Limited Liability Company

Συμβολαιογραφικές & Νομικές Υπηρεσίες

 

The Limited Liability Company is the company which is responsible solely for its obligations only by its assets. It is a commercial company by law, even if its mission is not the exercise of a commercial business.

Its name is formed either from the name of one or more partners, or from the scope of the business activity. The name must also include the words "Limited Liability Company – Ltd".
To establish a Limited Liability Company (LTD), requires the company contract to be drafted by notary instrument.

Since 9/4/2014 the capital raising tax according to the law articles 17 and on, law 1676/1986 (A' 204) is not imposed during the establishment of a company.

As minimum company capital is set forth by law the amount of two thousand four hundred (4.500,00) EUROS, which cannot be reduced below this amount.


SINGLE-PERSON LIMITED LIABILITY COMPANY:
The limited liability company may be established by a single person or it can be rendered single-person, in which case its name includes the words in writing "SINGLE-PERSON LIMITED LIABILITY COMPANY". A physical or legal person cannot, on penalty of invalidity, be a sole partner in more that one limited liability companies. A Limited Liability Company cannot, on penalty of invalidity, have as a sole partner a single-person limited liability company. The powers of the Meeting of the partners are exercised by the single partner. The single partner's decisions, taken in this way, are recorded in the minutes that are co-signed on the same day by an attending Notary Public of the company's registered office. The contracts entered between the single partner and the company that he/she represents, are entered in minutes or drafted in writing, except the current acts entered under normal conditions. In a single-person limited liability company shall apply the other provisions of the Law 3190/1955 on Limited Liability Companies (Ltd)".

ARTICLES OF ASSOCIATION DETAILS OF A LIMITED LIABILITY COMPANY or SINGLE-PERSON LIMITED LIABILITY COMPANY:
The notary instrument of the establishment (articles of association) of the company must, inter alia, necessarily include:
a)    The full details of the partners, their T.R.N. and their D.O.Y.
b)    The mission of the company.
c)     The capacity of the company, as a "limited liability company".
d)     The company name.
e)     The company registered office.
f)     The term of the company.
g)     The capital, participation share and any more company shares of each partner, as well as certification of the founders on payment of the capital. Each company share cannot be set out less than 30 Euros and when it is more, it must correspond to a multiple of such amount.
h)     The scope of any contributions in kind, their assessment and the name of the contributing partner, as well as the total value of any contributions in kind.
i)    The manager or managers of the company.
In order to draft the notary instrument the presence of a solicitor is mandatory, when the capital totals over the limit set forth by the legislation each time.