An underlying issue which inheres in any taxation framework relates to the manner in which it operates and the actual distribution of its imposts or appropriations. In this respect, a tax system needs to confront two fundamental (and interrelated) questions – first, precisely how the tax or impost should be imposed and, secondly, who should bear the legal obligation or onus of payment. These issues can be conceptualised not only from a purely legal or positivist perspective, in terms of identifying who will incur the obligation to pay tax, but also in terms of a more economic and instrumental standpoint as to which entity or individual should effectively be paying the tax. These alternatives may not result in the same conclusions, particularly for the taxation of business forms. To provide one example, if the business form has separate legal entity status from its members, should the business form, as a legal person, be subject to tax separately from its members? From a legal standpoint the response to this question is that such a business form should bear the impost. However, from an economical perspective it may be preferable that the business income and/or losses are directly allocated to its members. Indeed, tax transparency (aggregate approach) has been argued as an economically superior model, although it is not without its critics...

The diploma thesis is focused on the duty of loyalty of shareholders (members). Although some legal experts consider this duty as a basis of any private law relations, duty of loyalty remains mainly overlooked in the business law area. Firstly, the diploma thesis explores the duty in broader view and describes its functioning in other countries, where duty of loyalty is traditionally respected: United States of America and Germany. The thesis continues to the development of the duty of loyalty in Czech Republic. Before 2014, this duty was not explicitly included in Czech law or no wide consensus about the legal source of this duty. The loyalty principle has begun to be recognized in 2006, when legal experts started to work with this term and set theoretical basis for this duty. Even if there was no consensus about the scope and range of the duty of loyalty and the existence of this duty itself, the duty of loyalty has been established in the judicature of Czech courts. Even Supreme and Constitutional Courts accepted this duty in its decisions. The role of Judicature for the duty of loyalty and its contend is significant. The change of Czech private law has brought substantial changes of this duty. From the 1st January 2014, the duty of loyalty is explicitly part of the Czech law and may be found in...

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.

The subject matter of the thesis is the stringing out one-member limited liability companies and its prohibition by Czech Law. The thesis is composed of six chapters. Chapter One is introductory and defines basic terminology used in the thesis: stringing out, one-member limited liability company, prohibition of stringing out one-member limited liability and its purpose. Chapter Two examines the development of relevant Czech and European legislation. Chapter Three investigate the interpretation of relevant provisions in the Commercial Code in relation to First and Twelfth Directive. Chapter Four concentrates on legal consequences of the breach of prohibition. Chapter Five discusses whether the prohibition is useful or not in Czech Law. The thesis comes to the conclusion that the existence of the prohibition of stringing out one-member limited liability companies is rather justified in Czech Law. Therefore, the thesis argues for the maintenance of the provision in Commercial Code at least until European Community suggests to the contrary.

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2018-04-11T11:51:01Z No. of bitstreams: 1 José Pedro Pacheco do Amaral.pdf: 926727 bytes, checksum: c26daf41edd0fb00e4d2136efbe543fe (MD5) / Made available in DSpace on 2018-04-11T11:51:01Z (GMT). No. of bitstreams: 1 José Pedro Pacheco do Amaral.pdf: 926727 bytes, checksum: c26daf41edd0fb00e4d2136efbe543fe (MD5) Previous issue date: 2018-02-28 / Fundação São Paulo - FUNDASP / Pontifícia Universidade Católica de São Paulo - PUCSP / This study aims at addressing the liability of the assignor of shares in a limited company regarding the hidden liabilities verified in the limited company after the acquisition of shares by the assignee. To this end, based on a broad conceptual framework of the proposed theme, our study was divided into three parts. Firstly, we present the core elements for the subsequent confrontation of the proposed problematic: the concepts of limited company and of social capital; the characteristics of the shares, a will that will be transferred from the assignor to the assignee; the legal transaction of the assignment of shares; the purchase price of shares; and the concept of hidden liabilities. Secondly, we approach the institutes provided by law that may possibly support the liability of the assignor’s liability by the hidden liabilities. In this perspective, we address the interpretation of Article 1,003, sole paragraph of the Brazilian Civil Code: the institutes of error, fraud and injury; the redhibitory defects; the possibility of annulment of the legal transaction; and the analogical application of Article 1,146 of the Brazilian Civil Code to the assignment of shares. Finally, in the last part, we address the contractual practices applied to characterize or even to prevent the assignor’s liability by the hidden liabilities. We approach the due diligence of the representations and warranties clauses included in the share assignment contract, as well as of the clauses included in the share assignment contract that deal expressly with the transferor's liability by the hidden liabilities / A presente dissertação de mestrado versa sobre a responsabilidade do cedente de quotas de sociedade limitada em função de passivos não contabilizados (ocultos) verificados na sociedade limitada após a aquisição de quotas pelo cessionário. Para esse fim, apoiados em ampla bibliografia sobre o tema proposto, o estudo foi dividido em três partes. Na primeira, apresentamos os elementos fundamentais para o posterior enfrentamento da problemática proposta: os conceitos de sociedade limitada e de capital social; as características das quotas, bem que será transferido do cedente ao cessionário; o negócio jurídico de transferência das quotas; o preço de aquisição das quotas; e o conceito de passivo oculto. Na segunda parte, expomos os institutos previstos em lei que eventualmente possam embasar a responsabilidade do cedente pelo passivo oculto. Nesse sentido, abordamos a interpretação do parágrafo único do art. 1.003 do Código Civil: os institutos do erro, dolo e lesão; os vícios redibitórios; a possibilidade de anulação do negócio jurídico; e a aplicação analógica do art. 1.146 do Código Civil à cessão de quotas. Finalmente, na última parte, tratamos de práticas contratuais utilizadas para caracterizar ou mesmo prevenir a responsabilidade do cedente pelo passivo oculto. No caso, abordamos a due diligence das cláusulas de representations and warranties inseridas em contratos de cessão de quotas, assim como das próprias cláusulas inseridas em contratos de cessão de quotas que tratam, expressamente, da responsabilidade do cedente pelo passivo oculto

