The thesis is focused on corporate income taxation, namely limited liability company. There is a comparison of the corporate tax between the Czech Republic and Germany in order to define the procedure for calculating the tax liability for both countries. For the purpose of the thesis, a Czech limited liability company is selected for which the tax liability is calculated and proposals for the future are drawn up.

The aim of the diploma thesis is to create a business plan for a business in the field of sports entertainment. The thesis is consisted of two parts – theoretical and practical. The theoretical part explains a basic concepts relating to making a business, an establishing a limited liability company and describe a business plan. Practical part applies the knowledge from the theoretical part. It contains detailed elaboration of elements of the business plan for a specific company. In conclusion of the diploma thesis is performed the financial analysis and economic evaluation whether the business plan is effective and feasible.

SAMMANFATTNINGAktieägaravtal, det vill säga avtal mellan ägare i ett aktiebolag som reglerar aktiebolagets struktur och hur verksamheten ska styras, är vanligt förekommande i näringslivet. Aktieägaravtalet kan betraktas som ett komplement till bolagsordningen, som är aktiebolagets grundläggande dokument. Aktieägaravtal förekommer i många former och skepnader. Det står aktieägarna i princip fritt att avtala om vad som helst som rör bolaget och deras ägande. En annan sak är att ett aktieägaravtal aldrig i frånvaro av lagstöd kan få aktiebolagsrättsliga verkningar. Det är en konsekvens av den aktiebolagsrättsliga separationsprincipen. På motsvarande sätt innebär den avtalsrättsliga separationsprincipen att avtalet inte är bindande för tredje man samt att aktiebolagsrätten inte åstadkommer någon verkan på aktieägaravtalet. Avtalet gäller mellan parterna. I aktieägaravtal är det mycket vanligt med så kallade överlåtelse- och beslutsbindningar. Överlåtelsebindningar reglerar förutsättningarna för hur avtalsparterna får överlåta sina aktier. Beslutsbindningar reglerar det sätt på vilket beslut i till exempel bolagsstämman eller styrelsen ska fattas, vilka majoritetskrav som ska gälla, om det föreligger vetorätt och så vidare. I den här uppsatsen undersöker jag beslutsbindningar i aktieägaravtal som ingås av aktieägare i banker och värdepappersbolag. Utgångspunkten är att aktieägaravtal, genom att reglera beslutsfattandet, kan användas som ett viktigt bolagsstyrningsinstrument för aktieägarna. Banker och värdepappersbolag är emellertid föremål för omfattande, näringsrättslig reglering vars ändamål kan komma i konflikt med ändamålen bakom den avtalsfrihet som ligger till grund för aktieägarnas fri- och rättighet att ingå aktieägaravtal. Uppsatsen bygger på en traditionell rättsvetenskaplig metod. Det övergripande syftet med ämnesvalet är att berika förståelsen för aktieägaravtal genom att tillföra ett kapitalmarknadsrättsligt perspektiv på användningen av sådana avtal i just banker och värdepappersbolag. / Shareholder agreements are contractual arrangements among shareholders in a limited liability company that describe the structure of the company and how it should be operated.  The shareholder agreement can be seen as a supplement to the articles of association, the main constitutional document in the company.  Shareholder agreements exist in a variety of formats. The shareholders are free to regulate whatever they prefer regarding the company and their ownership. Whereas an agreement creates obligations for the parties involved, the agreement can never have company law effects unless there is explicit legal support for this. This is the essence of the company law separation principle. Correspondingly, company law can never have any effect on the contractual obligations between the shareholders that are party to an agreement. This is commonly referred to as the contractual separation principle.  It is common for shareholder agreements to contain transfer obligations and decision obligations. Transfer obligations regulate the conditions under which ownership of shares can be transferred. Decision obligations regulate how decisions are made in general meetings, the board of directors and so on. This thesis examines decision obligations in shareholder agreements between shareholders in banks and investment firms. The starting point is that shareholder agreements, by regulating decision-making, can be used as an important corporate governance tool for the shareholders. Banks and investment firms are subject to a comprehensive framework of capital markets regulations. Capital markets regulations have goals and objectives that may conflict with the shareholders’ fundamental freedom of contract, which is the base for their right to enter into shareholder agreements. The thesis builds on the method of traditional jurisprudence. The overall objective of the thesis is to enrich the understanding of shareholder agreements by applying a capital markets law perspective on the use of such agreements in banks and investment firms.

