Business and Industry Law Articles

Articles written by attorneys and experts worldwide
discussing legal aspects related to Business and Industry.




New Rules in Albania for Combating Late Payment in Commercial Transactions

Invoices released to business and public entities are now an executive title in Albania.

Kazakhstan: Comparative Analysis in Forming and Running a Business

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.

Arbitration: Your Counterparty is a Resident of Ukraine

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.

Technology & Communications Law - Malaysia

A basic insight into the laws of technology and communications in Malaysia.

Polish Joint Stock Company - S.A. (Spółka Akcyjna)

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.

Deconstructing the “Act of Production” Doctrine

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.

The Rules Governing Taxation of Foreign Nationals

Below are the rules governing taxation of foreign nationals.

New Law Passed to Modify Contract Law in the Cayman Islands

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.

What to Do to Quickly Close the Business in Ukraine

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.

Starting a Business in Azerbaijan

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.

Growing Needs of (LLP) Limited Liability Partnership

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.

Business Licensing in Albania - Albanian National Licensing Centre (NLC)

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.

Council Adopts European Account Preservation Order

The Council of the EU adopted yesterday the regulation establishing a European Account Preservation Order.

Responsibility of Sales Organizations for the Criminal Behavior of an Agent

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

Fair Dealing by Directors under Hong Kong’s New Companies Ordinance

Decision of the Federal Supreme Court Concerning Advertising and Combined Offers

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.

Directors’ and Officers’ Liability in The Netherlands: the Beklamel Standard

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).

Limited Liability vs Joint Stock: Advantages and Disadvantages in Turkish Law Perspective

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.

Shareholders’ Liability for Public Debts in Turkish 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.

Limitation Of Employment Contracts And Termination

Since coming into effect in the year 2000, the Labour Court Acceleration Act changed procedural rules of the Labour Court Act, but also set down an important new provision in substantive labour law. Its goal is to simplify and speed up labour court proceedings.

Sales Organizations Can Be Held Responsible for the Criminal Behaviour of an Agent

In a judgment dated 15.03.2012 (Case No.: III ZR 148/11) the Federal Supreme Court of Germany (BGH) ruled that sales organizations that provide capital investments are in certain cases liable for the criminal conduct of their sales representatives.

Regulations Of Commission In The Standard Business Terms (AGB) For Trade Representative Contracts

Trade agents contractual commission regulations can be ineffective if they are contradictory according to § 307 para. 1 sentence 2 BGB (Federal code of law).

Always, Always, Always Read the Contract

Think about the last contract you signed. Did you know which sections were negotiable? Which provisions, with negotiated changes, could have enhanced the value received from the contract?

The Importance of Proof of Ownership

There are many advantages to owning a business, assuming that ownership can be proven. Owning a business allows for personal wealth appreciation as the value of the underlying business increases. Corporate stock and limited liability entity ownership or membership interests provide an added benefit of liability protection.

Fighting Back Against Internet Defamation

The internet is a tempting forum for employees and competitors to get revenge by posting negative reviews. Many consumers read websites such as Yelp when choosing a businesses to patronize. We business-owners should understand this new phenomenon and deal with its repercussions, especially negative reviews.

Prospectus Liability

Prospectuses on investment opportunities are designed to provide investors with essential information for their investment decisions. Therefore, the prospectus must fully and accurately inform potential investors or purchasers about all circumstances of the offered investment model that are relevant or may be essential to his or her decision. In the case of negligence, improper or fraudulent misrepresentation in a prospectus, liability for the prospectus might arise.

Turkish Retail Sector: 2014 in Glance

The year 2014 is expected to be a year in the Turkish retail sector in which increasing differentiation in terms of profit earnings is going to be felt among the various different industries. Especially crucial to understand the increasing differentiation among different sub industries with the Turkish retail sector is the complex interdependence that Turkey's energy needs have created among traditionally unconnected sectors.

New Judgment Regarding The Liability In A GmbH

In this present case the Federal Court of Justice of Germany was concerned with the question of the shareholders’ liability in a GmbH in case of an economic re-establishment.

When Will the Cayman Courts Pierce or Lift the Corporate Veil of a Cayman Company

The general legal principles regarding corporate personality under the law of the Cayman Islands are similar to those under English law.

