BlogContracts & TransactionsLegal ResourcesStarting a Commercial Company? You Should Draft a Statute!

August 5, 20220
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What is a company’s statute? 

 

A statute is the most important document for establishing a legal entity as a commercial company. Domestic legislation governing the activity of commercial companies stipulates that new entrepreneurs should register their entity by means of a written statute. 

 

The elements of a Statute

 

  • Name of the company
  • Legal form 
  • Date of establishment
  • Identification data of the founders
  • Headquarters 
  • The object of company’s activity (if defined)
  • Company’s activity duration
  • Identification information of persons responsible for the administration and representation of the company in relation to third parties, powers of representation, as well as the conditions of their appointment
  • Copies of signatures of company’s representatives with third parties
  • The value of the paid share capital
  • Number of shares of paid capital 
  • The nominal value of each part
  • Participation in capital
  • The value and type of contribution of each partner
  • Information on whether the initial capital has been paid or not
Why is a Statute important?

 

Statute is a written agreement governing a commercial enterprise, by providing founders, CEOs and third parties a bundle of rights and obligations.

 

Who is entitled to write the statute?

 

  • The director 
  • Attorney- depending on the complexity of the company, a lawyer can write the statutes of a company. For companies that require special operations (purchase of shares), the lawyer is particularly relevant.
  • YOU – using Legit Platform

 

Legit Statute

 

The statute generated using the Legit Platform is drafted by our lawyers, in accordance with the requirements of the legislation in force for the statute of a limited liability company (sh.p.k.).

While drafting the charter, the platform will direct you to some questions, which you need to answer in accordance with the objectives of the company and your business needs.

The platform allows you to draft a Statute in 5 minutes, without the assistance of a legal professional, as questions that may need a legal explanation will be shown to you with a short instructive comment.

 

Draft a Statute following these 3 easy steps:

 

  1. Register in the Platform
  2. Draft the Statute
  3. Download the Statute

Legit advice: Keep with you a means of identification (if you are a sole founder), or means of identification of all founders.

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