Norwegian: Aksjeselskap is the Norwegian term for a stock-based company.[1] It is usually abbreviated AS, historically often written as A/S. An AS is always a limited company, i.e. the owners cannot be held liable for any debt beyond the stock capital. Public companies are called Norwegian: allmennaksjeselskap (ASA), while companies without limited liability are called Norwegian: [[ansvarlig selskap]] (ANS).
All AS companies must have a stock capital of at least NOK 30,000. In addition, they must have a board of directors, depending on the size of turnover, balance sheet total or number of employees, an auditor. They may appoint a managing director (MD) or chief executive (CEO). If the company has assets exceeding NOK 3 million, the board must have at least three members and cannot be chaired by the MD/CEO.[2] Practically all Norwegian companies have a fiscal year from January to December, but some foreign subsidiaries may have a different fiscal year, as is allowed, to match the parent corporation.
The ASA differentiates from the Norwegian: aksjeselskap in that it has rules regulating its ownership. There cannot be any rules limiting the company's ownership to certain interests, and an ASA must offer a public tender to purchase stock, either new stock or from existing owners if the company is converted from an AS. Norwegian companies, both those listed on a stock exchange and banks, must be ASAs (banks, however, are exempt from certain regulation including ownership regulation). An ASA is required to have a capital of NOK 1 million; a board with at least 40% of its members from each gender as well as an auditor.