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The joint venture is an agreement concluded more often between a Romanian partner and aforeign one, which can take various forms, ranging from a simple commercial cooperation to thesetting up of a new common structure, for eg. a venture agreement, a commercial company,etc. At present time, there is no actual regulation regarding the joint venture, only disparatelegal provisions, especially fiscal ones.2. Type of structures set out by investors in RomaniaThe main general regulations applicable are: Law no. 31/1990 regarding the companies, Law no.26/1990 regarding the Trade Register and the Civil Code, noting that after the modifications ofthe Civil Code that shall become applicable since July 2011, the Civil Code shall include theprovisions before established by the Commercial Code).Investments in Romania can be conducted by means of a structure that does not have juridicalpersonality, respectively a structure that has juridical personality.If a structure having juridical personality is established – thus a commercial company is set up –,according to the Romanian law, the investor may choose the type of structure from thefollowings:a) Limited liability companyb) Joint stock companyc) General partnershipd) Limited partnershipe) Limited partnership by sharesThe types of commercial companies most likely to be used are the joint stock company and thelimited liability company. However, the most common form is undoubtedly the limited liabilitycompany. Taking quick and informal decisions; limiting the associates’ responsibility to thevalue of their contribution (the minimum value of the share capital is currently 200 Lei -approximately 50 Euro), the unlimited responsibility being applicable only in certain expresslystated conditions, are only some of the advantages corresponding to this type of company.3. The setting-up procedure of a company in RomaniaThe setting up procedure for the forms of company aforementioned, established by Law no.31/1990, has been modified several times, the most recent being the amendment brought byLaw no. 202/2010 that has a role of transition between the prior regulations and the new onesof the Civil Code. However, currently, we can even argue that the legal framework benefits froma significant degree of stability.As aspects that should be taken into consideration when setting up a company, it should beforemost noted the name of the company. When establishing a subsidiary in Romania, manycompanies (especially multinationals) opt for including the term “Romania” within the name ofthe new company. In such case, Romanian legislation stipulates a compulsory prior approvalproceeding, which can lead to delays of several weeks in the setting up procedure.7