Two-person Ltd Liability Company: Requirements for the Dismissal of One of the Two Managing Partners

An important reason for dismissal and immediate termination of the service contract of managing directors of limited liability companies who are shareholders is given when the relationship between the two directors is profoundly disrupted and a normal cooperation is no longer possible. Prerequisite is that the managing director to be dismissed has significantly contributed to the discord. The fault or even preponderant fault of said director is not required.

Regulating Corporate Services Providers in Malta

On the 24th December 2013, Chapter 529 of the Laws of Malta was promulgated, comprising the new Company Service Providers Act. This Act aims to regulate corporate services providers with a view to strengthen the industry’s arsenal against abuse of the financial system for the purposes of money laundering and terrorist financing.

Higher Regional Court of Hamm on a Misleading Dental Advertisement Online – Competition Law

The use of the slogan “the only complete programme throughout Germany” in an advertisement for a dental care programme is misleading in the opinion of the Higher Regional Court of Hamm.

What Should I Do When I Have Been Served With a Lawsuit?

Being served with a lawsuit whether the lawsuit is against you personally or against your business is a stressful thing. While the summons and complaint give you instructions on your deadline to respond to the complaint, those instructions are not complete. This article will help you remain calm when you are served with a lawsuit in Georgia by providing you with more detail on your rights after you have been served.

Validity of Notices of Fixed-Term Employment Contracts and Termination

Ever since year 2000, the Labour Court Acceleration Act is in force, a law to simplify and speed up labour court proceedings. It not only changes procedural rules of the Labour Court Act, but also sets down an important new provision in substantive labour law.

Azerbaijan Is on Its Way to Creating Ambitious Electronic Court System

Azerbaijan is creating its electronic court system. The President of the country issued the respective order (the “Order”) back few months ago . The Order lists the elements of the system. It should include electronic filing, case tracking, notifications, electronic cabinet etc.

Commission Regulations In The AGB For Trade Representative Contracts

Trade agents contractual commission regulations can be ineffective according to § 307 para. 1 sentence 2 BGB (Federal code of law) if they are contradictory.

Unpaid Income Tax Establishes Liability Of The Managing Director Of A GmbH – Company Law

In terms of the overall responsibility, a managing director is also liable for the income tax of employed workers that is not paid to the tax office.

Notices Of Termination and Fixed-Term Employment Contracts Only in Writing

Since 01/05/2000, the Labour Court Acceleration Act is in force, a law to simplify and speed up labour court proceedings.

What makes a Lawyer Websites Effective?

If you have an existing website, or strategy to establish one in the near future, it's important to comprehend the characteristics that can make or break the efficiency of your online financial investment. An unappealing or badly constructed site will do more to hurt your business than to help it. In this article, we look at the basic elements associated with making a website effective.

California Insurance Agent Sentenced For Financial Fraud That Targeted Seniors

A Los Angeles area insurance agent accused of defrauding senior citizens will spend five years in jail and was ordered by the court to pay $1.2 million to compensate his victims.

White Collar Crime: Entrapment and Ignorance of the Law Can Snare the Unwary

The most common white-collar offenses run the gamut of nonviolent crimes from antitrust violations to money laundering. The FBI estimates that white-collar crime costs the United States more than $300 billion annually. These estimates do not take into account cases where aggressive and ambitious prosecutors snare an unwary person, who eventually pleads guilty in the face of intimidation and threats. Then there is the plethora of regulations where ignorant noncompliance is, nevertheless, a crime.

Add the Letter ‘T’ to FATCA, and No One’s Getting Fat Except the IRS

In 2010 President Obama signed P.L. 111-147, the Hiring Incentives to Restore Employment Act. The purpose of the law is in its eponymous title, but the IRS got into the act with the Foreign Account Tax Compliance Act (FATCA) provisions.

How to Best Locate Your Company in Turkey?

In the establishment process of a company, the question which comes to the fore first of all is where the company shall be established. Since the place of business of a company plays an essential role for an investor, he/she shall be informed about the advantages and disadvantages of special areas detailedly in the start-up phase, even if the company's sector is also relevant for investor's decisions regarding his/her projects.

Regulations Of Commission For Trade Representative Contracts

The contractual commission regulations of trade agents can be invalid if they are contradictory.

Acquisition of Polish LLC or Stock Company

The complicated process' of mergers and acqusitions are very often concluded by a simple contract - share purchase agreement. Polish M&A regulations do not differ from standards established in other countries, there are very few conditions to be met, however they must be strictly obeyed otherwise the deal might be null and void in view of Polish Law.

