Managing commercial company

1. LLC (shares in capital, no min RQs)

2. executive body

2.1. collective (executive board/ directorate)

2.2. individual/ sole (director/ general director)

3. JSC issues securities (min capital is >= 1250 min.salaries)

3.1. private

3.2. public

3.2.1. reporting to stock exchange

4. General Meeting of Shareholders/ Company Members (highest authority)

4.1. supervisory board (if it is set up)

4.1.1. "significant" transactions

4.1.2. transactions with affiliates

5. controlling body

5.1. auditor/ audit commission

6. Procedural aspects (for General Meeting)

6.1. notification to convey meeting (30 days notice)

6.2. quorum (if JSC >= 50%; if LLC - up to agenda items)

7. # of votes needed (up to agenda items, differences: JSC vs. LCC)

7.1. simple majority (50% +1)

7.1.1. default approach for agenda items (unless 3/4 or unanimous for LLC), incl.: to pay-out dividends

7.2. qualified majority (3/4 or 75%)

7.2.1. changes to company charter, capital change (+/-, incl. issue shares), participation in companies, exit

7.3. unanimously (100% for LLC)

7.3.1. setting up new company bodies, evaluating non-monetary contributions, buy-out of own shares by company, redistribution of % in company capital