<p>Syfte: Syftet med uppsatsen är att ta del av revisorers uppfattning om det förekommer självgranskningshot vid utfärdandet av apportintyg, samt vilka rådgivningstjänster som kan utövas utan att det hotar revisorns självständighet och opartiskhet.</p><p>Metod: Vi har i vår studie använt oss av en kvalitativ forskningsmetod, där vi har intervjuat fyra stycken auktoriserade revisorer. Detta har givit oss en bra grund för att kunna reda ut syftet med uppsatsen.</p><p>Teori: Uppsatsens teoridel består främst av fakta från Krister Moberg samt tidningen Balans, då dessa har varit relevanta för att kunna forska i det valda ämnet.</p><p>Empiri: Denna del består av fyra stycken intervjuer med auktoriserade revisorer som besitter erfarenhet av apportuppdrag. Dessa revisorer kommer från två olika byråer som ligger i två olika städer.</p><p>Resultat: Vår studie visar att det råder delade meningar om att apportuppdrag kan leda till självgranskningshot. Men alla revisorerna var överrens om att självgranskningshot blir ett faktum om revisorn själv värderar apportegendomen. Detta eftersom revisorn vid bokslutet kommer att granska sin egen värdering. En annan anledning till varför revisorn inte själv ska värdera apportegendomen är att revisorn ej besitter den kompetens som kan krävas vid en sådan värdering. Därför är det viktigt att värderingen sker av en pålitligt, oberoende samt kunnig värderingsman.</p> / <p>Purpose: The purpose with our thesis is to understand if the auditors think that it occurs a self-audit threat about the issue of capital contribution, and which service can an auditor perform without not disturb and threat the auditor’s independence.</p><p>Methodology: We have used a qualitative method in our thesis. We carried out four interviews with auditors from two different auditing firms.</p><p>Theory: Our thesis theory part is based especially on facts from Krister Moberg and the newspaper Balans, because these facts have been relevant to our study.</p><p>Empirical foundation: This part exists of four interviews with four chartered accountants, who have experience capital contribution. Our four auditors were from two different auditor firms in two different towns.</p><p>Conclusions: Our study shows different pictures about capital contribution that can lead to a self-audit threat. But every one of the auditors is agree that a self-audit threat can occur if the auditor himself appraises the property. The reason is that the auditor is going to review his own appraises in the final account. Another reason is that the auditors not have the competence to do appraise like this. It is important that appraise performs by a reliable, independent and competent appraiser.</p>

Syfte: Syftet med uppsatsen är att ta del av revisorers uppfattning om det förekommer självgranskningshot vid utfärdandet av apportintyg, samt vilka rådgivningstjänster som kan utövas utan att det hotar revisorns självständighet och opartiskhet. Metod: Vi har i vår studie använt oss av en kvalitativ forskningsmetod, där vi har intervjuat fyra stycken auktoriserade revisorer. Detta har givit oss en bra grund för att kunna reda ut syftet med uppsatsen. Teori: Uppsatsens teoridel består främst av fakta från Krister Moberg samt tidningen Balans, då dessa har varit relevanta för att kunna forska i det valda ämnet. Empiri: Denna del består av fyra stycken intervjuer med auktoriserade revisorer som besitter erfarenhet av apportuppdrag. Dessa revisorer kommer från två olika byråer som ligger i två olika städer. Resultat: Vår studie visar att det råder delade meningar om att apportuppdrag kan leda till självgranskningshot. Men alla revisorerna var överrens om att självgranskningshot blir ett faktum om revisorn själv värderar apportegendomen. Detta eftersom revisorn vid bokslutet kommer att granska sin egen värdering. En annan anledning till varför revisorn inte själv ska värdera apportegendomen är att revisorn ej besitter den kompetens som kan krävas vid en sådan värdering. Därför är det viktigt att värderingen sker av en pålitligt, oberoende samt kunnig värderingsman. / Purpose: The purpose with our thesis is to understand if the auditors think that it occurs a self-audit threat about the issue of capital contribution, and which service can an auditor perform without not disturb and threat the auditor’s independence. Methodology: We have used a qualitative method in our thesis. We carried out four interviews with auditors from two different auditing firms. Theory: Our thesis theory part is based especially on facts from Krister Moberg and the newspaper Balans, because these facts have been relevant to our study. Empirical foundation: This part exists of four interviews with four chartered accountants, who have experience capital contribution. Our four auditors were from two different auditor firms in two different towns. Conclusions: Our study shows different pictures about capital contribution that can lead to a self-audit threat. But every one of the auditors is agree that a self-audit threat can occur if the auditor himself appraises the property. The reason is that the auditor is going to review his own appraises in the final account. Another reason is that the auditors not have the competence to do appraise like this. It is important that appraise performs by a reliable, independent and competent appraiser.