v anglickém jazyce The diploma thesis called "The expulsion and the withdrawal of the shareholder and the court-ordered termination of his participation in a limited liability company" deals with the analysis of the selected legal aspects of a limited liability company. Considering the extent to which the limited liability company is represented in the Czech business practice (it is at present the most prevalent form of business corporation in the Czech Republic), it is possible to assume that it is most desirable to thoroughly analyze the legal regulation of the limited liability company. However, the contribution of such analysis lies particularly in the field of legal theory, namely with regard to the new recodified legal regulation of the private law, which has had, legally effective as of January 1, 2014, a distinct impact also on the law of business corporations, and which has introduced a number of changes and new institutes and also a number of interpretation problems and potential ambiguities connected therewith. In this connection, the diploma thesis pays attention to the partial topic of the cessation of the shareholder's participation in the limited liability company. Within the frame of this topic, the diploma thesis focuses on the selected forms of the cessation of the shareholder's...

Merger of a parent company and its subsidiary and its specificity compared to the general regulation of mergers The topic of this diploma thesis are the mergers between parent companies and subsidiaries. In my view, this is a very relevant topic nowadays which can be often faced in practice. The aim of this thesis is above all to describe the differences between this type of mergers and the other types (it is not my aim to describe the whole process of mergers between parent companies and subisdiaries step by step as a large part of regulation of this process is similar to the general merger process regulation). This thesis is divided into eight main chapters. In the first chapter current regulation and its historical development are outlined. The aim of the second chapter is to compare the incentives which lead to mergers between parent companies and subsidiaries and the incentives which lead to the other mergers. Of course, both partly overlap. However, there exist some differences, which are described in this chapter. Chapter three deals with the mergers between parent and subsidiary joint stock companies. To a large extent it consists of the analysis of the simplified approval process of such merger, which is included in the Czech legislature. Furthermore it includes the analysis of the share...

Appointment and recall of an executive of a limited liability company This diploma thesis deals with the appointment and recall of an executive of a limited liability company. The aim of the thesis is to discuss whether the competence of the corporate bodies belongs among status issues and where the limits of the status of legal persons are. This is especially important for establishing the boundaries in which members can autonomously modify the internal conditions to the individual needs of the corporation. The main point is about determining whether the effectivity of the general meeting in the field of appointment and recall of the executive is exclusive or not. And whether it is acceptable to transfer this competence through a possible arrangement of a memorandum of association to another body of the company or to establish another way of setting up the executive in office unpredicted by law, such as anchoring the so-called sending right associated with the share in the company. The individual chapters of this thesis explain the mechanism of appointing and recall of the executive by the general meeting, and the possibility of terminating the function of the executive by fulfilling the resolutive conditions is also discussed. In the thesis the individual aspects of the transferring of the...

A dissertação examina o regime jurídico do direito de retirada de sócios de sociedade simples e de sociedade limitada a partir da vigência do CC/2002. Para tanto, parte do estudo de sua natureza jurídica e de uma releitura dos fundamentos jurídicos deste instituto. Serve-se, ainda, de considerações sobre a evolução histórica do direito de retirada tanto no direito nacional quanto em ordenamentos estrangeiros (Alemanha, Espanha, França, Itália e Portugal). Assume especial relevo neste percurso o tratamento dado ao direito de retirada de sócio de sociedade limitada e a construção pela doutrina e pela jurisprudência do instituto da dissolução parcial stricto sensu sob a vigência do Decreto n° 3.708/1919 e do Código Comercial de 1850, respectivamente. Com base nos pressupostos acima, a dissertação passa a abordar de forma pormenorizada o direito de retirada de sócios de sociedade simples e sociedade limitada previsto no CC/2002, identificando as hipóteses em que é legalmente autorizada e aprofundando-se no exame do seu regime jurídico em cada tipo societário. Por fim, analisando as hipóteses de dissolução total de sociedades previstas pelo CC/2002, procura definir se e em quais hipóteses o instituto da dissolução parcial stricto sensu ainda é aplicável. / This dissertation examines the legal framework of the right of partners to withdraw from a simple company (sociedade simples) and from a limited liability company (sociedade limitada) under the current Brazilian Civil Code (CC/2002). For such purposes, the dissertation starts by studying its legal nature and revisits its legal basis. It also considers the historical development of the right to withdraw under Brazilian law and that of certain other jurisdictions (Germany, Spain, France, Italy and Portugal). In the context of this historical analysis, it assumes special importance the right of partners to withdraw from a limited liability company (sociedade limitada) and the doctrinal and case law creation of the institute of partial dissolution (dissolução parcial stricto sensu) under Decree No 3,708/1919 and the Commercial Code of 1850, respectively. Having regard such review, the dissertation addresses, in detail, the right of partners to withdraw from a simple company (sociedade simples) and a limited liability company (sociedade limitada), as contemplated by the current Brazilian Civil Code (CC/2002), thereby also identifying when the same is authorized in each type of corporate vehicle and each applicable legal framework. Finally, by analyzing the scenarios for dissolution of companies contemplated by the current Brazilian Civil Code (CC/2002), it seeks to identify whether and in which scenarios the partial dissolution (dissolução parcial stricto sensu) is still applicable.

