An AS is always a limited company, i.e. the owners cannot be held liable for any debt beyond the stock capital.
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.
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.