Whistleblowers Helping the Public By Exposing Fraud

The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted to assist the government with discovering financial fraud. A recent SEC whistleblower received a $14 million dollar reward for reporting a real estate scam.

Embezzlement in Turkey

Embezzlement is typically seen at public sector however it has been a general issue in private sector as well and it may be a risk factor that causes serious financial loss.

Maintenance and Preservation of Partnership Structure in Turkiash M&A Transactions

The one of the most significant principle in an M&A transaction is “the principle of maintenance of partnership structure” (or the maintenance principle) under Turkish Commercial Code.

Share Types and Share Transfers in Accordance with Turkish Law

Share is the part of the main capital divided to a specific number of unit value. In accordance with the former Turkish Commercial Code (hereinafter shall be referred to as”the former TCC”) it is not mandatory for a Joint Stock Company (hereinafter shall be referred to as “JSC”) to issue shares. JSC reserves two types of shares. These are registered share and bearer share. A JSC may issue shares following the official registration of the company.

Collecting Debts In Germany

Trust is good, control is better. This is especially true when making the first delivery to a new customer. A lawyer can support your company by assessing customer creditworthiness. Experienced lawyers will also discuss strategies to protect you against the risk of default.

How a Bulgarian Limited Liability Company May Validly Transfer/Purchase Real Estate

The question whether the General Meeting of the Shareholders in a limited liability company (OOD) should adopt a special resolution for the conclusion of a transaction for transfer of ownership over real estate was disputable in Bulgarian legal theory and practice. The Supreme Cassation Court finally resolved this issue.

China Reforms its Registered Capital System for Companies

The Standing Committee of the National People’s Congress amended the PRC Company Law which amendments came into effect on 1 March 2014. Most of the amendments relate to the reform of the paid-up registered capital system which aims to simplify the company registration process in the PRC.

In Principle No Right To Restitution Of A Legacy Gifted During Lifetime – Law Of Succession

A legatee is only entitled to restitution of a legacy gifted during the lifetime of the testator under special circumstances.

Incorrect Turnover Projections Can Justify Damages Claims – Franchise Law

If a franchisee is not informed that turnover projections are based merely upon estimations then it is entitled to damages claims with respect to the turnover figures that have not been achieved.

Higher Regional Court of Hamm: Vouchers As Unfair Competition – Competition Law

Automotive garages cannot promote the repair of damage which is covered by comprehensive collision insurance by issuing vouchers for follow-up jobs.

Corporate Structure for a New Business

How to structure a new business venture focusing on small businesses that have only a few shareholders or partners. Four important issues for the structure of the business are share ownership, compensation, control rights, and lastly the shareholders’ exit from the business.

The California Revised Uniform Limited Liability Company Act and What It May Mean for You

The California Revised Uniform Limited Liability Company Act (“Revised LLC Act”) to be enacted on January 1, 2014 may dramatically affect companies with no operating agreements, or operating agreements that do not address the new default provisions under the Revised LLC Act.

How to Incorporate in Turkey

Summary information on formation of businesses under different types of commercial entities in Turkey.

Corporate Social Responsibility As Per New Indian Companies Act 2013

Corporate Social Responsibility (CSR), a term widely use for defining the responsibilities of Corporate world towards the society & environment. Although the term is not new in this Corporate world but its scope & meaning has undergone major changes from treating it as a mere charity in comparison with the responsibilities/duties of the Corporate towards the outer world.

Corporate Governance in Turkey: Lessons From The American Experience

Corporate governance serves as a tool in order to ensure accountability, transparency and responsible management on the part of the enterprises which have increasingly been finding themselves in a more competitive world.

Cross-Border Cooperation with Ukrainian Constitute

The cross-border cooperation in its actions submits the implementation of common programmes in different fields such as economic, social, scientific, technological, ecological, cultural and others. The main aim of all these relations between business entities from different countries is to get mutual advantages.

Immediate Tax Deducts For Accrued Property Transfer Taxes – Tax Law

Whether real estate is being acquired entirely new in the context of property acquisition or if it was already in the partnership’s possession is an important fact.

Remuneration For Overtime Only Where Employer Is Aware – Labour law

It is only if the employer is aware of extra work that there may potentially be a claim on the part of the employee for payment of overtime.

Infinus Group: Renewed Crackdown And Threat Of Insolvency

According to concordant media reports, there has been a renewed crackdown at a business belonging to the Infinus Group. It was reported that on March 5 Infinus AG Financial Services Institute (FSI) was searched.

