Selskap med begrenset ansvar
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| Companies law |
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Selskap med begrenset ansvar or BA, comparable with Limited Liability Company. The Norwegian term literally translates as Company with limited liability and it is a type of company used in Norway for limited companies based on a co-operative structure. Unlike the aksjeselskap (AS), a regular stock-bades limited company, the BA is fundamented in either a Særlovsselskap; companies founded in a particular act of legislature or a cooperative.
For the latter, the limitations and legal framework is set out by the Norwegian Act relating to limited liability companies [Limited Liability Companies Act] of 1997 ss 1-1(3).3
"companies formed in order to promote the members' consumer or professional interests or companies formed to secure employment for the members"
Consequently the most notable difference between a regular limited company (AS) and such BAs, is that while the distribution of profits in an AS in general follows the ownership (N% of the shares receive N% of the distributed profits), the distribution of profits in a BA must in general follow the members shares of the revenues of the company. Typically someone representing N% of the revenues of a company will receive N% of the profits (standard consumer co-operative distribution of profits). The Legislation Department of the Norwegian Ministry of Justice and the Police has, however, indicated that a minor percentage of profits distributed based upon ownership may still be accepted.
The most prominent uses of BA companies are the local Coop retail cooperatives and the agriculture cooperatives. Formerly a number of state enterprises were BA companies, including the Norwegian State Railways, the Postal Service and Postbanken. All of these have been converted to AS's.
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