Venture capital é espécie de empreendimento que vincula dois agentes econômicos, empreendedor e investidor, visando ao desenvolvimento de uma ideia inovadora para posterior comercialização no mercado. O empreendedor é detentor de conhecimento sobre a ideia e o investidor possui os recursos para desenvolver o projeto. O negócio se diferencia dos demais pelo alto grau de incerteza e risco do empreendimento e requer o uso de tipos contratuais adequados para sua limitação. O projeto se inicia com a etapa de contratação, na qual as partes negociam a divisão de riscos e retorno do negócio, seguindo-se a etapa de monitoramento do desenvolvimento das atividades. Ao final ocorre o desinvestimento, com a saída do investidor e venda do negócio. Do ponto de vista da Economia, utilizamos a Teoria dos Jogos e apresentamos os problemas informacionais, riscos e incertezas do negócio, e os incentivos para organizar a cooperação entre as partes. Do ponto de vista de Finanças, debatemos a decisão de financiamento do negócio e as alternativas para diversificação dos riscos do investimento, isto é, a possibilidade de limitação dos riscos pela adoção de estratégias de contenção, que aumentam o interesse em contratar o negócio. Do ponto de vista do Direito, avaliamos qual a estrutura contratual ideal para organizar esse tipo de empreendimento. Analisamos as principais formas usadas para organização do negócio, em especial as sociedades limitadas e as sociedades anônimas fechadas. Avaliamos o suporte normativo aplicável, com destaque para a possibilidade de limitação dos riscos do projeto pela aplicação das normas de Direito Societário a esses empreendimentos. Os principais riscos aplicáveis são os riscos de contratação do negócio, os riscos de alocação do poder de decisão entre os sócios e os riscos de interrupção prematura do projeto. Devido à natureza e características do negócio de venture capital, concluímos que esse tipo de projeto é mais bem organizado como um contrato plurilateral e que não há tipo contratual ideal para alinhar os interesses. Dos tipos existentes, a sociedade anônima fechada é o mais adequado, mas incapaz de limitar todos os riscos do negócio. A conclusão é confirmada, parcialmente, pelas evidências empíricas apresentadas. / Venture capital is a business that links two economic agents, entrepreneur and investor, aiming to develop an innovative idea for future sale on the market. The entrepreneur holds knowledge about the idea and the investor has the resources to develop the project. It is distinguished from others by the high degree of uncertainty and risk of the project and requires the use of appropriate contract types for its restriction. The project begins with the contracting stage, in which the parties negotiate the division of risks and return business, followed by the monitoring of the development of the business activities. At the end occurs the divestment, in which the finished business is sold by the investor. From the point of view of Economics, we use Game Theory to present the informational problems, business risks and uncertainties, and the incentives to organize the cooperation between the parties. From the standpoint of Finance, we discuss the decision to finance the business, and alternatives for risk diversification, that is, the possibility of limiting the risks by adopting containment strategies that may increase the interest in contracting. From the point of view of Law, we evaluate the ideal contractual structure for organizing this kind of project. We analyze the main existing contract types, in particular, the limited liability companies and the closed corporations. We present our concerns about the normative support applicable to that type of business, emphasizing the Corporate Law problems. We evaluate the normative support applicable, emphasizing the possibility of limiting the project risks by applying the Corporate Law rules to such ventures. The main risks are the risks applicable to the contracting phase, the risk of incorrect allocation of decision rights between the partners and the risk of premature termination of the project. Due to the nature and characteristics of the venture capital business, we conclude that this type of design is best organized as a plurilateral agreement and that there is no contract type that can be considered ideal to align the interests. Considering all the existing types, the private corporation contract is the most appropriate form, but also unable to limit all the business risks. The conclusion is partially supported by the empirical evidence presented.

