Company’s legal form change

Company may change its legal form under the conditions and procedure which have been prescribed by the provisions of Articles 478 to 482 of the Companies Act.

Concept of a Legal Form Change

By changing the legal form, a company converses from one legal form into another legal form, in accordance with Companies Act.

The change of the company’s legal form does not affect the legal personality of that company.

The provisions of the Companies Act governing establishment of a form of a company apply mutatis mutandis to the change of a legal form of the relevant company, unless this Act stipulates otherwise. Continue reading Company’s legal form change

The company’s business name

A company operates and participates in legal transactions under a business name, which it had registered in accordance with the registration act. By the provisions of Articles 22 to 30 of the Companies Act are regulated elements of the business name (mandatory, optional and prohibited), the language and alphabet of the business name, as well as rules for its usage and protection.

Mandatory Elements of the Business Name

A business name shall contain the company name, legal form and place of the company seat.

The company name is a characteristic part of the business name which differentiates that company from other companies. Continue reading The company’s business name

Memorandum of association in Companies act

According to the provisions of the Companies Act a memorandum of association is a constitution document of a company that takes the form of a decision on incorporation if the company is incorporated by a single person, or the form of an agreement on association if it is incorporated by several persons.

At the occasion of company incorporation, the signatures on the memorandum of association are certified in keeping with the act which regulates signature certification.

In a general partnership, limited partnership and a limited liability company, a memorandum of association regulates the manner of management of a company and other issues in keeping with the Companies Act for each individual legal form of a company.

A joint stock company has a memorandum of association and articles of association that regulate the manner of management of the company and other issues in keeping with the Companiess Act, unless a separate act provides otherwise.

A person who later joins the company is bound by the company’s memorandum of association i.e. articles of association from the day of acquiring the status of a company member in accordance with the Companies Act. Continue reading Memorandum of association in Companies act