FREQUENTLY ASKED QUESTIONS

If you have any questions regarding accounting, starting or managing your business, review the list of frequently asked questions and answers thereof. If you could not find the answer, please contact us or fill in the inquiry form and we will provide you with all the details.

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Why does the company need a budget? What is the purpose?

The company’s budget helps to plan and manage the company’s activities in detail and more efficiently. Managers can effectively attribute the tasks to their employees for a certain period by analyzing statements of income and expenditure.

If a budget is created for a new area, then it is easier to imagine and plan future income, as well as expenses, and thus control the company’s activities.

How to establish a company?

In order to set up a business, you need to follow a few simple steps. “Buhalteria.lt” provides detailed information about the company establishment/sale process. THE ESTABLISHMENT/SALE PROCESS

What are the benefits of the small partnership and the private limited company?

Benefits of the small partnership
• Members are only natural persons (up to 10 members).
• Limited civil liability.
• Possibility to pay out the profit in advance.
• No determined minimum authorized capital.
• A civil service contract is concluded with the manager.
Benefits of the private limited company
• Shareholders – natural and/or legal persons (from 1 to 250).
• Clearly and strictly regulated distribution of shareholders’ votes.
• Limited civil liability.
• Very convenient to attract investors.
• A well-known legal form for foreign partners.

What are the benefits of a business license and individual activity certificate?

Advantages of a business certificate:
• Prepaid fixed income tax which does not depend on the profit.
• Simplified accounting.
• The period of operation can be extended.
Advantages of an individual activity certificate
• Compared to a business license, there are no such strict limitations on activities.
• Unlimited operating period.
• Employees can be hired.
• Simplified accounting.

What are the main tasks of accounting?

The purpose of accounting is to provide complete and reliable forms of information about the organization of an enterprise and its financial position, such as: all the assets, liabilities, income and expenses of the enterprise, as well as the changes in price expressions. It can be said that this system is formed in an integrated, uninterrupted way and the documents reflect the entire economic activities of the company.

Why should you choose an accounting company?

By choosing an accounting company, you will gain greater economic stability than creating a new job in your company. In order to see the difference and compare these two choices, we present a detailed infographic created by “Buhalteria.lt”.

Is it important to have an accounting policy and what if it does not exist?

It is important to have an accounting policy for everyone: legal entities and various institutions, farmers and even people working with business licenses or individual activity certificates. If it is not prepared, a fine may be imposed after the tax inspectors carry out the inspection.

Does the small partnership have to hire an accountant or an accounting company?

Once a small partnership (SP) is established, hiring an accountant or accounting company is not mandatory. SP’s accounting may be maintained by one of SP’s members, but in this case, there is a risk that the reports will not be prepared properly.

Does private limited company have to hire an accountant or an accounting company? Maybe accounting can be managed by the company manager?

The private limited company must hire an accountant or the accounting company.

What is the responsibility of the accounting company?

The accounting company assumes responsibility for the proper evaluation of the primary documents and their entry into the accounting system. In addition, the company must provide correct reports to the relevant authorities in a timely manner and provide the same reports and other appropriate information to the company’s management.

If the information is incorrect and the company incurs a loss as a result, the accounting company must compensate the customer for the loss incurred and correct the erroneous reports.

What are the requirements for vat registration?

When registering for VAT purposes, it is necessary to provide the following data:

data on the registered office, places of business and branches (addresses, telephone numbers, fax numbers, e-mail addresses, website addresses);
data on performed and planned activities (according to the Classification of Economic Activities);
data on the establishment/acquisition of the company;
data on the persons controlling the company and other legal persons controlled by the company;
data on the real estate or other long-term property owned by the company, which is/will be used in the economic activity of the future VAT payer (name of the property, basis for its use).

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