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According to the dispositions of the Romanian Civil Code, the company is a contract by which two or more persons agree to put something in common with the purpose to share the profit that may derive from it. The company has to have a lawful object that has to be made for the common benefit of the parties (art.1491 and art.1492).
Any commercial company has its own judicial personality, it represents a contract, as well as a subject of autonomous law, and in the same time it has a lucrative purpose, because it wants to have material benefits, and benefits of another nature.
The General Legal Framework
There are four pieces of legislation which are of particular relevance for doing business in Romania:
The Insolvency Law (64/1995)
The Company Law (31/1990)
The Commercial Code
The Commercial Registry Law (26/1990)
The Company Law (31/1990) provides for five types of Romanian business entities:
General Partnerships
Limited Partnerships
Joint Stock Companies
Limited Partnerships by Shares
Limited Liability Companies
Limited Partnership by Shares
A limited partnership by shares is a rare form of limited partnership. It has characteristics of both a joint stock company and a limited partnership. Similarly to a joint stock company, the registered capital of the limited joint stock company is represented by shares. Similarly to a partnership, the general partners may be liable for the debts and obligations of the company beyond amounts they have contributed.
Conținut arhivă zip
- Commercial Law - Limited Partnership by Shares.ppt
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