Small partnership company form as a vehicle for small and medium-sized businesses in Lithuania: is the theoretical model effective in practice

Abstract

At the end of 2012, Lithuania introduced a new type of limited liability company form for small and medium-sized business - the small partnership. Based on a comparative approach, lawmakers modelled the small partnership as a hybrid entity, assimilating both partnership and corporate-type attributes. This article analyses key features, advantages and disadvantages of the Lithuanian small partnership aiming to evaluate whether the theoretical model of this flexible vehicle for small and medium-sized businesses is functional in practice.