Business and Industry Law Articles
Articles written by attorneys and experts worldwide
discussing legal aspects related to Business and Industry.
August 28, 2014 By The Gauthier Law Group, LLC
Ready to move your startup out of the garage and into real office space? Here are some tips on negotiating your startup office lease.
August 28, 2014 By Global Jurix
Today, the Real Estate Investment Trusts [REITs] are highly successful in more than 20 countries worldwide, including USA, UK, Australia, France, etc. Therefore, SEBI has rightly allowed trading of such REITs in India also, in August 2014, to pave the way for desired growth and transparency in the vast and fast-paced real estate sector of India. Besides bringing in the globally accepted practices, these REITs are expected to infuse a new lease of life and zing in the Indian real estate sector.
August 28, 2014 By GRP Rainer LLP
Whether a life insurance policy can still be cancelled years later depends to a large extent on whether the policyholder’s possibilities of cancellation were properly explained to him.
August 27, 2014 By GRP Rainer LLP
In the context of dismissing and terminating the contract of a managing director, essential points have to be observed.
August 26, 2014 By WINHELLER Attorneys at Law & Tax Advisors
Germany is a good starting point for introducing a business to the European market. It is not only one of Europe’s largest national economies, but also geographically in the center of Europe, with an excellent infrastructure and good transportation connections to major European cities.
August 26, 2014 By GRP Rainer LLP
World trade, important for merchant shipping and thus also those investing in ship funds, appears to be losing momentum. This is demonstrated by the current figures.
August 25, 2014 By GRP Rainer LLP
Enforcing international jurisprudence in Germany is not always easy. State borders also mark the end of the jurisdiction of courts. This can lead to problems if the matter is one of enforcing claims against foreign debtors.
August 22, 2014 By GRP Rainer LLP
If the proprietor of a firm retires, company succession must be arranged. Generally, there are two options: Sell or bequeath.
August 22, 2014 By MMLC Group
Recent progress of enactment and establishment relating to the publicity of enterprise credibility information in order to cooperate with the implementation of the latest amended Company Law.
August 21, 2014 By Pohl & Short, P.A.
There are many high-quality contractors in Central Florida that do an outstanding job, building beautiful homes. They try to get their projects finished on schedule and within their client’s stated budget, as they know that their hard-earned reputations are on the line.
August 21, 2014 By Cobb Law Group
After a vendor extends credit, it is vital that the vendor continually monitor the debtor for changes in its credit profile in order to minimize the vendor's risk of nonpayment. The following list of 20 early warning indicators, will help you see the risk coming before it happens.
August 21, 2014 By GRP Rainer LLP
All states have their own inheritance laws. In succession cases involving a foreign element, the question arises as to which inheritance law is applicable. In many cases, this is a complex matter.
August 20, 2014 By Donovan & Ho
The Malaysian Personal Data Protection Act 2010 (“the Act”) came into force on 15 November 2013. With it, businesses in Malaysia are now faced with additional responsibilities and requirements when it comes to dealing with personal data of their employees, suppliers, and customers. This article summarizes the key issues to note under the Act.
August 20, 2014 By GRP Rainer LLP
The German Federal Constitutional Court (Bundesverfassungsgericht) is currently dealing with inheritance and gift tax. The focus is the question of whether tax benefits for businesses are justified.
August 18, 2014 By Roger G. Jain & Associates, P.C.
A default judgment is a judgment that is taken against someone that’s been sued when the person sued (defendant) is served with a lawsuit but ignores the lawsuit, fails to file the proper documents (an Answer) or otherwise make him or herself known to the court.
August 18, 2014 By Global Jurix
Electronic Governance or E-Governance has now become an imperative requirement of today’s highly competitive and intense corporate world. Through proper utilization of e-governance at all levels of corporate hierarchy, corporations in all economic sectors can certainly become more efficient, transparent, and reliable. The below article describes the provisions of e-governance stipulated by the new Indian Companies Act of 2013, to make corporate governance in India rather swift and impeccable.
August 15, 2014 By Cobb Law Group
The American Arbitration Association offers new rules to reduce fees and speed the decision making process for the arbitration of construction claims between $75K and $5M.
August 15, 2014 By GRP Rainer LLP
In many companies, succession will have to be arranged in the coming years. Those who still wish to benefit from tax advantages should act promptly.
August 14, 2014 By GRP Rainer LLP
A voluntary declaration in the case of tax evasion only exempts you from punishment if it has been submitted on time. Thus, the authorities cannot already have begun any investigations.
