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Legal Forms in Major Jurisdictions – Second Edition 2013 – Now 45 Countries Covered

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Legal Forms in Major Jurisdictions – Second Edition 2013 – Now 45 countries covered. Legal advice. Tax advice. Luther. Luther Rechtsanwaltsgesellschaft mbH The appropriate legal form of a company constitutes the Our intention is to give an introduction and provide guidance basis and framework for its business activities. Corporate law through the preliminary research and preparation stages before provides a variety of different legal forms. The decision as to entering a foreign market. In addition, this easy-to-use guide which legal form to choose is no longer just a national issue. also highlights the legal framework available when restructuring Cross-border mergers of companies, international relocations an existing business. We trust that the following chapters serve of the registered office and the proper choice of legal form, as a road map for internationally operating companies, with be it a domestic or a foreign entity including the European signposts to sources of help and specific legal and tax expertise. stock corporation (SE), create new opportunities for groups of companies. We are pleased to now release the second edition of our manual, now covering 45 major investment destinations around In February 2012, we had published the first edition of the the globe. The new edition provides an update of each chapter joint manual “Legal Forms in Major Jurisdictions”. The manual covering recent changes in the legislation of the respective provides an overview on the different legal forms in various country. And we have included further countries throughout the countries around the world. Major European jurisdictions, the world: Bulgaria, Finland, Indonesia, Mexico, Myanmar, Norway, USA, Canada, Russia, South Africa, South American nations Romania, Switzerland, Ukraine and Vietnam. and many countries in the Asia-Pacific region are represented. Cologne/Germany, September 2013 Thomas Weidlich Philipp Dietz Katja Neumüller 2 Contents Argentina 4 Malaysia 92 Australia 8 Mexico 96 Austria 12 Myanmar 99 Belgium 15 Netherlands 102 Brazil 19 Norway 108 Bulgaria 23 Poland 113 Canada 26 Portugal 117 Chile 31 Romania 120 China 33 Russia 126 Czech Republic 37 Singapore 130 Denmark 41 Slovak Republic 133 Finland 46 South Africa 138 France 50 South Korea 141 Germany 54 Spain 146 Greece 58 Sweden 150 Hong Kong 63 Switzerland 153 Hungary 67 Taiwan 156 India 71 Turkey 161 Indonesia 74 UK 167 Ireland 77 Ukraine 171 Italy 80 USA 175 Japan 84 Vietnam 183 Luxembourg 88 Annex: Societas Europaea (SE) 187 Simply click on a country to get directly to the respective section. 3 Legal Forms in Argentina Legal Forms in Argentina Argentina law regulates several types of legal entities by means few startups use either of these alternatives. Corporation, LLC of which business activities may be carried out. The corporation as well as general partnership become legally effective upon (Sociedad Anónima) (“corporation”) and the limited liability their registration with the commercial register, whereas the main company (Sociedad de Responsabilidad Limitada) (“LLC”) characteristics of unincorporated companies are their lack of are the most common types of business organizations used registration with the commercial register. as vehicles of investment. Both of them limit the liability of its shareholders/quotaholders with respect to third parties up to The legal framework applicable to the legal entities is regulated their respective capital contribution. It is also possible to set up a in the Argentine Companies Law 19,550 (the “Companies general partnership (Sociedad Colectiva) and an unincorporated Law”). Other types of legal companies created by statute will company (Sociedad no constituida regularmente), in which the not be analyzed in the following due to their little practical use liability of its members/partners is subsidiary, unlimited, joint to operate and conduct business in Argentina. and several with respect to the entity’s liabilities, but only very Overview on common types of corporations and partnerships: Unincorporated Corporation LLC General Partnership Company Incorporation Approx. EUR 900. Approx. EUR 450. Approx. EUR 450. N/A. and Registration Costs Duration of 4 to 8 weeks. See Corporation. See Corporation. N/A. Incorporation (Possibility to file the Process and relevant documents as Registration urgent (registration in 3 to 5 working days) by paying an extra fee to the commercial register). Minimum Two (the minority See Corporation. See Corporation. N/A. Number of shareholder must initially Shareholders hold at least 2%). or Partners Formal Must be necessarily Can be incorporated See LLC. No formal requirements Requirements carried out by a public throughout a public deed and no registration of deed and registered with or a private instrument with the commercial Incorporation the commercial register. with notarized signatures register necessary and registered with the for incorporation. For commercial register. conversion into a legal entity, see corporation, LLC or general partnership. Minimum Approx. EUR 15,000.00 N/A. N/A. N/A. Registered In case of cash No specific regulations Capital contributions, the shares regarding minimum capital, and Capital must be fully subscribed however, the provisions Contribution at and at least 25% must for corporations apply. Incorporation … be paid-in at formation. 