Legal Capital of Capital Companies, its Formation and Protection This diploma thesis deals with theoretical concepts on legal capital, its economic significance and mainly with statutory rules of legal capital formation. The attention is given to various aspects of monetary as well as non-monetary contributions to the legal capital of capital companies, inclusive of the legal capital minimum requirement, and also the issue of no par value shares is mentioned. The Czech law is based on the capital formation and maintenance doctrine. Also the European law, which influences Czech legal rules to a high extent, stands on the principles of fixed legal capital. This means that capital companies must be provided by their owners (members, shareholders) with a certain capital stock at the time the companies are formed and come into being and this capital stock must be kept in the company for its whole life. The sense of these rules is predominantly seen in the protection of creditors. The capital formation rules comprise mainly the requirement for minimum legal capital and rules concerning the contributions to the legal capital. The minimum capital requirement is aimed at securing that the capital company starts its business with sufficient funds. The regulation of contributions is meant to ensure that the...

Donnée à la fois économique et juridique, l’apport en société demeure de façon constante une condition indispensable à la formation du contrat de société. Ces dernières années l’obligation d’apporter a pu être réduite à son strict minimum. Cela signifie-il pour autant son éradication du droit des sociétés ? À vrai dire, ce serait plutôt l’inverse. Une telle affirmation implique cependant de comprendre les évolutions subies par cette notion centrale du droit des sociétés. Pour cela, il importe d’en comprendre sa définition. L’apport en société désigne un acte et un objet. Il est un acte juridique d‘affectation de ressources permettant à la société de réaliser son objet social. En outre, il désigne un objet, ce qui correspond à la substance de ce qui est mis en société, du numéraire, un bien ou l’industrie. Le droit français des sociétés entretient un attachement historique à la corporalité des biens. Pour preuve, une hiérarchie des apports s’instaure et relègue l’apporteur en industrie, exclu du capital social, au rang du plus petit des associés. Faisant fi de sa contribution économique, cette approche peut être dépassée. Autrement dit, l’essor de l’économie dématérialisée suppose de rétablir la place de l’apporteur en industrie dans le contrat de société. En outre, affirmer qu’une société peut fonctionner sans apport ignore la contribution économique des apports non formalisés, tel est le cas de la notoriété. Cette évolution du droit suscite une exacerbation de la difficulté à évaluer son contenu. Elle implique la mise en œuvre de solutions nouvelles. La sophistication à l’infini des méthodes d’évaluations ne saurait constituer une réponse adaptée à cette problématique émergente. La contrepartie de l’apport constituée par la remise de droits sociaux peut s’adapter, notamment par la reconnaissance d’une contrepartie formée d’options de souscriptions d’actions. Ces titres répondent à l’indétermination de la valeur de certains biens et appréhendent de façon plus satisfaisante le potentiel économique. Il demeure donc possible de rémunérer un apport en nature par des bons de souscription d’actions. / Being an economic and a legal data, the capital contribution remains a prerequisite for the creation of the partnership agreement. In recent years, the obligation to bring such contribution has been reduced to a minimum. Does this mean it was removed from company law ? The French company law maintains ahistorical attachment to the physicality of the goods. As proof, the different kinds of contributions are ranked. According to this hierarchy, sweat equity contributor is not recognized in the share capital, and is even relegated to the rank of the smallest partner. Ignoring its economic contribution, this contribution may be considered as out of fashion. In other words, the rise of cloud economy implies reconsidering the position of sweat equity in the partnership agreement. Moreover, asserting that a company may operate without any input ignores the economic contribution of non-formal inputs, such as notoriety. This evolution of the law creates an exacerbation of the difficulties in assessing its content and implies finding new solutions. The infinite sophistication of assessment methods shall not constitute an appropriate answer to this arising issue. The consideration for the contribution made by the procurement of social rights can be adapted, as an instance by providing share purchase warrants. These securities follow the principle of indeterminacy of the value of certain goods and apprehend more satisfactorily the economic potential. Thus, it remains possible to compensate a contribution in kind with share purchase warrants.

