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The Appointment of the Member of the Management Board of a Polish LLC for Indefinite Term

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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.

PolishLegalTips #Corporate #Law #Company #LLC #Director #Management #Board #Term #Cadence #Expiry #Poland #WisniewskiLegal

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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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Liquidation of the LLC in Poland takes time

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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.

#PolishLegalTips #Liquidation #Dissolution #Company #LLC #Corporate #Law #Code #Commercial #Companies #Poland #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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