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What is an LLC?

What is an LLC?

Law firm AGTL deals with the registration of legal entities in the form of company.

The company's specialists with extensive experience in corporate law, will help to formalize the relationship between the founders, the relationship with the General Director or a management body to choose the system of taxation, to select the Bank and address.

Identification of possible risks in business activity produced by the firm, optimization of tax payments, financial and material resources; the full package of services on creation and support of business.

Our advantages

  • professional legal advice at the beginning of Your business, which will eliminate the need for numerous changes at the beginning of the activity;
  • convenience and time savings at all stages:

we can arrange a notary in Your office,

the Bank Manager will arrive at a convenient time for You to open an account,

we can obtain documents for You by proxy.

  • a wide range of additional services: a wide range of partner banks, help finding a legal address, bookkeeping.

The new Law makes numerous and comprehensive changes in the regulation of companies with limited activities and societies with additional responsibility, among them we note the following:

  • the necessity of obtaining the consent of the other parties to withdraw a participant who owns a share of more than 50%;
  • recognition at the legislative level corporate contracts (so-called "shareholders 'agreements") are confidential and must be gratuitous;
  • the reduction of for full contributing member of the society from one year to six months from the date of state registration of the company;
  • the transfer of the rights of the participant to the successor or assignee without the consent of members;
  • establishing rules on significant transactions and related party transactions (transactions whose value exceeds 50 percent of the net assets of the company as at the end of the previous quarter, shall require the prior consent of the General meeting of participants). Other rules may be established by the Charter.

The number of participants and controls

The new law does not limit the number of participants in an LLC or ODO. As a result, many joint-stock companies (JSC) will be able to return in the form of a limited or additional liability.

Additionally, you receive the possibility of creating a Supervisory Board, which will considerably increase the attractiveness in the eyes of foreign investors.

Now society itself the right to decide the absolute majority of issues, ie does not set definite rules. There is an opportunity to make their own procedure, determine the organs which are necessary for the society in corporate governance and to foresee possible ways out of potential corporate conflicts. For example, in a society with one participant last no longer obliged to mimic the General meeting and makes all decisions solely in the form of a written decision.

Rules of interaction of members of a particular company will be reflected in the so-called company agreement and the Charter.

Conclusion of corporate contracts

For LLC and ODO had been possible to issue an irrevocable power of attorney to exercise the powers of the member companies, and conclude between the parties to a corporate agreement.

According to this agreement the shareholders undertake to exercise their rights and powers in a certain way or to refrain from implementing them.

Also important is the issue of selling the shares of the company: under what circumstances, who and how many they can buy.

The output from the participants companies

The parliamentarians gave the question of exclusion of a member from LTD at the mercy of the Charter, without interference in the procedure of the law.

The company may set a different percentage quotas for decision-making on various issues.

The new law provides a mechanism of making decisions without considering the share of a deceased participant, and if it is more than 50% — to make a decision on liquidation of the enterprise without taking into account the share of the deceased participant.

At the same time, for example, what if a member does not pay his share — is unclear.

The increase in share capital

Often, companies are hoarding retained earnings (if the years do not pay dividends). And if the decision on dividend payment, these costs can put on the brink of bankruptcy.

Now it is possible to immediately increase the authorized capital at the expense of profits without distribution of dividends.