Limited Liability Company (LLC)

Posted on Posted in Incorporate Company

Limited Liability Company is a company formed by two or more persons for the purpose of trading; the company's capital is not represented by shares or bonds, and the responsibility of the partners is limited to the extent of their contribution only. In the company's title the phrase "limited liability" must appear, otherwise the company will be considered as a general partnership with respect to third parties. The name of the company must not include the name of any partner, otherwise the partner whose name appears will, by third parties be looked upon as a member of a general partnership. A partner's contributions cannot be represented by transferable commercial instruments whether bearer or registered. The partners' contributions in the company cannot be transferred to third parties without the consent of a majority of partners, representing at least three quarters of the company's capital. The partners' contributions will not be transferred unless a notarial deed is drawn up in this connection.

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