Finland AY vs Oy

AY is a legal entity form in Finland, fully named Avoin Yhtiö, meaning "general partnership". It belongs to the merged ownership, meaning all partners jointly own the company, and there is no limit to the number of partners. AY does not have limited liability, which means partners have unlimited liability for the company's debts. AY does not need to participate in the public market, nor does it need to appoint a legal representative, local residents as directors, or a company secretary. According to Finnish law, at least two partners (persons or organisations) are required to establish AY, and at least one partner must live in the European Economic Area (EEA); otherwise each partner from outside the EEA needs a permit from the Finnish Patent and Registration Office (PRH). AY does not require registered capital or capital verification.