A inovação financeira, caracterizada pela criação de novas estruturas e instrumentos jurídicos e financeiros nas últimas décadas, impactam os tradicionais conceitos do direito societário e a própria interpretação das normas vigentes. Assim, a partir do estudo das acepções e funções exercidas pelo capital social, buscou-se confrontá-lo com instrumentos criados para obtenção de recursos para as companhias bem como com alternativas para a proteção dos credores. O presente trabalho explora o tema buscando de início identificar a origem das formas associativas e o precedente histórico da companhia aberta para, em seguida, adentrar na disciplina jurídica do capital social, suas características e propósitos. Então, por fim, trata-se, em capítulos apartados, da securitização de créditos, da desconsideração da personalidade jurídica e do patrimônio de afetação, procedendo-se a uma comparação com o instituto do capital social, sem concentração específica na disciplina desses instrumentos. / Financial innovation, characterized by the development of new structures and legal and financial instruments in the past decades, impacts the traditional concepts of corporate law, as well as the interpretation of existing legislation. Starting from an analysis of the different meanings and functions of the legal capital of companies, it was sought to specifically examine this concept in light of mechanisms devised for the funding of companies and for the protection of creditors. This paper analyzes the matters seeking, initially, to identify the forms of association and the historical background of the publicly¬-held company in order to then analyze the rules pertaining to the legal capital, with its characteristics and purposes. Last, we examine, in separate chapters, of credit securitization, of the lifting of the corporate veil, and of the segregated capital, comparing each of these concepts with that of the legal capital, instead of focusing on the specific legal rules pertaining to such concepts.

Made available in DSpace on 2016-04-26T20:24:16Z (GMT). No. of bitstreams: 1 Roberta de Oliveira e Corvo Ribas.pdf: 1054831 bytes, checksum: e8be9f624843b58a75cd3979d628e77b (MD5) Previous issue date: 2016-02-22 / This paper aims to demonstrate that the protection of creditors of the legal entity that grants limited liability to its shareholder shall focus on controlling the use and disposal of assets of the legal entity itself. The study of grounds of civil liability in Brazilian Law together with the principle of assets autonomy of the legal entity and the purpose of limited liability confirm that the national law does not admit to relativize the rule of limited liability, except in cases of fraud and abuse of the legal entity. Given this limitation, resulting from a systematic analysis of the Brazilian Law, and in order to offer a proposition of fair coexistence between the interests of creditors and encouragement of free enterprise provided by limited liability, which is a constitutional command, it proves the importance of the mechanisms of control of assets of the corporation through its financial statements. In this sense, if assets and rights of a legal entity are intended to fulfill a specific purpose, it is for the Law to provide suitable tool to ensure that the risks inherent in the developed activity are covered exclusively by these assets and rights. This tool is accounting, which through the financial statements it produces, it records and controls assets of the entity, providing conditions for decision-making. Its proper use can (and should) prevent intrinsic adversities of any activity subject to risks. The purpose is to resume the mechanism that allows the existence of limited liability, since this doctrine/established principle is not intended to curtail the guarantee of creditors, but rather to encourage those who seek to produce and circulate assets and services to society through the organized economic activity / O presente trabalho tem por objetivo demonstrar que a proteção dos credores da pessoa jurídica que admite a responsabilidade limitada deve se concentrar no controle do uso e disposição do patrimônio da própria pessoa jurídica. O estudo da responsabilidade civil no Direito brasileiro, associado ao estudo da autonomia patrimonial da pessoa jurídica e da finalidade da limitação da responsabilidade confirmam que o ordenamento nacional não admite a relativização da regra de responsabilidade limitada, exceto nos casos de fraude e de abuso da personalidade jurídica. Em vista dessa limitação, constatação decorrente de uma análise sistemática do Direito pátrio, e com o intuito de oferecer uma proposição de convivência justa entre os interesses dos credores e o estímulo à livre-iniciativa proporcionado pela responsabilidade limitada, que é comando constitucional, comprova-se a importância dos mecanismos de controle do patrimônio da pessoa jurídica, por meio de suas demonstrações financeiras. Nesse sentido, se bens e direitos de uma pessoa jurídica são destinados ao cumprimento de uma finalidade específica, cabe ao Direito fornecer ferramenta adequada para assegurar que os riscos inerentes à atividade desenvolvida sejam cobertos exclusivamente por estes bens e direitos. Essa ferramenta é a contabilidade, que por meio das demonstrações financeiras que produz, registra e controla o patrimônio da entidade, dando condições à tomada de decisões. Seu uso adequado pode (e deve) prevenir as adversidades intrínsecas a qualquer atividade sujeita a riscos. O intuito é de retomar o mecanismo que permite a existência da responsabilidade limitada, dado que este instituto não tem por objetivo cercear a garantia dos credores, mas sim estimular aqueles que buscam, por meio do exercício de atividade econômica organizada, produzir e fazer circular bens e serviços para a sociedade