En kapitaltäckningsgaranti kan användas för att rädda ett aktiebolag som hamnar i en kapitalbristsituation från likvidationsplikt. En kapitaltäckningsgaranti innebär att en fysisk eller juridisk person avger ett ensidigt löfte om att tillskjuta medel till det mottagande aktiebolaget om ekonomin försämras till den grad att det registrerade aktiekapitalet understiger hälften. En sådan situation är ålagd handlingsdirigerande regler som kan resultera i likvidation enligt 25 kap. Aktiebolagslag (2005:551), ABL. Genom att en garant åtar sig att vid avrop eller enligt överenskommelse tillskjuta medel till mottagaren kan verksamheten fortsätta bedrivas. Kapitaltäckningsgarantier regleras inte i ABL utan har istället varit föremål för diskussion i den juridiska doktrinen. Eftersom reglerna om kapitalbrist är uppställda i borgenärsintresse diskuteras ofta frågor kopplade till det bolaget som mottar en kapitaltäckningsgaranti. Enligt vår mening saknas det diskussion kring hur ett aktiebolag som garant kan påverkas av ett sådant åtagande. En fråga som uppstår är huruvida det överhuvudtaget kan anses rationellt att ställa ut en kapitaltäckningsgaranti och betydelsen av huruvida det sker inom eller utom ett koncernförhållande. Eftersom utställande av en kapitaltäckningsgaranti innebär att garanten tar på sig en ekonomisk risk bör det anses fördelaktigt om garanten kan kontrollera åtagandet i största möjliga utsträckning. Genom att en kapitaltäckningsgaranti utställs till ett bolag som garanten har insyn i och kan kontrollera kan potentiella risker minimeras. Garanten kan även se till att skyldigheterna enligt garantin begränsas för att uppnå förutsebarhet. I en koncern ska styrelsen i moderbolaget verka för koncernens bästa. För det fall en kapitaltäckningsgaranti ställs ut inom ett koncernförhållande innebär det att utställaren bör gynnas av mottagarens ekonomiska förbättring. Ett åtagande som sker mellan bolag i samma koncern innebär dessutom ett ökat skydd för garantens minoritetsaktieägare eftersom utställandet sker i bolagets intresse vilket även innebär att kapitaltäckningsgarantin är utställd i aktieägarnas intresse.

Pour les contribuables détenteurs de titres en forte plus-value latente qui souhaitent, d’une part, utiliser leur valorisation pour réaliser de nouveaux investissements et, d’autre part, limiter l’impôt afférent à cette plus-value, une opération a été imaginée : l’apport-cession-délocalisation. Il s’agit pour le contribuable d’apporter ses titres à une société sous un régime de différé d’imposition – report ou sursis – avant que cette dernière ne les cède en franchise d’impôt. Ce faisant, la société bénéficiaire de l’apport peut réinvestir le prix de cession et le contribuable n’est imposé que lors de la cession ultérieure des titres reçus en échange de l’apport. Réalisé dans un cadre national, l’apport-cession n’octroie au contribuable qu’un délai dans l’établissement de l’impôt de plus-value mais combiné à une délocalisation du domicile fiscal, cette opération peut aboutir à sa diminution voire à sa suppression. Toutefois, la jurisprudence et le législateur sont intervenus afin d’encadrer cette opération en posant les conditions dans lesquelles elle serait abusive puis en instaurant un nouveau régime spécifique aux apports réalisés en faveur d’une société contrôlée par l’apporteur et en remettant en place un système d’exit tax. Certes, ces nouveaux encadrements impliquent l’adaptation des modalités de réalisation de l’opération et en limitent les effets, particulièrement l’exit tax, toutefois, l’opération demeure possible et avantageuse. En outre, certains aspects de l’exit tax peuvent être contestés au regard du droit de l’Union européenne et conventionnel de sorte que sa pérennité – et donc les limites qu’il implique dans le cadre de cette opération – est incertaine. / A dedicated three-step tax scheme has been designed for individuals holding assets with a latent capital gain; willing to reinvest their profits into other activities and reduce taxes on capital gains normally owed: Capital contribution of the assets held by this individual to a company in exchange of shares (Step 1), sales of those assets by the this company to a third-party (Step 2), relocation of the individual to another country (Step 3). The objective is for this individual to beneficiate from a deferred taxation on the capital contribution and for this company to sell assets on a tax-free basis. The company will therefore be able to reinvest the price from the assets sales and the individual will only be taxed when received shares are subsequently sold. In domestic situations, this tax scheme only offers deferral of taxes on capital gains ; but combined with the individual relocation, it enables to drastically reduce if not totally suppress taxes. Since then, legislators and judges have clearly identified conditions defining tax abuse, have defined new rules related to capital contribution to companies controlled by the contributor and have implemented exit-tax mechanisms. Despite this new legal framework, the studied tax scheme is still of significant interest. Additionally, some aspects of the exit-tax might certainly be challenged in regards to European Union law and European fiscal conventions.

