Types of business partnerships — КиберПедия 

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Types of business partnerships

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1) general partnership

its participants (general partners), in the case of insufficiency of the property of the partnership, bare the joint liability for the obligations of the partnership with all their property (art. 63 CC)

2) kommandit partnership

besides one or more general partners there are also one or more participants with limited liability; only general partners can manage the business activity of the partnership (art.72 CC)

3) limited liability partnership

its partners bear the risk of losses associated with the activities of the partnership within the limits of the contributions made by themselves (art.77 CC)

4) partnership with additional liability

its participants are liable for the obligations of the partnership with their investments to the charter fund and in the case those are insufficient – additionally with the property that belongs to them in the amount proportionate to the contributions made by them (art.84 CC)

Formal Organizations

 

Characteristics of the formal organizations

- conscious deliberate human efforts to establish and operate them for the accomplishment of pre-determined goals.

 

- the structured relations among its members.

 

- their members are selected on the basis of their individual qualifications.

 

- money and other material resources to be used by the organization are determined with

reference to its goals.

 

Liquidation of the partnership

Process of liquidation of a legal entity

1. Informing the organ of justice who is making the registrations and tax organs

2. Creation a liquidation commission

3. Liquidation commission publishes the information about the liquidation of the legal entity and the period of claims of debts (no less than two months)

4. Intermediate liquidation balance

5. Selling of the property of the legal entity in a case of insufficiency of money to meet the claims of the creditors

6. Final liquidation balance

7. Registration of liquidation in the state register. (art. 50 CC)

 

3. BOD

Board of directors

· Executive directors

· Non-executive directors

· Independent non-executive directorsю. All stakeholders should be represented there.

Board of Directors

 


Interests & goals

n vs. shareholder interests

n vs. management

Banking crisis in KZ, whose fault it was?

n management

n shareholders

n board

 

 

. State enterprises

Order of creation, regulation and the termination of activity of the enterprises of the RK National Bank is defined by the present Law, in the view of the features established by normative legal

acts of the RK National Bank.(art 1.5)

 

Pledge

Pledge

Pledge is recognized as a method of securing the fulfillment of obligations, by which

– a creditor (pledge holder) has the right, in the case of failure by the debtor to fulfill the obligation secured with the pledge,

– to receive the satisfaction from the value of the pledged assets, in a priority procedure before the other creditors of the person to whom that property belongs (pledgor).

Types of Pledge

Mortgage is a type of pledge under which the pledged property remains in the possession and use of the pledgor or a third person.

Pawning is a type of pledge whereby the pledged property is transferred by the pledgor into the possession of the pledge holder.

 

3. Independent directors of JSC

Article 54. Composition of the Board of Directors

1. Only an individual can be a member of the board of directors.

2. Members of the executive body, except for its head, can not be elected to the board of directors. The head of the executive body can not be elected chairman of the board of directors.

3. The number of members of the board of directors must be at least three people. At least one-third of the number of members of the board of directors of the company should be independent directors.

Conditions of validity

Conditions of validity:

• The agreement must comply with any formal legal requirements

• All the significant conditions of the transaction must be mentioned

• There must be a clear expression of the intention of the parties to create the legal relations

• Parties must have capacity to contract

• The agreement must be legal

 

LLP

LLP is a corporate entity established by one or several individuals or legal entities, whether foreign or local, vested with its separate property, rights and liability.

- Participants of LLP are not liable for its obligations and bear the risk of losses associated with the activities of the partnership only to the extent of the amount of their contributions into the LLP's charter capital, except in certain cases.

- LLP's charter capital is formed by combining contributions from founders/participants of the LLP

- The LLP Law does not set specific requirements as to what management bodies should be established in LLPs apart from requiring LLPs to have (i) the general meeting of participants (or a sole participant) as a supreme body; and (ii) an executive body. The LLP Law allows LLPs to form a supervisory body and/or an audit commission.

- LLP is a commercial organization, whose objective is to carry out activities aimed at generation of profit and conducting any types of activities not contrary to the Kazakhstan legislation

 

Obligations

Obligation = duty to commit a certain a action + right to demand the commitment of that action + responsibility for the consequences.

If due to an obligation one person (the debtor) is obliged to commit for the benefit of another person (the creditor) certain actions, e.g. to transfer property, perform work, pay money etc., or abstain from certain actions, then the creditor has the right to claim from the debtor the execution of his obligation.

Obligations may emerge from:

Contracts;

Unilateral Transaction (public promise of the reward);

Infliction of damage;

Other acts of citizens and legal entities (groundless acquisition, acts without

authority);

 


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