August 12, 2014 By John Oneil International
The recent decision by the China SPC turns on its head all that international arbitrators and contract drafters have come to believe of the China Arbitration rules, which requires all arbitration to be done by a Chinese institution, which invariable meant the application of that institution's arbitration rules.
August 12, 2014 By GRP Rainer LLP
Labour law is a wide field that features many pitfalls. Of particular importance is, for example, the conclusion of the employment contract as well as termination giving due notice.
August 11, 2014 By GRP Rainer LLP
Clandestine accounts in Switzerland are clearly becoming too hot for many people. In the first half of 2014 in North Rhine-Westphalia (NRW), three times as many voluntary declarations of an incomplete tax return relating to Switzerland are reported to have been received than in the same period of the previous year.
August 8, 2014 By Karbal & Co.
Libya is largely dependent on imports, consisting mainly of industrial and food commodities. Libya’s biggest trading partner is the European Union and Italy leads with 30% of Libyan imports. This significance of the Libya/EU trade-link across the Mediterranean is undisputed as the seaports of Libya are invigorating their connections to the southern European seaports.
August 8, 2014 By GRP Rainer LLP
Executive employees and management personnel occupy central positions in firms and are therefore subject to different legal conditions. This has implications for the employment contract and termination.
August 7, 2014 By Kydalov & Partners
Doing business in Ukraine, especially for a non-resident, is difficult, and there are a lot of formalities that are not inherent in the developed countries. That specificity and peculiarities of the Ukrainian market constrain, and sometimes repel the potential investors and businessmen from entering to the Ukrainian market. And these causes are the reason of lackluster performance of Ukraine in the field of competitiveness and ease doing business.
August 6, 2014 By Morris Anderson Law
Many employees have to sign "non-compete" agreements, often as a clause in initial hiring paperwork. Such clauses can throw a wrench in the hunt for new employment, and can cause you to be terminated from your new job. Here's what you need to know.
August 6, 2014 By GRP Rainer LLP
Banking law is one of the fields of law that almost everyone comes into contact with, yet it features many pitfalls which can be expensive for clients.
July 29, 2014 By GRP Rainer LLP
In the case of larger transactions, including in particular the acquisition of companies, shares in companies or investment property such as real estate, a careful risk assessment is indispensable. This kind of due diligence review provides all the relevant information for the planned purchase.
July 28, 2014 By Jalsovszky Law Firm
The corporate law is based on the “majority principle”: the majority shareholder can control the decisions at the shareholders’ meeting. While the old Companies Act already contained certain exceptions to this principle the new Civil Code broadens the scope of the exceptions.
July 27, 2014 By John Oneil International
The broad negative list initially issued at the launch of the Shanghai Free Trade Zone (FTZ) in Oct 2013 has been revised as promised. The newly issued negative list issued on June 30 2014 takes immediate effect and decreases the initial number of prohibitions from 190 to 139.
July 27, 2014 By Anastasios Antoniou LLC
Cyprus provides an established, stable and solid legislative framework under which Cyprus companies can be formed for intermediary or ultimate holding purposes within corporate groups, in project finance, cross-border transactions or even investment management contexts.
July 24, 2014 By Anastasios Antoniou LLC
In what constitutes a pivotal step in the transformation of Cyprus into one of the primary investment funds jurisdictions, new legislation is in place to regulate the establishment of Alternative Investment Funds. The Alternative Investment Funds Law of 2014 (the Law) provides a much-expected overhaul to Cyprus' investment funds regime, which commenced with the Alternative Investment Fund Managers framework enacted in 2013.
July 23, 2014 By John Oneil International
The People’s Republic of China (PRC) rules on arbitration requires arbitration by an institution. Therefore for China based arbitration this usually means arbitration through the China International and Trade Arbitration Commission (CIETAC).
July 23, 2014 By Global Jurix
Duties and responsibilities of the Directors of a company, particularly the public limited companies, have been explicitly and lucidly stipulated in the new Indian Companies Act of 2013, which were rather obscure in the earlier CA-1956. These duties and liabilities of both the general Directors and the Independent Directors, are described in the Section 166, and the Schedule IV of the CA-2013. Discover these vital duties, for highly efficient and impeccable corporate management and governance.
