47. Limited Liability Company

Limited Liability Company

(LLC) is an independent organizational and legal form of entrepreneurial activity.

A limited liability company is a company founded by one or more persons, the authorized capital of which is divided into shares of the sizes determined by the constituent documents. Signs of a limited liability company:

1) is a legal entity;

2) is a business company;

3) has an authorized capital;

4) is established by one or more persons;

5) the authorized capital is divided into shares in accordance with the number of founders;

6) has constituent documents;

7) the participants of the company are not liable for the obligations of the company;

8) the participants of the company bear the risk of losses within the value of their contributions.

The company owns separate property, which is accounted for on its independent balance sheet, can, in its own name, acquire and exercise property and personal non-property rights, bear responsibilities, be a plaintiff and defendant in court, i.e., it is endowed with civil legal capacity and acts as an independent participant in civil law. turnover A company may have civil rights and bear civil responsibilities necessary to carry out any types of activities not prohibited by federal laws, if this does not contradict the subject and goals of the activity defined by the limited charter of the company. The company may engage in certain types of activities, the list of which is determined by federal law, only on the basis of a special permit (license). If the conditions for granting a license to carry out a certain type of activity provide for the requirement to carry out such activity as exclusive, the company during the validity period of the license has the right to carry out only the types of activities provided for by the license and related types of activities.

LLC is vested with legal capacity from the moment of its creation. The company is considered to be established as a legal entity from the moment of its state registration in accordance with the procedure established by the Federal Law on State Registration of Legal Entities.

An LLC can be established for a fixed term or indefinitely. As a general rule, a company is created without a time limit, unless otherwise provided by its charter.

The rights of a limited liability company are closely related to its obligations. The society, being a full-fledged subject of civil turnover, is a delinquent subject and therefore independently bears responsibility for its obligations with all the property belonging to it. At the same time, both the participants of the company are not liable for the obligations of the company, and the company is not liable for the obligations of its participants.

Author: Sazykin A.V.

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