Registration of Open Company (limited liability company) in Belarus
Registration of Open Company (limited liability company)
And so, if you have decided to register Open Company, it is necessary for you to know the following information on the chosen form of business dealing:
Limited liability company – the society founded by two or more persons which actions are divided into shares admits. Participants of limited liability company don’t answer under its obligations and bear risk of the losses connected with activity of a society, within cost of the contributions brought by them.
The legal status of limited liability company, the right and duty of its participants are defined by the legislation on limited liability companies, in particular, the Law of Belarus «About economic societies».
The starting capital of Open Company (limited liability company)
The minimum starting capital of Open Company isn’t established by the legislation.
The starting capital of limited liability company is made of cost of contributions of its participants.
The starting capital defines the minimum size of property of the society guaranteeing interests of its creditors.
Clearing of the participant of limited liability company of a duty of entering of the contribution to the starting capital of a society, including by offset of requirements to a society, except for the cases established by acts isn’t supposed.
Reduction of the starting capital of limited liability company is supposed after the notice of all its creditors. Creditors have the right to demand in this case the preschedule termination or execution of corresponding obligations of a society and compensation of losses by it.
Founders (participants) of Open Company (limited liability company)
The number of participants of limited liability company shouldn’t exceed 50 (fifty). Otherwise the limited liability company is subject to reorganization within a year, and after this term – liquidations in a judicial order if the number of its participants doesn’t decrease to the limit established by acts.
The limited liability company can’t have one participant.
Constituent documents of Open Company (limited liability company)
The constituent document of limited liability company is the charter confirmed by its founders.
The limited liability company charter should contain conditions about the size of the authorized capital of a society; about the size of shares of each of participants; about the size and structure of contributions of participants; about structure and the competence of controls a society and an order of acceptance by them of decisions, including on questions decisions on which are accepted unanimously or the qualified majority of votes, and also other data provided by the legislation on limited liability companies.