July 22, 2014 By Loeb Smith & Brady
The Cayman Islands (“Cayman”) continue to be the leading offshore jurisdiction for the establishment of both hedge funds and private equity funds. Typically, private equity funds are structured in Cayman as exempted limited partnerships (“ELPs”) and the introduction of the Exempted Limited Partnership Law, 2014 (the “New ELP Law”), which came into force on 2nd July 2014, will enhance the attractiveness of Cayman as the leading offshore jurisdiction for private equity funds.
July 21, 2014 By Tornaritis Law Firm LLC
Cyprus Guidelines on Completing and Submitting Applications for Authorization as an Electronic Money Institution (‘EMI’) and Payment Institution under Directive 2012 [“the EMD”]; the Appointment of Agents & the Establishment of Branches
July 19, 2014 By John Oneil International
The recent troubles facing Tesla’s expansion into China, particularly the trademark of its name and it’s Chinese version TeSiLa should be paid close attention to especially by small businesses.
Significant Changes to Several Requirements on Registration of Foreign Invested Enterprises in China
July 18, 2014 By UB & Co. Attorneys and Counselors
On June 17, 2014, the Ministry of Commerce of China issued a notice regarding the improvement of review & approval and statistical rules of foreign investment in China (the “Notice”) and the Notice shall take effect as of its promulgation date. The Notice revised several important issues regarding the review and approval of registration of foreign-invested enterprises (the “FIE”) in China.
July 17, 2014 By AMS Advocaten
An earlier blog by Dutch lawyer Hein Hoogendoorn explained that in preliminary relief proceedings one shareholder can claim from the other shareholder that the latter has to sell his shares. Not every conflict between shareholders is suitable for preliminary relief proceedings. In this blog, corporate lawyer in The Netherlands Hein Hoogendoorn discusses the outcome of a main action that also addressed an enforced takeover of shares. This case was submitted to the court of North Netherlands.
July 16, 2014 By Leks&Co
Profit utilization of limited liability company is regulated under Article 70-73 Law Number 40 of 2007 on Limited Liability Company (“Company Law”).
July 16, 2014 By Leks&Co
On March 26, 2014, the Minister of Law and Human Rights (“MoHLR” ) enacted the Regulation of MoHLR No. 4 of 2014 on Validating a Legal Entity, Approving an Amendment of Article of Association and Company’s Data (“Regulation of MoHLR No. 4/2014”).
July 15, 2014 By Cobb Law Group
A grading subcontractor was not paid for putting in the roads in a new subdivision; after the construction lender foreclosed upon the project developer, the subcontractor sought payment from the bank. After the trial court awarded the subcontractor its full claim plus attorneys fees, the Georgia Court of Appeals reversed. Some very important lessons for subcontractors and lien claimants are made clear in the ruling.
July 15, 2014 By AMS Advocaten
Now that the economy is improving again, we see an increasing number of corporate takeovers. Taking over a company is an important process both for the buyer and the seller, in which unfortunately many things can go wrong. Most disputes occur because the parties have not taken good advice or have not (have) committed their agreements in writing in a clear manner. Corporate lawyer Hidde Reitsma explains the in and outs of a takeover process and what the parties should consider.
July 14, 2014 By de la Riva & Associates
While big corporations and companies get sued fairly regularly, small businesses are liable these days as well. Small business litigation suits are more common than people think, and they can have serious consequences for the companies involved, including costing huge amounts in legal fees and settlement costs, tainting professional reputations, and taking up valuable time and effort.
July 14, 2014 By de la Riva & Associates
Breach of contract lawsuits are common in the business world, but they can also be complicated. To win a breach of contract suit, you must present affirmative defenses to justify your actions and explain why you did or did not break the contract in question for an acceptable reason.
July 11, 2014 By MMLC Group
On May 12, State Administration of Foreign Exchange (“SAFE”) issued Regulations on Cross-Border Security as well as its Implementation Guidelines (the “Regulations”). The Regulations has become effective on June 1.
July 8, 2014 By Cobb Law Group
In today's cut-and-paste world, even leading contract attorneys make mistakes. If you want to make your contracts easier to read and promote a problem-free project, then consider implementing some of the changes which we have suggested here.
July 8, 2014 By Angela Wang & Co.
On 12 May 2014, the State Administration of Foreign Exchange (“SAFE”) issued the Rules on Foreign Exchange Administration for Cross-Border Security (“Rules”) which became effective on 1 June 2014. The Rules relax government control of capital and simplify cross-border guarantee of loans and investment requirements in and out of the People’s Republic of China (“PRC”).
