General clauses of company law

Transkript

1 General clauses of company law Michal Černý, Ph.D. Seven types of companies + co-operative operative Business company legal entity formed for the purpose of carrying business activity, unless legislation of the European Communities or the law provides otherwise. General partnership Limited partnership Limited liability company Joint stock company European Economic Interest Grouping Societas Europea,, SCE (European( Co-operative operative Society) Sources of law Commecial Code Act on EEIG 360/2004 Coll. Act on SE 627/2004 Coll. Act on SCE 307/2006 Coll. + EC regulations 1

2 Basic differences Business company Close number of shareholders (members) Basic capital is fixed (if there is any capital) Control of shareholders on company: Fixed on persons or their votes Co-operative operative Open number of members Basic capital floating The principle of co- operative democracy is applied: Some conclusions can be made majority of members,, not their votes Founders (promoters), members Physical or legal persons can be founders of company unless the law provides otherwise Any person can be a member with unlimited liability only in one company; liability is governed mutatis mutandis by the provisions of suretyship After dissolution of company, its members shall be liable for its obligations up to the eptent of their share in the liquidation remainder, but at least to the same extent to which they were liable while the company was in existence. Foundation of a company Partnerships Memorandum of Association, obligatory in written form + official certification of signatures of all founders Limited Liability Company, Joint Stock Company: : Memorandum of Association (+Statute JSC), obligatory in form of notarial registration Certification of signatures can be only provided by: Notary public or Selected Municipal Officies (those which provide birth records) 2

3 EEIG: written form only,, no official certification of sighatures. Content of Memorandum of Association ( Agreement) Unlimited Partnership Section 78: Commercial Name, the Seat, details of the partners, the scope of business activity Limited Partnership Section 94: all mentioned above + determination of unlimited partner(s) / limited partner(s), the amount of each partner`s investment contribution Limited liability company: Commercial name, the seat, the object (the scope of partnership`s business activity), members, their investment contribution, their business share section 110 Joint Stock Company: Deed of Formation (section 163) + Statutes (section 173) SE similar to JSC EEIG similar to General partnership + first director 3

4 What to do between founding and incorporation? Section 64 anyone (who acts in the name of company) is responsible for conduct if the obligation would not pass over the company Time period within 3 months since incorporation Founders must make a list of acts /transactions/ All members / general meeting of shareholders will/will not approve(s) those acts (transactions) Trade licence and incorporation Founders /nominee directors/ apply for trade licences on behalf of name of company Since licence is granted - the time period for application for incorporation begins Time period 60 days Founders /nominee directors/ apply for incorporation (on register court) obligatory blank forms (see If all legal conditions are fulfiled the company is incorporated (the court must incorporate) Time period 5 working days Investment contribution Monetary investment, non-monetary investment Non-monetary investment must be 1) evaluated by an expert nominated by register court (Ltd,, JSC) and 2) usuable for company (concerning to the scope of business) Non-monetary investment must be fully paid before incorporation Monetary investment must be fully paid in period appointed in founding contract, but the law demands parts which must be paid before incorporation 4

5 Manager of contributions One of shareholders or bank (bank only for monetary contributions) Manager must take up contributions, shelter them and transfer them to company after incorporation Manager must set up declaration on payment of contributions, this declaration is addendum to application for incorporation Contributions and Basic capital Limited liability company: Basic capital at least CZK (about( ), at least CZK must be paid before incorporation contributions obligatory, each shareholder must invest at least CZK (about( 667 ), each investment must be in full thousands of CZK, 30% on each monetary contribution must be paid before incorporation,, maximum period for payment of rest is 5 years Limited partnership limited partner must invest at least CZK JSC: basic capital CZK / CZK (if( company is based on Initial Public Offering) 5

6 Business share Business share represents the rights of shareholder Business share has quantity aspect and quality aspect Quantitative aspect value of share (nominal value equates to contribution), Qualitative aspect the rights and duties of shareholder GP all shares are equal Ltd each share corresponds to specific statement in deed of associtation / if there is no specific statement than each share corresponds to value of: split of investment contribution/basic basic capital. Each shareholder can have only ONE SHARE JSC each share is represented by the stock, shareholder can have whatever share (1stock up to 100% = all stocks) Winding-up of a company A company may be dissolved with the legal sucesor or without it. If there is no legal succesor the liquidation must be realized (unless the law determines otherwise) The company can be dissolved by the supreme body of a company / all members. If the company breaks the law (or enforceable decisions) and the time for correction is neglected the court is able to dissolve the company 6

7 Dissolution with legal succesor Merger, divison of company (split), change of legal form The project must be prepared, examined by expert, published and authorized by the supreme body / all members. The decision must be done by all supreme bodies (in all companies) Deletion (of old company/ies ies) and incorporation of new company/ies is done within the same day Liquidation of company A process in which the obligations of dissolved company must be settled Commercial name must be changed and must be completed by words in liquidation The Liquidator is the body of a company. The liquidator is nominated by the body of company or by the court (if courts dissolves the company) Liquidation step-by by-step 1. Nomination of liquidator(s), record in commercial register 2. Opening liquidation balance sheet and List of company`s business assets 3. Notification to all known creditors of company 4. Publication at least twice within the period not shorter than 3 months in official Business Journal (see ) 5. Executing of liquidation 6. Report on the course of liquidation (including proposal of distribution net property left to shareholders) 7. Deletion from commercial register 7

8 Example of announcement (publication) AMER-SIL, s.r.o., v likvidaci Rubrika Likvidace Obchodní jméno AMER-SIL, s.r.o., v likvidaci Sídlo S Štětí,, Litoměř ěřická 272, PSČ IČO I O Číslo obch. vestníku 44/05 Značka /05 Datum publikace :00 PRVNÍ OZNÁMEN MENÍ O VSTUPU DO LIKVIDACE S VÝZVOU PRO VĚŘITELE K PŘIHLP IHLÁŠENÍ POHLEDÁVEK Obchodní jméno AMER-SIL, s.r.o., v likvidaci Sídlo: S Štětí,, Litoměř ěřická 272, PSČ IČ: : společnost zapsaná v obchodním m rejstříku vedeném Krajským soudem v Ústí nad Labem, oddíl l C, vložka Na základz kladě rozhodnutí jediného společníka v působnosti p valné hromady ze dne byla společnost AMER-SIL, s.r.o., se sídlem Štětí,, Litoměř ěřická 272, PSČ , IČ: I : , zrušena s likvidací,, a to ke dni Likvidátorem společnosti byl jmenován n pan Ing. Jaroslav Líbal, L bal, r. č /080, bytem Čsl. armády 509, PSČ , Štětí.. Vstup společnosti do likvidace byl Krajským soudem v Ústí nad Labem zapsán n do obchodního rejstříku dne Likvidátor tímto, t ve smyslu 73 zák. z č.. 523/1991 Sb., obchodní zákoník, k, v platném m znění,, poprvé zveřej ejňuje oznámen mení této to skutečnosti a vyzývá věřitele společnosti AMER-SIL, s.r.o., v likvidaci, aby své pohledávky vůčv ůči i společnosti přihlp ihlásili písemným p oznámen mením doručeným na adresu sídla s společnosti, nosti, a to ve lhůtě tří měsíců od data druhého ho zveřejn ejnění tohoto oznámen mení v Obchodním m věstnv stníku. AMER- SIL, s.r.o., v likvidaci Ing. Jaroslav Líbal L likvidátor /05 8