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KRS (Polish) is the National Court Register which in other words is the national database consisting of entities participating in the market. The National Court Register is run by the chosen district courts and the Ministry of Justice. Each person can check the details concerning any business entity and receive an excerpt, a statement or a certificate from the National Court Register.

NIP (Polish) is the Tax Identification Number, which is closely related to the identification of natural persons running business activities and being tax payers, as well as social insurance and/or health insurance payers. Certain entities may also be described as legal entities or organizational units with no legal personality but remaining tax payers under separate regulations.

REGON (Polish) which is the National Business Registry Number and identifies Polish business entities. The number consists of 9 digits and is assigned to natural persons running business activities, as well as organizational units, legal personalities and local units.

PKD (Polish)is the Polish Classification of Activities. It is the division and classification of business activities conducted by business entities. It is required for statistical purposes.

SPÓŁKA Z O. O. (Polish) is the Limited Liability Company which can be established for any legally admissible purposes (unless a certain regulation states otherwise) by one or higher number of persons. The shareholders risk only their financial contributions covering the share capital of the company.

SPÓŁKA KOMANDYTOWA (Polish) is the limited partnership which is formed to run an enterprise in its own name. In this form of partnership in the face of a creditor or creditors at least one partner is liable without limitation (general partner, Polish: komplementariusz) and at least one partner remains with limited liability (Polish: komandytariusz).

SPÓŁKA AKCYJNA (Polish) is a joint-stock company being an entity under the commercial law and a capital company. The share capital in this type of partnership consists of the founders’ financial contributions, who in return receive shares. Shareholders are not liable for the partnership’s liabilities. They risk, however, the contributed investment but only up to the amount of the initial purchase of a share or shares, and they are entitled to revenues from any dividends. They may also receive profits from selling shares of higher price than of the initial purchase,

SPÓŁKA Z O. O. SPÓŁKA KOMANDYTOWA (Polish) is a connection of the Limited Liability Company and the Limited Partnership Company within which the general partner remains the Limited Liability Company and the limited partner with the limited liability is a partner of the Limited Liability Company or any other natural person. According to the Code of Commercial Companies the right to represent this company is assigned only to the general partner or partners. The limited partner is not liable to handle issues concerning this connection of the Limited Liability Company and the Limited Partnership Company, unless their contract states otherwise.

SPÓŁKA JAWNA (Polish) is the General Partnership which runs an enterprise under its own name and does not remain a partner of any other commercial partnership. Each partner of the General Partnership has unlimited liability for this partnership up to the value of their assets. The debt collection from a partner’s assets may be acquired by the creditor in case when the debt enforcement have been proven unsuccessful (subsidiary liability of a partner).

SPÓŁKA KOMANDYTOWO – AKCYJNA (Polish) is a joint-stock partnership of a Limited Partnership company and a Joint-Stock Company. It is established to run an enterprise under its own name and at least one partner is with the unlimited liability (the general partner) and at least one partner is a shareholder.

PROKURA (Polish) – proxy. It is a special commercial or bank authorization issued by a partnership to a natural person who has a full capacity to enter into legal transactions. It is a part of the Companies Register, in contrast to other legal authorizations.

WSPÓLNIK (Polish) – is a person contributing financially to the share capital of a partnership and is entitled to receiving profits deriving from it. Partners are the most important entities in a partnership. They have a power to appoint and dismiss members of the Management Board, the Supervisory Board, or the Audit Committee. Partners change the contract of the Partnership. They may also increase of decrease the value of the share capital of the company.

CZŁONEK ZARZĄDU (Polish) is a person who is a member of the Management Board who run the partnership. A member is entitled to representing the company in any judicial and extrajudicial acts.

SPRAWOZDANIE FINANSOWE (Polish) – Financial statement. A document presenting a detailed report of the company’s financial position. It constitutes of a balance sheet of a company, a profit and loss account, and additional information sheet. This documentation must be submitted by every business entities obliged to running the accounting records.

LIKWIDATOR (Polish) – A liquidator. It is a person whose task is to close any organizational matters of a partnership in order to close this partnership itself. A member of the Management Board becomes the liquidator, unless the partnership’s contract states otherwise. During the period of the company’s liquidation, the liquidator remains the representative of the partnership and handles every matters that have arisen. The liquidator is obliged to drawing up the report of their actions and present the financial statement of the liquidated company. The liquidator may have financial liability on the same terms as the members of the Management Board if he/she does not file the company’s bankruptcy petition on time.

ODDZIAŁ (Polish) – a department. It is a separated part of the business entity. It remains autonomous and independent of the general enterprise. The department within the Limited Liability Company may be appointed by the Management Board. If the department is established within the Partnership/Company, it is registered by the National Court Register. The name of the established department ought to have the initial name of the partnership and the location in which the department has its headquarters.

FUNDACJA (Polish) – a foundation. It is an institution which base is the financial capital devoted to a certain cause ( charity cause, cultural cause, etc.) by the founder of the foundation. Every natural person or a business entity are allowed to set up a foundation and then claim its statue and determine the function and powers of the Foundation Management.

STOWARZYSZENIE (Polish) – an association. It is a voluntary, lasting and self-governing union with non-profit objectives. The association constitutes its purposes, action programmes, and organizational structures. The association carries out the internal regulations concerning its functioning. It is based on public work of its members.

KAPITAŁ ZAKŁADOWY (Polish) – The share capital. It is the value of the assets which the members of the partnership commit to contribute at the beginning of its functioning. The accumulated capital is divided into shares which are taken over by the partners, depending on the initial contribution.