4 Legal Forms in Argentina Unincorporated Corporation LLC General Partnership Company … Minimum The other 75% may be Registered paid-in within 2 years from Capital and the date of subscription. Capital In case of contribution in Contribution at kind, the shares must be Incorporation fully subscribed and paid-in at the date of subscription. Maintenance 5% of the annual net profits See Corporation. See Corporation. N/A. of Capital shall be allocated as legal reserve (up to a sum equal to 20% of the subscribed capital). In case this legal reserve diminishes for any reason, no dividends shall be distributed until full replenishment. Additionally, no dividends may be distributed to shareholders until losses from prior years have been covered. When accumulated losses exceed the reserves and 50% of the share capital, the capital stock reduction is compulsory. Management Board of directors One or more managers The management is Any of the partners is responsible for are in charge of the regulated by the general may represent the management and must management. The partnership’s by-laws, unincorporated company consist of at least one managers may act and if not regulated vis-à-vis third parties. director. If corporation individually or organized by the by-laws, any There is no need to grant is subject to permanent as a board. In the latter of the members is powers or authorization. state control (pursuant to case, the rules for the entitled to manage the section 299 of Companies corporation apply. general partnership. Law), the board of directors shall consist of at least three directors and the appointment of a syndics is mandatory. There are no nationality requirements, but the absolute majority of the directors shall reside in Argentina and establish a legal domicile locally. The president of the corporation is the legal representative. Minority Certain resolutions have to Unless otherwise agreed N/A. Any of the partners may Rights (Special be adopted by affirmative among quotaholders, demand the winding up of Resolution vote of the majority of in case the majority of the company by a written Matters) … shares with political rights. votes are represented notice to all co-partners. 5 Legal Forms in Argentina Unincorporated Corporation LLC General Partnership Company … Minority However, to approve these by only one quotaholder, Rights (Special certain matters, each the vote of another Resolution share shall have one vote quotaholder is required. Matters) (conversion; extension or Amendments to the LLC’s renewal of a corporation, partnership agreement except for public offers; require the majority anticipated dissolution; (i.e. more than 50%) relocation of the domicile of the stock capital. abroad; essential change of the corporate purpose; total or partial reimbursement of capital; merger). 5% of the share capital can object the approval of directors’ performance; request the board of directors to convene a shareholders’ meeting; have corporate liability actions and personal actions against directors. 2% of the share capital may, at any time, request information from syndics on subjects under the scope of their powers. Directors’ Directors’ liability shall Managers shall be The managers are jointly The managers are Liability be joint and several for individually liable and unlimited liable (with jointly and severally any action or omission depending on the the other members of the liable with respect to the to act, which derives in provisions incorporated administration, if any) for company’s negotiations damages to the company, in the LLC’s partnership damages arising from their and they cannot invoke unless assignment of agreement. performance or resignation. the limitations and specific functions is duly If the management is benefits established by registered before the organized as a board, the by-laws between them commercial register. the provisions for the nor before third parties. Corporation apply. Shareholders’ In principle limited to the In principle limited The partners’ liability is The partners’ liability or Partners’ amount of their respective to their relevant subsidiary, unlimited, jointly is jointly and severally Liability
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