Exit of limited liability company member

Exit of limited liability company member (hereinafter referred to as: exit of company member) is one of the reasons for termination of company member status. Procedure of exit of company member shall be governed by the provisions of Articles from 187 to 193 of the Law on Business Companies.

Reasons for termination of company member status are:

  • Death, in case of a natural person, or deletion from a relevant register, in case of a legal entity
  • Exit from a company
  • Expulsion from a company
  • Transfer of entire equity interest
  • Withdrawal and cancellation of entire equity interest.

Exit of Company Member without Claiming Compensation for Equity Interest

A comapany member, which hasn’t outstanding liabilities towards the company on the basis of outstanding contributions, may at any time, on the basis of the statement on exit which sall be submitted to the company, to exit from the compnay without giving any reasons for the exit, if he/she does not demand compensation for its equity interest. Continue reading Exit of limited liability company member

Financing of the company by the founders through loan

Contracting and implementation of the loan to the company from the founders is almost entirely governed by the provisions of the Law on Contracts and Torts.

The Companies Act in the part Additional Payments and Loan to the Company (Articles from 178 to 181) prescribes manner of esblishing the additional payment obligation, consequences of failure to make addititonal payment and return of the additonal payments, but does not provide specific rules relating to the loan. Provisions of the Companies Act which regulate payment limitations to the company’s founders, approval of a transaction in which there is personal interest and company’s share capital increase contain norms that are important for the contracting and implementation of loan.

The Law on Cotract and Torts doesn’t impose restrictions when it comes to the conclusion of the loan contract and the lender can be both as a business entity and natural person. According to the provisions of Article 557 of the Law on Contract and Torts by a loan contract the lender shall assume the obligation to transfer ownership to the borrower of a specific amount of money or other interchangeable objects, while the borrower shall assume the obligation to restitute after a certain time to him the same amount of money, or same quantity of objects of the same kind and quality. Continue reading Financing of the company by the founders through loan

Forms of work engagement in Serbia

The Labor Law provides ways of the working engagement of persons in the Republic of Serbia, which are the legal and statutory methods of the working engagement. Overall in the Republic of Serbia, persons may be engaged in work as much the employer will establish employment relationship with them, or they will be engaged outside employment relationship, on one of the ways prescribed by the provisions of the Labor Law.

Employment Relationship

Employment relationship for a indefinite period of time is the basic form of the employment relationship, but not the only form of the employment relationship. Besides it there are other forms of the employment relationsip, as follows:

  • Employment relationship with a probation work
  • Employment relationship for a definite period of time
  • Employment relationship for performing higher-risk jobs
  • Part-Time employment relationship
  • Employment relationship for performing jobs outside the employer’s premises
  • Employing household help and
  • Employment relationship with trainee. Continue reading Forms of work engagement in Serbia