Commercial activity. Limited Liability Company (LLC) (lecture notes)

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Commercial activity. Limited Liability Company (LLC) (lecture notes)

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33. Limited Liability Company (LLC)

Limited Liability Company is a commercial organization established by one or more persons, having its own charter and memorandum of association.

A limited liability company unites persons who form the authorized capital at the expense of the contributions of participants.

Contributions of participants can be of various nature. This may be personal property, land, transport and other individual property. The charter of the company determines the property that cannot be a contribution to the authorized capital.

Being a legal entity, a limited liability company is obliged to act in accordance with its charter and memorandum of association accepted by the participants of the company. The name of the company must indicate the organizational and legal form (LLC).

Legal entities that are part of the company retain their rights and independence.

The authorized capital may have a minimum allowable size, which makes it possible for novice entrepreneurs to start their own business with a small starting capital. Limited liability companies can be organized as family firms, enterprises that bring together business partners who are in constant business contact and mutually interested in the success of a common cause.

The Civil Code of the Russian Federation establishes a law on the maximum number of participants in a limited liability company, which they are not entitled to exceed. If the number of participants exceeds the limit, the company will be subject to transformation into a joint-stock company.

Limited liability companies consist of a small and constant number of participants who have rights, the amount of which depends on the amount of funds invested by them. Members of the company have the right to receive their share of the profit, which can be distributed among them once a year, once every six months or once a quarter.

The participants of the company have the right to transfer their share in the common capital to other legal entities or individuals, having informed other members of the company in advance and having received their consent. The charter of the company fixes the procedure for the transfer of deposits from one owner to another. Each member of a limited liability company may freely leave the company.

The established limited liability company is designed to bring profit to its participants. It is necessary to control that the value of monetary and property resources is not lower than the value of the authorized capital. If this happens, i.e., the value of net assets falls below the value of the authorized capital, the company is liquidated.

Authors: Egorova E.N., Loginova E.Yu.

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