July 5, 2014 By E&G Law Firm
Tax Liability in Joint Stock (“Anonim Şirket”) Companies As it has been known, administration and representation of joint stock companies are carried out by board of directors of the company.
July 2, 2014 By Kalish Law Texas
You may have been told recently by your attorney that you need to answer written discovery in your case. This may come at a time when you are already stressed out by the fact that you are involved in a lawsuit. This article will give you some practical tips about how to manage the paperwork more easily.
July 2, 2014 By Cobb Law Group
Last week, the Georgia Court of Appeals rendered a decision which is detrimental to subcontractor who do not thoroughly read and understand their construction contracts. The contract included a provision which made the individual signing the contract on behalf of the subcontract company personally liable for the contract's performance. The court permitted this provision to be enforced against the signatory.
June 25, 2014 By MMLC Group
This article looks at the recent decision by MOFCOM regarding Maersk's P3 Alliance, being only the second case ever where MOFCOM has refused approval. The implications of this decision need to be kept in mind by parties with large market shares, looking at entering into M&A transactions or cooperative ventures, affecting China.
June 22, 2014 By Ayman Sultan Law Firm
Law description for business commercial companies established in Egypt. These rights have described according to the International Law in Egypt. Also the article says about private property in Cairo, Hurghada. But there are other rules for Sharm-El-Sheikh.
June 20, 2014 By Anastasios Antoniou LLC
The 2014 merger control regime replaces the previous framework in place since 1999 and increases the powers of the Commission for the Protection of Competition in assessing, investigating and clearing merger, acquisitions and joint ventures.
Licence and Registration, Please! – New Licensing and Registration Regime for Directors of Cayman Companies
June 20, 2014 By Loeb Smith & Brady
On 4th June 2014, the Directors Registration and Licensing Law, 2014 (the “Law”) came into force in the Cayman Islands. The Law requires all directors (wherever they reside in the world) of “Covered Entities” to register with the Cayman Islands Monetary Authority (“CIMA”). The Law has also introduced a licensing regime for “Professional Directors” and “Corporate Directors”.
June 19, 2014 By Guden Law Firm
According to the decision of Energy Market Regulatory Authority (EPDK) on 24 May 2012, EPDK is planning to accept photovoltaic power plant licence for total installed capacity of 600MW for production capacity by June 2013.
June 19, 2014 By Guden Law Firm
It is true say that company incorporation process in Turkey is relaxed following implementation of new Turkish Commercial Code. However, in terms of time, with it is length process Turkey is still well behind from most of the European countries
June 18, 2014 By STA Law Firm
The UAE Competition law published in October 2012 and aims at regulating business and trading entities operating within the United Arab Emirates. The Competition law safeguards rights and interests of consumers at large and also aims at maintaining market sentiments.
June 18, 2014 By STA Law Firm
The near collapse of major financial markets around the world in 2008; has clearly left a lasting legacy on many. Questions have been raised in past as to what led ot the crisis, people who were instrumental in driving the downturn
June 17, 2014 By Matt Dickstein, Business Attorney
When the partners in a health care practice argue, usually it comes from one of these problem areas: control, compensation, exit. Today I’ll talk about control.
June 16, 2014 By Al Rowaad Advocates & Legal Consultancy
In a limited liability company, the manger can be appointed in the company’s memorandum of association or in a separate agreement. His appointment can be for a limited period or an unlimited period.
In order to harmonize them in the event of the new N-AUSC-GIE's entry into force", we have arisen, in an "ohada" purist context, the issue of the survivability of harmonized Congolese companies, which have not harmonized their articles of association with the provisions of Uniform Act on Commercial Corporate and Economic Interest Group of April 17, 1997, (AUDSC-GIE), when the New Uniform Act on Commercial Corporate and Economic Interest Group of January 30, 2014 (N-AUDSC-GIE) comes into force.
New Legal Framework to Promote the Public-Private Partnership in the Democratic Republic of the Congo
On February 11, 2014, the Democratic Republic of the Congo (DRC) enacted the Law No 14/005 creating tax, customs and parafiscal system of non-tax revenues and exchange control system applicable to Cooperation Agreements and Cooperation Projects, "PPP Law".
Through the decades, the economic environment of the Democratic Republic of the Congo ("DRC"), has been undermined by several problems causing unfavorable situations to carry out commercial, economic and industrial activities.
June 10, 2014 By Yanger Law Group, P.A.