Advisor Has To Demonstrate Any Disclosure Of Errors In Leaflets – Capital Market Law

Advisors must elucidate mistakes or information gaps in leaflets; otherwise, there has been a consultation error. The burden of proof for the disclosure lies with the advisor.

Termination By Regular Notice Due To Tax Evasion Of Employee Effective – Labour Law

Termination by regular notice of an employment relationship is effective if the employee makes use of an illegal accounting method to increase his earnings.

Democratic Republic of the Congo: Delay in Application of Uniform Act on Business Accounting Systems

The entry into force of the OHADA Treaty in the Democratic Republic of the Congo (DRC) resulted in the immediate application of the Treaty, its Regulations and Uniform Acts. It also led to the repeal of any DRC anterior legal instruments contrary to the Treaty and its Uniform Acts.

Incomplete Disclosure Regarding Refunds With Respect to Ship Funds MT “Margara” – Capital Market Law

The Regional Court of Hamburg awarded damages to an investor of the ship funds MT “Margara” because the latter was not informed about refunds.

Congo-Brazzaville: Creation of an Investment Promotion Agency

On August 22, 2012, the President of the Republic of Congo-Brazzaville enacted Law No. 19-2012 on the creation of the Investment Promotion Agency[1]. Under this law, the Investment Promotion Agency is an administrative public institution, with legal status and financial autonomy[2]. The Agency is based in Brazzaville, the capital city of the Republic of Congo, and is under the authority of the Minister of Promotion of the Private Sector.

Congo-Brazzaville: Adoption of Bill on Single Window for Cross-Border Operations

Congo-Brazzaville: Bill on the creation of a single window for cross-border operations has been adopted.

Ivory Coast: New Measures to Promote Enterprise Creation and Property Transfer

New measures to promote enterprise creation and real estate property transfer in Ivory Coast.

New Regulations on Tax Residency Certificate in Mauritius

Mauritius is a strategic Global Business center located in the Indian Ocean. It is one of the most open and financially sound economies in Sub-Saharan Africa. Mauritius is located between Asia and Africa, and the success of its economy is largely a result of its political and socio-economic stability, coupled with good governance and a wide range of incentives to boost investment.

Democratic Republic of the Congo: Adoption of National Economic and Social Council Law

Adoption of the law on the organization of the National Economic and Social Council.

Democratic Republic of the Congo – OHADA: Delay in Uniform Act to Regulate Company Accounting Systems

DRC: Delay in the application of the Uniform Act organizing and harmonizing company accounting systems.

Democratic Republic of the Congo: Impact of the “Doing Business” Report on Tax and Duties Payments

Progress towards tax and duties payment in the Democratic Republic of the Congo in connection with the “Doing Business Report”.

Accession of Democratic Republic of Congo to OHADA: Impact on State-Owned Companies

Protection of state-owned companies subsequent to the accession of the Democratic Republic of Congo to OHADA.

Termination Of A Compliance Manager in Regards to Monitoring Measures

Circumstances may lead to the termination of a compliance manager when it comes to monitoring measures taken with regard to an employee.

Polish Limited Liability Company

Polish LLC is the most common form of doing business in Poland by foreigners. Limited Liablity Company may be established for any purpose allowed by law. EU nationals can establish and run a company free of any restrictions. Non EU nationals can also freely establish and run Polish company, however in some matter they are up to restrictions provided by law.

DRC: Non-Transferability of Telecom Licenses Challenged by OHADA

The principle of non-transferability of telecommunications licenses challenged by the OHADA Law as a result of the accession of the Democratic Republic of the Congo to OHADA.

Polish Bill of Exchange Law

As a loan document the bill of exchange appeared somewhere in Italy at the turn of the twelfth and thirteenth century in the transactions of merchants and bankers. At that particular time Northern Italy was divided into a number of small sovereign states. Each of them was beating its own coins. This forced the buyer to permanent currency exchange in case they wanted to go shopping to the neighbors. At some moment to simplify the transaction they started to use the services of bankers.

Liability of Management Board Members in Polish Limited Liability Company

As a principle, members of the management board shall not incur liability for the debts of LLC. However, the principle in question is not absolute - due to exceptions provided for in articles 291 and 299 of the CCC (Polish Commercial Companies Code of September 15th, 2000).