Le capital social, de par la pluralité de ses fonctions, est le théâtre de la rencontre de l'intérêt des créanciers, des actionnaires et de la société. Sa modification, réalisée à la hausse ou à la baisse, impacte corrélativement l'étendue des prérogatives dont bénéficient ces protagonistes. Si ces derniers peuvent être animés d'objectifs divergents -et doivent, en conséquence, être protégés séparément -ils s'accordent néanmoins sur la nécessité de certaines caractéristiques intrinsèques du capital social. Aussi, il n'est pas surprenant que le législateur se soit attaché à assurer la sauvegarde de leurs droits, soit chacun particulièrement, soit de manière collective. L'étude des différentes mesures de protections prévues par le droit positif révélera tantôt ses imperfections, tantôt ses lacunes et ses incohérences. Sera également mis en exergue le caractère modulable de certains dispositifs, offrant ainsi aux organes sociaux la faculté de les supprimer ou de les façonner en fonction de la vision « distributive» ou« financière» du capital social qu'ils auront arrêtée. Enfin, cette étude mettra en relief l'opportunité d'autoriser sa variabilité sans contrainte si celle-ci est limitée par deux bornes, lesquelles dessineraient le capital« autorisé ». / Due to the multiplicity of its functions, the share capital is the scene where the interests of creditors, shareholders and the company meet. Its modification, whether it be for amplification or reduction, has an impact which corresponds to the extent of the prerogatives which the protagonists enjoy. If the latter may have conflicting objectives -and must therefore be protected separately -they nevertheless agree on the necessity of some intrinsic features of the share capital. This is why it is not surprising that the legislator has made a point of safeguarding their rights, either on an individual basis or collectively. The study of the different protection measures provided for by the positive law sometimes reveals its imperfections, sometimes its shortcomings and its inconsistencies. The adjustable nature of some specific devices will also be highlighted, thereby providing the social organs with the right to remove or shape them according to the "distributive" or "financial" vision of the social capital they will have determined. Finally, this study will highlight whether or not to allow its variability without constraint if it is set within two bounds, which would represent the "authorized" capital.

L'investissement est une notion récente dans la sphère juridique. Voici quelques années, elle n'était encore employée que dans la règlementation relative au contrôle des investissements étrangers. C'est que, si le droit n'ignorait pas l'investissement, il le saisissait presque uniquement à travers d'autres notions, tels l'apport en société ou le mouvement de capital. Depuis lors, le mot a été très largement juridicisé. Pour s'en tenir à deux exemples, on peut ainsi relever que, dans notre ordre interne, l'existence d'un investissement permet une durée contractuelle longue et que, dans l'ordre international, la qualification d'investissement est aujourd'hui une condition de la compétence des tribunaux arbitraux statuant sous l'égide du Cirdi.Cet accès spontané de l'investissement à la juridicité s'est malheureusement accompagné de certaines incohérences. Ainsi, le mot est parfois employé de manière excessivement large, comme en droit des marchés financiers, où il désigne toute opération relative à un instrument financier. De même, en droit des régimes matrimoniaux, ce que la Cour de cassation nomme les « dépenses d'investissement » recouvre en réalité l'ensemble des dépenses immobilières. Parfois, à l'inverse, certaines opérations dont la qualification d'investissement ne fait aucun doute continuent d'être envisagées à travers des notions qui en sont le simple reflet. L'objet de la thèse est donc de rétablir une certaine cohérence dans l'emploi du mot investissement en proposant une définition juridique de la notion et en esquissant certains éléments du régime qui s'y attache. / Investment is a relatively new legal concept. Some years ago, the term was only used within the foreign investment regulations. Back then, investment was mostly happrehended through other legal concepts, such as capital contribution or capital movement. Since then, however, the concept of investment has largely entered the legal vocabulary. For instance, it turns out that, in the French legal order, the existence of an investment makes the conclusion of a long duration contract possible. Besides, it may also be noted that, in the international order, the jurisdiction of an arbitral tribunal established under the aegis of the ICSID is limited to the disputes that arise out of an investment.Such a phenomenon has unfortunately brought on various inconsistencies. Thus, the term appears to be used in ways that sometimes make its meaning overly wide, as in securities law, in which investment refers to all kinds of operations related to financial instruments. Similarly, in matrimonial property regimes, what the French Cour de cassation calls "investment spending" includes all real estate spending. Sometimes, on the contrary, investment is still being apprehended through other concepts that are the simple reflection of that very concept. Therefore, the purpose of this dissertation is to establish some consistency in the use of the term investment by proposing a legal definition of the concept and outlining some elements of its regime.

