grammatical form, in its name. The Global Legal Entity Identifier Foundation (GLEIF) publishes the List of Entity Legal Form Codes (ELF), which can be downloaded below. The current version, published in October 2021, lists more than 3,250 legal forms of legal entities in more than 175 jurisdictions. The list contains legal forms/types in their mother tongue, such as GmbH, Limited Liability Company (GmbH) or Public Limited Company (SA). The ELF code list assigns a unique code to each legal form of the entity. The ELF code is a four-character alphanumeric code in the basic Latin character set.

Following amendments to the Companies and Associations Code, the term «limited liability company» (BVBA/SPRL) automatically became «limited liability company» (BV/SRL)[9][10] as part of the harmonisation of legal forms within the European Union. Canadian companies are generally constituted under one of the following structures: ISO has established a maintenance organization relevant to ISO 20275, composed of members of ISO Technical Committee 68 Financial Services. The Swiss Association for Standardization (SNV) is the designated secretariat of the Maintenance Agency. SNV has entrusted GLEIF with «the implementation of the Maintenance Agency Secretariat» and the assumption of related tasks. The GleiF is responsible, among other things, for identifying the existing legal forms of legal entities and assigning a unique ELF code to each legal form in accordance with ISO 20275. More information on maintenance agencies for ISO standards can be found here. Commercial companies are called Kaisha (会社) and are incorporated under the Companies Act of 2005. There are currently (2015) 4 types and each of them has legal personality: partnerships are called kumiai (組合).

Each of these 4 types has no legal personality, although other companies that include «Kumiai» in their name have it: for a savings bank (formerly called a savings and credit association) or a credit union, the keyword is «federal», and the same rules apply; A state-chartered savings bank or credit union must have the word «federal» in its name, while a state-chartered savings bank or credit union cannot have «federal» in its name. «Regulators and market participants have recognised the need to identify the legal forms of companies, both nationally and consistently in global markets, and have called for the development of a standard to address this need. This ISO 20275 standard responds to the need to identify legal forms in a structured way in order to be classified, among other things, according to the nature of their legal constitution. This also means that the legal jurisdiction of these companies will be the France, since the legal jurisdiction will be determined by the legal form. And since the legal form is French, the legal jurisdiction must be the France. According to the GLEIF Declaration, the ELF code list is based on the ISO 20275 «Financial Services – ELF» standard developed by the International Organization for Standardization. The aim is to enable the codification of legal forms within legal systems and thus facilitate the classification of legal persons according to their legal form. By integrating ELF codes into the standardized set of legal entity reference data available in the Global LEI Index, the business card information contained in each LEI record is further enhanced.

With the implementation of version 1.2 of the list of ELF codes, French legal forms (and ELF codes) are now also used for seven French overseas territories (French Guiana, Guadeloupe, Martinique, Mayotte, Reunion, Saint-Barthélemy and Saint-Martin). These courts are part of the France and therefore have the same legislation and legal form. Unlike many other Western countries, Canadian companies generally have only one form of incorporation. Unlimited liability companies can be incorporated in Alberta «AULC», British Columbia «BCULC»[13] and Nova Scotia «NSULC». The above unlimited liability companies are generally not used as operational business structures, but are rather used to create favorable tax positions for Americans investing in Canada or vice versa. [14] For U.S. tax purposes, the ULC is classified as an unaccounted for. In real estate companies, ownership or membership may be transferred either to the immovable or to a legal or natural person, depending on the form of the company. In many cases, membership or ownership of such a company is mandatory for a person or property that meets the legal requirements for membership or wishes to engage in certain activities. The legal forms listed in the ELF Code have been identified on the basis of GLEIF surveys. The identification of additional legal forms of companies that exist worldwide is still a work in progress. GLEIF will periodically publish updated versions of the ELF code list.

All legal forms of legal entities are only available in the national language(s). Countries with several official languages (e.g. Switzerland, Belgium, Canada) have registered their legal forms in all official languages. A company is a legal person established under the Companies Ordinance 1984. It can have a share capital or be formed without social capital. The ELF code list is based on the ISO 20275 standard «Financial Services – Entity Legal Forms (ELF)», which was developed by the International Organization for Standardization. The standard was published in July 2017. As ISO states, «it specifies the elements of a single system to identify the different legal forms of the entity in a jurisdiction. The aim is to enable the codification of legal forms within legal systems and thus facilitate the classification of legal persons according to their legal form. The ISO standard states that the legal form of the entity means the «type of entity that an organization is considered to be part of the legal or regulatory system under which it was created.» The situation in Ireland is similar to that of the United Kingdom below, but without the class of community-interest societies. There were two forms of limited liability company, but only the form without share capital is now used. Irish names may also be used, such as cpt (cuideachta phoibli theoranta) for plc and Teo (Teoranta) for Ltd. A legal form has only one meaning according to local law, so providing an English translation for all legal forms in all countries would be confusing.

As of the implementation of version 1.2 of the list of ELF codes, french legal forms (and ELF codes) will now also be used for 7 French overseas territories (French Guiana, Guadeloupe, Martinique, Mayotte, Réunion, Saint-Barthélemy and Saint-Martin). These courts are part of the France and as such have the same legislation and therefore the same legal forms. GLEIF monitors compliance with the ELF code list by LEI issuers when an ELF code for a particular legal form is available in a jurisdiction. The word or phrase «Limited», Limited, «Incorporated», Incorporated, «Corporation» or Federal Corporation or the equivalent abbreviation «Ltd.», Ltd., «Inc.», «Corp. or S.A.R.F. is part of the name of any corporation incorporated under the Canada Business Corporations Act (R.S., 1985, c. C-44). ≈ Ltd. or Plc (Uk) Interested parties wishing to propose a legal form to be included in the elf code list are requested to send an e-mail to info@gleif.org. The LEI Common Data File (CDF) format defines how LEI issuers report their LEI and Level 1 MASTER DATA; that is, the business card information of a legal entity that answers the question «Who is who?» The structure of the ELF code has been integrated into the current version of the LEI-CDF format. In the future, organizations that issue LEIs will refer to the ELF code in their LEI issuance processes and reports. The DUI Common Data File (CDF) format defines how LEI issuers report their LEI and Level 1 REFERENCE DATA, i.e.

the business card information of a legal entity.