Due Diligence Analysis Is Important To Reduce Potential Risks When Buying A Company – Corporate Law

A Due Diligence analysis when buying a company means to investigate the company in an economic, legal and technical sense prior to signing the purchasing agreement.

Comparative Legal Analysis on the Legislations regarding Corruption and Bribery in Turkey

This article is a comparative legal analysis, which points out the adaptability of the legislation in Turkey and the international agreements on corruption and bribery, whereas also points out the differences of the legislation between Turkey, India and United States of America on the contemplated subject.

Liability of Managing Director Due to Erroneous Information in Share Deal – M&A

If false information is provided or erroneous guaranties given in the context of a share deal, liability on the part of the managing director(s) is possible.

The Contracts (Rights of Third Parties) Bill, 2014 proposes changes to Cayman contract law

The Cayman Islands Government has published a new bill that will modify contract law in the Cayman Islands when it is passed into law by mid-March 2014.

Manufacturers Should Be Considerate Of The Distributor’s Interests – Distribution Law

A manufacturer should reasonably accommodate the needs of the distributor worthy of protection and not contravene its interests without justifiable cause.

Polish Antitrust Regulations in M&A transactions.

Every merger or acquisition, having even an small and indirect impact on Polish Market shall be considered in the view of Polish antitrust regulations, otherwise the transaction might be void and null for the perspective of Polish Law. Even a small subsidiary company in Poland might cause problems to huge international M&As.

Heirs Don’t Need A Certificate Of Inheritance To Correct The Land Register – Law Of Succession

Where there is a public testamentary deed, the land registry office can correct the land register even in the absence of a certificate of inheritance.

Registration of a Private Security Company in South Africa

Currently, the private security industry in South Africa is bigger than what it has ever been. The role of private security companies is distinctively different to that of the police, they view their role as private security to really aid and support the police. The South African government claims that it is an industry that threatens national security and is determined to tighten its regulation.

Suspicion Of Personal Enrichment Can Justify An Extraordinary Dismissal – Employment Law

The Hamburg Labour Court recently ruled that the strong suspicion of credit memos belonging to a business being used for private purposes can justify an extraordinary dismissal.

Vesting of Contingent Compensation in Pay or Played Television Director Agreement

One of the issues in negotiating director agreements in television is whether contingent compensation provision applies in situations where a director is pay or played off a film. The question becomes will the director be entitled to any portion of the negotiated contingent compensation since she has been terminated and is no longer with the project.

Non-Commercial Partnership: Proof of Representation by Means of a Company Stamp – Germany

The authority of a partner of a non-commercial partnership (Gesellschaft bürgerlichen Rechts (GbR)) to carry out legal transactions can be demonstrated by means of a company stamp.

HK New Companies Ordinance : Changes to Directors’ Duties

The entirely new Companies Ordinance (Cap 622) (“New CO”) will come into force on 3 March 2014. We highlight the New CO’s major changes relating to registration of charges and private limited companies.

Whistleblower False Claims Case Settles for $6.5 Million

A $6.5 million dollar settlement has been reached in a federal whistleblower lawsuit. There were allegations that a military contractor had submitted inflated bills to the government.

Various Means of Reducing Legal Counsel Fees in M&A Projects

Legal counsel fees are usually one of the most wishful targets for reduction by industrial clients. However, not all the clients know how effectively reduce legal fees without loosing appropriate level of comfort and quality of legal services. This article sets out available means of reduction legal counsel fees.

Surf’s Up: New Consumer Directive Makes some Waves - Malta

In Europe, online sales are set to reach 191 billion Euro by the year 2017. Faced with these numbers, businesses simply cannot afford to pass up the opportunities presented to them by online channels. Neither can they afford to remain in the dark about developments in the e-commerce regulatory sector. The ever-changing landscape of the world market necessitates a fast reaction time and a keen adaptability for businesses to remain relevant.

Limitation of Business Freedom in Poland

Economic freedom in Poland is guaranteed by article 20 of Polish Constitution. However, it does not mean that the Parliament cannot specify terms and conditions in which economic activity may be undertaken and subsequently carried out. In some spheres, due to important public interest, the Parliament retained the right of permitting economic activity to the discretion of economic administrative bodies.

New Amendment of Company Law of PRC Simplifies the Establishment of A Company in China

On December 28, 2013, the Standing Committee of National People's Congress made a decision to amend the Company Law of PRC and the new amendment (the “Amendment”) will take effect on March 1, 2014.


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