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Glossary of terms

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Limited liability company (LLC, Ltd.)

The company whose share capital consists of the contributions  of partners and the partners of which are liable for the company's liabilities until the repayment of the deposits has been registered in the Commercial Register.

It is one of the most frequently established companies at all (advantages - capital separation from the property and guarantee to the creditors in the form of share capital, ideal for medium and small businesses).

The bodies of the company are the General Meeting and the executive director (or more directors).

Limited partnership

A company in which 1 or more partners are liable  for the limited partnership's obligations up to the amount of their unpaid  contribution (limited partners) and 1 or more guarantee their entire property (general partners).

The limited partners insert property values, the general partners then a personal contribution. Limited partnerships are governed by the provisions of a public company, the status of limited partnership is governed by the provisions on Ltd., the statutory body of the company are always general partners.

Limited partnership is historically the oldest  trading company.

Liquidation of the Company

A process regulated by law in which an extrajudicial  settlement of property relations of an expiring  legal person takes place. Liquidation is mandatory, unless the law expressly determines that it is not necessary (legal successor). The purpose is to clarify the financial situation of the trade company. Liquidation is carried out by the liquidator and after its termination it may result in deletion from the Commercial Register.