Registration of a limited liability company

Registration of a limited liability company

According to Article 94 of the Commercial Code, a limited liability company is a company formed between two or more persons to conduct business affairs and also in a limited liability company, the company's capital is divided into shares or parts of shares. It is not possible and each of the partners is only responsible for the debts and obligations of the company to the extent of its capital. And also the minimum number of partners in a limited liability company is 2 people.

Another thing we need to know about registering a limited liability company is that when registering a limited liability company it is mandatory There is no registered capital deposit in the bank account of the company.

The limited liability company is managed by one or more executive or non-executive directors who are appointed from outside the partners for a limited or indefinite period.

The directors of the company will have all the necessary authority to represent and run the company unless otherwise provided in the articles of association. The powers of directors, which are not specified in the articles of association, are void and invalid against third parties.

Decisions on the company must be made by a majority of at least half of the capital. Decisions are made to the numerical majority of the partners. Although the said majority does not have half the capital, the articles of association of the company can provide an order contrary to the above.

Each partner will have a vote in proportion to his share in the company unless otherwise provided by the articles of association.

The relations between the partners are subject to the articles of association.

Each limited liability company, which has more than twelve partners, must have a supervisory board and the board must convene a general meeting of partners at least once a year. The Board of Supervisors may invite the partners to convene an Extraordinary General Meeting. The provisions of Articles 165, 167, 168 and 170 shall also apply to limited liability companies.

Any other change in the articles of association must be made by a numerical majority of the partners who also have at least three-quarters of the capital, unless otherwise provided in the articles of association by a majority.

In what cases is a limited liability company dissolved?

a- Regarding vertebrae 1, 2 and 3 of Article 93. b- In case of decision of some of the partners whose share of the company is more than half of the capital of the company. C- If half of the company's capital is lost due to losses incurred and one of the partners requests liquidation and the court justifies its reasons and the other partners are not present, they pay the share that will be given to him in case of liquidation and leave the company. D- In case of death of one of the partners, if it is foreseen according to the articles of association.

For more information, refer to the website of Arad Hesab Company or contact our experts. n (At the bottom of the ad)