Contents Understanding commercial law The history of the formation and development of commercial law Principles of commercial law The concept and types of subjects of commercial law

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General Provisions
They are governed by the agreements of the parties, by the laws peculiar to trade, and by civil law. Notwithstanding these provisions, and customs of the trade, the law of associations is governed by article 1832-1873 of the Civil Code.
The law recognizes five kinds of trading associations: the unlimited partnership, the simple limited partnership, the joint-stock company, the limited partnership constituted by shares, and the cooperative society. Each of these constitutes an entity in contemplation of law distinct from the individuality of its members.
There are also temporary trading associations and trading associations on a joint account, which the law doesn`t recognize as having any legal personality.
Unlimited partnerships, simply limited partnerships, and cooperative societies must be constituted, under the penalty of being held non-existent, by special documents, notarial or in the form of private agreements, complying in the last case, with Article 1325 of the Civil Code. The two original documents are sufficient in the case of cooperative societies.
Joint stock companies and limited partnerships constituted by shares must be created, under penalty of being held non-existent, by notarial documents.
Such non-existence, however, cannot be set up against third persons by the members, among the members, it is only effective as from the claim which results in such non-existence being decreed.
Temporary associations and associations on the joint account may be proved by extracts from correspondence, or by oral evidence. If the court holds that it is admissible.

Limited Liability Company
A limited liability company (LLC) is a commercial organization, the authorized capital of which is divided into shares of predetermined sizes, formed by one or several persons who are not liable for their obligations and bear the risk of loss, associated with the activities of the company, within the value of their contributions.
The authorized capital of a limited liability company must now be registered the company is paid by its participants by at least half. The remaining unpaid part of the authorized capital of the company is subject to payment by its participants during the first year of the company's activity.
If at the end of the second or each subsequent financial year, the value of net assets of a limited liability company will be less than the authorized capital, the company is obliged to declare a decrease in its authorized capital and register its reduction in the prescribed manner. If the value of the specified assets of the company becomes less than a certain minimum amount of the authorized capital (100 minimum wage), the company is to be liquidated.
A limited liability corporation can have any type of entity as a member. civil law, excluding state and local governments and their representatives. Unitary businesses and organisations – non-owners may join an LLC with the founder owner's permission. The society is only permitted to have 50 members. If not, it must become a joint-stock company within a year, and if the number of participants does not fall below the statutory limit, it must be liquidated via judicial means after the year has passed.

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