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Closing of the accounting books and tax year during the liquidation of the LLC in Poland

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The opening of the liquidation of a Polish limited liability company results in the need to close and reopen the accounting books and close the tax year and open a new one.

This usually results in two financial statements and two annual tax returns.

#PolishLegalTips #Liquidation #Dissolution #Company #LLC #Accounting #Tax #Year #Law #Commercial #Companies #Poland #WisniewskiLegal

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Reverse vesting in Venture Capital transactions in Poland

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Polish law allows the use of reverse vesting clauses, involving the use of call options to repurchase shares from the founder in the event that he or she wishes to leave the company before the end of the agreed period.

The number of shares that can be repurchased in this way usually decreases over time.

#PolishLegalTips #Venture #Capital #VC #Reverse #Vesting #Clause #Shares #Call #Option #Founder #Investments #Investment #Agreement #Law #Poland #WisniewskiLegal

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Venture Capital transactions in Poland and liquidation preference

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In investments made by Venture Capital funds in Poland, it is common practice to introduce the so-called liquidation preference for the VC fund.

In case of a liquidity event (e.g., sale of shares or liquidation of the company), the VC fund first receives funds to recover its investment.

#PolishLegalTips #Venture #Capital #Fund #VC #Investment #Agreement #Liquidation #Preference #Law #Poland #WisniewskiLegal

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Damages are not subject to VAT in Poland

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Damages (odszkodowanie) for improper performance of contracts should be treated in Poland as an activity not subject to VAT.

On the other hand, for a performance to be considered a VAT-taxable service, there must be a direct relationship between the performance and the payment and exchange of mutual benefits.

#PolishLegalTips #Tax #VAT #Damages #Taxation #Services #Law #Poland #WisniewskiLegal

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Enforcement of judgments and court settlements from EU countries in Poland

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Judgments and court settlements from European Union countries can be relatively easily enforced in Poland under the provisions of the so-called Brussels I Recast Regulations (1215/2012).

A Polish bailiff will enforce a judgment or court settlement on the basis of a standard certificate issued by the court of the country where the judgment was issued (or the settlement approved).

#PolishLegalTips #Enforcement #Litigation #Court #Judgement #Settlement #Regulations #Brussels #Recast #Bailiff #Poland #EuropeanUnion #Law #WisniewskiLegal

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Entry into force of corporate resolutions of commercial companies

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In case of adoption of resolutions by bodies of commercial companies, the resolution may provide for an effective date of the resolution later than the date of its adoption.

This way of adopting resolutions can be helpful when the effect of the resolution, such as personal changes in the company’s bodies, should take place on a certain date (e.g. on the 1st day of the month) and the resolution itself is adopted earlier.

#PolishLegalTips #Corporate #Law #Companies #Limited #Liability #Company #Management #Board #Shareholders’ #Meeting #Resolution #Poland #WisniewskiLegal

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