is a company whose capital is divided into shares, each of a par value of at least BGN 0,1. Any higher par value must be divisible by 100. The company is liable to its creditors to the extent of its assets. An AD is required to have no fewer than two shareholders, including foreign individuals and legal persons. The only exception to this rule occurs when the State is the only founder and, therefore, the sole owner of the whole capital of the company. In this case we have a one-member public limited company (EAD). The minimum capital of an AD is BGN 50,000 or BGN 100,000 if the capital is raised by subscription.