When you agree to say nothing to anyone, say nothing. To anyone.
June 10, 2014 By Yanger Law Group, P.A.
If you own a business, do business with a business, enter into contracts as a business or for a business, or if your livelihood now and for the foreseeable future depends upon what that thing you’re signing actually says, words matter.
June 10, 2014 By Strachan Partners
Unlike commercial litigation where litigants spend many years in court for their dispute to be resolve by a Judge, an arbitration proceeding is fast and flexible. The parties agree on the process of resolving their dispute. Arbitration proceedings are confidential and an arbitral award is not subject to appeal. Notwithstanding the advantages of arbitration over litigation, there are many challenges facing Arbitration as a means of resolving commercial disputes in Nigeria.
June 10, 2014 By CTM Avvocati
New criminal offences under Italian Law - Commercial Bribery and Undue inducement to give or promise benefits - Corporations at risk of fines and disqualification sanctions if not compliant - Setting up or updating a compliance program.
June 9, 2014 By ERP Lawyers & Associates
Corporation taxes came into force on April 2012, which applies to all legal entities that are duly registered in the Costa Rican Public Registry (e.g. “S.A.”, “LTDA”, among others), as well for those corporations that are in the process of being registered or that will be registered in the future.
June 9, 2014 By ERP Lawyers & Associates
We resume the incorporation of the “Sociedades Anónimas” (S.A.), also known as Corporations, and the“Sociedades de Responsabilidad Limitada” (S.R.L.) or Limited Liability Companies, by explaining the legal information and requirements to submit and registered them into the Costa Rican National Registry.
June 9, 2014 By Herdem Attorneys at Law
Majority of companies in Turkey are family owned companies as their equivalents around the world. It is predicted that over 70 % of companies are family owned companies in the world. Family owned companies differ from other companies by their policies and management. Mostly, in family owned companies “the boss” (mostly the founding partner of the company) takes over whole management of the company and wants to carry out all business by his hand even daily products purchase and expenses.
Extra! Extra! Read All About It! IRS Commissioner Announces That Changes Are In the Offing For OVDP 2012
June 6, 2014 By DeBlis & DeBlis
On June 3, 2014 the new IRS Commissioner, John A. Koskinen, gave a speech before the International Business - OECD International Tax Conference. His speech covered the history of the offshore enforcement initiative since the UBS debacle in 2009. His remarks acknowledge what most professionals in the tax community have recognized since the inception: that OVDP needs more tweaking in order to meet the overall goals of enforcement and fairness.
June 6, 2014 By CTM Avvocati
Italian law on corporate liability in Italy is more and more being used as a powerful tool to involve corporations in criminal proceedings in order to push them towards a new culture of ethical corporate governance. In this article Marco Cozza outlines the legal framework and considers its likely impact on companies, top executives and shareholders.
June 6, 2014 By CTM Avvocati
Limited Liability Company is one of the simplest companies to use in the Italian market with limited costs and -of course- limited liability. This article features the main steps and information you will need to incorporate it.
June 4, 2014 By Castro Sammartino & Pierini, Attorneys & Counselors at Law
Regardless the business field of the investment, there are certain general steps to start a business in Argentina and to keep it in a legal good standing. Following, we will set forth a general guide aimed as reference for those wishing to do or already doing business in Argentina. The guide describes the formation process of a Sociedad Anónima (or SA) for being this vehicle the most suitable one to channel foreign investments.
June 4, 2014 By Kydalov & Partners
A matter of trust in business has a very valuable. It is no exaggeration to say that many good bargains are not made because of doubts that counterparties fulfill all the conditions. For example, in the case of contract of sale the seller is not sure he would get money for the sold goods and the buyer, in return, is not sure of receiving the goods
June 3, 2014 By DeBlis & DeBlis
What is an installment agreement? An installment agreement is an option for those who cannot pay their entire tax bills by the due date. It allows taxpayers to pay the amount due over a period of time
June 3, 2014 By Global Jurix
Provided is very informative, useful, and securing information about the changes introduced by the Indian Companies Act of 2013 to the realm of Corporate Governance. These changes and refinements in the practices of corporate governance in India are certainly very elegant and innovative for rendering the corporate world of India at par with that in most of the major and fast progressing economies of the world.
In this note we provide general information about some of the legal issues that a foreign franchisor or supplier (in distribution agreements) should consider when entering Azerbaijani market.
Invoices released to business and public entities are now an executive title in Albania.