Innovation has been considered the critical driver behind economic growth and value creation for a long time. However, in order to achieve an innovative status, the commercializing of an invention is required by injecting capital and strategy. While capital comes in many forms, this thesis focuses on the field of venture capital and how this type of financial backing can be analyzed and managed. Herein, the company characteristics continuum is presented, where business model innovation and technological innovation represent the two extremities. The purpose was then to investigate if there are significant differences in the venture capitalists' investment models as one moves along the aforementioned continuum. Semi-structured interviews were used and interpreted independently by the authors, with respect to coding units, in order to enhance objectivity. The thesis mainly targeted the information technology industry, where analysis was conducted on four of the largest actors on the Nordic venture capital market. The Nordic focus, combined with the rapidly moving industry, resulted in that significant differences, in the venture capitalists' investment models, were identified; giving implications both for theory and practice. These differences were identified as stemming from the initially adopted risk profiles, which then affected all other areas of the investment models. / Innovation har länge ansetts vara den kritiska drivkraften bakom ekonomisk tillväxt och värdeskapande. Emellertid, för att uppnå en innovativ status, krävs kommersialisering av en uppfinning genom att tillföra kapital och strategi. Kapital existerar i flera olika former, dock fokuserar denna uppsats på området riskkapital, och hur denna typ av finansiell backning kan analyseras och hanteras. Häri presenteras kontinuumet för företagskaraktäristik, där innovation inom affärsmodeller och teknik representerar de två ändpunkterna. Syftet var att undersöka om det fanns signifikanta skillnader mellan riskkapitalisters investeringsmodeller, när ett företag rör sig längs det ovan nämnda kontinuumet. Semi-strukturerade intervjuer användes och tolkades oberoende av författarna, genom att använda kodord, för att förbättra objektiviteten. Uppsatsen berör främst företag inom industrin för informationsteknologi, där analys har gjorts på fyra av de största aktörerna inom marknaden för riskkapital i Norden. Ett Nordiskt fokus, kombinerat med en hastigt utvecklande industri, resulterade i att signifikanta skillnader, i riskkapitalisters investeringsmodeller, identifierades; vilket gav implikationer för både teori och praktik. Dessa skillnader identifierades att härstamma från de initialt anammade riskprofilerna, som sedan påverkade alla andra områden inom investeringsmodellen.

In this dissertation, I critically evaluate the VAT treatment of common partnership transactions that are encountered during the life of a partnership. Of great significance, is that at common law a partnership is not regarded as a person, but for VAT purposes it is treated as a separate person. This creates a strong dichotomy between the general legal nature, and the VAT character of a partnership transaction. The partnership and the VAT law dichotomy, is an important theme that runs through most of the thesis. Only once I have established the nature of the transaction for VAT purposes – whether in keeping with or differing from the common law – do I apply the relevant provisions of the VAT Act to determine the VAT implications of the transaction. An important general principle is that what is supplied or acquired by the body of persons who make up the partnership, within the course and scope of its common purpose, is for VAT purposes, supplied or acquired by the partnership as a separate person. I conclude that there are difficulties and uncertainties regarding the application of the provisions of the VAT Act to various partnership transactions. For the sake of certainty and simplicity, I propose amendments to the current provisions that are relevant to partnership transactions, and also propose additional provisions. The proposed amendments seek to align with the purpose of the VAT Act and the principles upon which it is based, and also to adhere to internationally accepted principles for a sound VAT system. I also pinpoint those aspects of the VAT Act that can be clarified by the SARS in an interpretation statement. I further identify issues that require more research, eg issues arising from a partnership’s participation in cross-border trade. / Mercantile Law / LL. D.