In October 2026 more than 4,000 families are already benefiting from the succession and wealth protection solutions provided by a family foundation in Poland.
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he appointment of a member of the management board of a limited liability company for an indefinite term is valid only if provided for in the articles of association of the company.
In case of lack of such provision in the articles of association, a member of the management board should rather be appointed for a fixed term; otherwise, their term of office will automatically expire on the date of the shareholders’ meeting that approves the financial statements for the first full fiscal year during which they served as a member of the management board.
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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.
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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.
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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.
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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.
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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).
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The Polish Parliament works on a law on family foundations. New in Polish law, the institution of a family foundation is expected to improve the legal environment for the succession of family businesses.
Family businesses make up a large portion of Polish companies established in Poland over the past 30 years, and the new legislation aims to facilitate succession and the continued smooth operation of family businesses, without the need for foreign legal solutions.
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Liquidation (dissolution) of a limited liability company in Poland is a relatively lengthy process and requires a number of formal steps.
Since the assets remaining in the company after liquidation cannot be distributed among the shareholders until 6 months after the announcement of liquidation in the official journal, the entire liquidation process usually takes no less than 8 months.
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Attorney-at-law Jacek Wiśniewski has been appointed to the Experts’ Board of Loan Magazine Awards 2023.
Loan Magazine Awards are granted yearly to the best firms and managers from the non-bank lending and fintech space in Poland.
“We support non-bank lenders and fintech firms in their operations in Poland. Loan Magazine Awards is a great initiative to select and prize the best. Our firm is also supporting organizers to ensure a transparent ballot.” said Jacek Wiśniewski, the Managing Partner of #WIŚNIEWSKI.legal law firm.
Loan Magazine Awards 2023 Gala will take place on 9 February 2023 in Wrocław, Poland.