Now the Republic of Kazakhstan, as one of the leading economies of CIS represents jurisdiction open for investment activities, introducing the foreign investors with mounting economic opportunities, supported with favorable investment climate, advanced in development of legislation and business oriented tax and customs policy.
Particularly, Ukraine, as the successor of the USSR, is the co-signatory of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958) and the European Convention on International Commercial Arbitration of 1961, and the Law of Ukraine "On International Commercial Arbitration" almost verbatim repetition of the Model Law UNCITRAL "On international Commercial Arbitration" of 1985.
A basic insight into the laws of technology and communications in Malaysia.
Polish S.A. (Spółka Akcyjna) is the most professional form of doing business in Poland by foreigners. A Joint-stock company is a legal entity with a separate legal personality from its stockholders. This is the safest way of doing business for the stockholders as they not liable for the company’s obligations, they only bear a risk up to the value of stock contributed.
Tax cases are document-intensive cases. As any white-collar criminal defense attorney knows all too well, summonses and grand jury subpoenas routinely seek documents. And there is a good reason why. If the government cannot get the requested documents, it often cannot make a case. It is for this reason that the seminal issue in document production cases is whether the taxpayer has a Fifth Amendment privilege with respect to documents that he possesses.
Below are the rules governing taxation of foreign nationals.
The Contracts (Rights of Third Parties) Law, 2014 (the “Law”) has now been passed into law in the Cayman Islands and is expected to enter into force shortly. The Law will grant to one or more persons who are not parties to a contract (each a “Third Party”) the ability to enforce rights and benefits expressly granted to the Third Party in the contract.
Ukraine, as one of the largest countries in Europe, with over 40 million citizens, has been and is potentially attractive for business. Some western companies, especially last ten years, have opened in Ukraine many joint companies or subsidiaries. Some business was fine, someone had not suspected result.
Some of the legal issues that a person starting business in Azerbaijan would need to consider. This article covers corporate registration, tax and employment aspects of starting and operating business in Azerbaijan.
Directors’ Liability: In The Event Of A Breach Of Duty, Directors Are Also Liable With Their Private Assets
Company directors of a corporation bear a huge responsibility as well as a high risk. If they breach their duties, they may also be liable with their private assets.
By Global Jurix
Ours this informative web-article presents opulent information about the limited liability partnership (LLP) firms in India. These LLPs are enormously popular in nearly all economic sectors in India and abroad. Registered and regulated under the rules and regulations given in the Indian LLP Act of 2008, these LLPs are certainly highly suitable and preferable corporate entities for combining entrepreneurial talent and expertise of one partner, and capital and resources of the other partner.
By LPA Law Firm
The licensing system is governed by Law no. 10081, dated on 23.02.2009 “On licenses, authorizations and permits in the Republic of Albania”, which sets out 45 categories for licenses, permits and authorizations.
The Council of the EU adopted yesterday the regulation establishing a European Account Preservation Order.
In a judgement dated 15.03.2012 (Case No.: III ZR 148/11) the Federal Supreme Court of Germany (BGH) ruled that sales organizations can be held responsible for the criminal behavior of an agent.
The Change Of Company Object Of A GmbH (limited liability company) Can Be Considered A Re-establishment
On 03.06.2012, the Federal Supreme Court (BGH) held that the resumption of business operations associated with a new company object should be classified as an economic re-establishment. This must be disclosed to the court of registration; otherwise liability was likely to arise.
Fair Dealing by Directors under Hong Kong’s New Companies Ordinance
When merchandise is offered at an extremely low price and only in connection with the purchase of a main product this is called combined offers. This method of sales is increasingly used by many companies as a new marketing strategy.
At the time that a director or officer commits a company to an agreement, while he is reasonable aware that he cannot comply with this agreement, this director or officer can be held liable for any loss. This problem was recently addressed in the court of Maastricht (The Netherlands).
Due to the recent amendments in the Turkish Commercial Code and the equity principle between domestic and foreign investors, the number of established local and international companies has been increasing in recent years in Turkey. As a conclusion, the question which company type shall be established comes to the fore frequently. Before the clarification of differences between these company types, it is important to provide information regarding the legal amendments in Turkish company law.
As is known, administration and representation of joint stock companies are carried out by board of directors of the company. Members of board of directors can be elected by general assembly of the company from among shareholders or other third persons and board of directors can even leave the administration and representation of the company to only one member of the board of directors or other persons who are not member of board of directors as well.