LAW OF THE REPUBLIC OF ARMENIA

of April 25, 2001 No. ZR-167

About the individual entrepreneur

Accepted by National Assembly of the Republic of Armenia April 3, 2001

This Law establishes the rights, obligations and responsibility of the individual entrepreneur, guarantee of its activities and condition of the termination of activities.

Article 1. Individual entrepreneur

The individual entrepreneur is the physical person having the right without formation of legal entity, independently, on its own behalf and on the risk to perform activities which main objective is profit earning (income) from use of property, sales of goods, performance of works or rendering services.

Capable citizens of the Republic of Armenia and foreign citizens, and also those stateless persons whose right to be engaged in business activity is not limited to the law can be the individual entrepreneur.

As the individual entrepreneur the physical person recognized insolvent which at the time of filing of application did not fulfill the obligations which were the basis for recognition by its insolvent cannot be registered.

The rules regulating activities of the legal entities who are considered under the law as the commercial organizations are applied to business activity of the individual entrepreneur if from the law, other legal acts or essence of legal relationship other does not follow.

When implementing business activity the individual entrepreneur as physical person shall act as the individual entrepreneur.

Implementation by the individual entrepreneur as physical person of business activity is considered the activities performed by the individual entrepreneur.

Article 2. Legislation on the individual entrepreneur

Activities of the individual entrepreneur are regulated by the Civil code of the Republic of Armenia, this Law, other laws and legal acts.

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