A tese propõe a análise dogmática da exclusão de sócio por falta grave na sociedade limitada, prevista nos arts. 1.030, 1.085 e 1.058 c/c 1.004 do Código Civil, tema que, apesar da enorme relevância e da existência de muitos estudos, comporta grandes dificuldades teóricas e práticas, carecendo a doutrina brasileira de uma análise sistemática e detalhada dos seus diversos aspectos. Assim, busca-se a sistematização da matéria e a construção de um modelo hermenêutico compatível com a nossa realidade normativa, além de tratar de questões pouco (ou nada) debatidas, pautando critérios a fim de que tal instituto tutele adequadamente o interesse e a funcionalidade da sociedade limitada e os direitos dos sócios. Para tanto, analisa-se, no primeiro capítulo, o pressuposto material (falta grave) da exclusão de sócio diante do descumprimento de seus deveres. Já no segundo capítulo são estudados os procedimentos possíveis (exclusão judicial ou extrajudicial) para a exclusão de sócio que comete uma falta grave. Finalmente, o terceiro capítulo aborda as consequências da exclusão de sócio por falta grave na sociedade limitada (perda do status socii, apuração e pagamento dos haveres, tratamento dado às quotas do excluído e alteração do nome social). / This thesis examines the expulsion, for serious fault, of partners from limited liability companies, provided for in articles 1030, 1085, and 1058 read with 1004 of the Brazilian Civil Code. Despite the subjects enormous importance, and the various studies that exist, the expulsion of partners presents many theoretical and practical difficulties, and there has been no systematic, detailed study of the subject in its various aspects by Brazilian legal scholars. Thus, this work seeks to present a systematic analysis of the subject, constructing an interpretative model that is consistent with the reality of Brazils legal system, addressing questions that have been the subject of little (if any) debate, and suggesting criteria that will ensure that expulsion of partners adequately protects the interests and functionality of the limited liability company and the partners rights. The first chapter analyzes the substantive premise (serious fault) for expulsion of a partner that has breached his duties. The second chapter studies the possible procedures (judicial and non-judicial) for expelling a partner that has committed a serious fault. Lastly, the third chapter addresses the consequences of expulsion of a partner from a limited liability company for serious fault (loss of status socii, calculation and payment of the value of the expelled partners equity interest in the company, treatment given to the quotas held by the expelled partner, and change of the companys name).

Private limited liability company is a type of limited liability company used especially by small and medium-size enterprises. This form of company is very popular in and outside of Czech republic. In the last few years many countries have adopted new laws regulating private limited liability companies. In Czech republic it was Business Corporations Act in 2012 although many provisions were included in other acts. In Denmark this form of company is regulated in Danish Companies Act adopted in 2009. This thesis describes legal regulations on private limited liability companies in both Czech republic and Denmark. Description of Danish regulations is rather thorough since there is limited amount of other sources on this matter in Czech language. The aim of the thesis is to compare these regulations and their positive and negative aspects.

This thesis deals with the problems of seniors. Currently in the Czech Republic, but everywhere in the developed countries, a trend of aging and extending the retirement age is taking a shape. For these reasons the problems of the elderly is very actual. Older people sre becoming endangered and can get into a difficult social and financial situation. The aim of this study is to determine what the current possibilities are for senior accommodation service providers, than to analyze current homes for the elderly and to compare the homes for the elderly according to different lenders. The theoretical part presents the contemporary social policy, the current trends, providing of the social services and financing of the homes for the elderly as a social service. It also examines the origins of social policy and the need for social assistance. Practical chapters analyze and compare different homes for the elderly. It focuses on contributory organizations, charitable organizations and limited liability companies, comparing them and trying to figure out which form of the provision is most effective and what are the conditions of homes for the elderly. In conclusion, the work seeks to introduce alternative financing of social services in the form of homes for the elderly.

Records of actual owners of limited liability companies and joint stock companies This diploma thesis deals with the records of actual owners of limited liability companies and joint stock companies. The aim of the thesis is to introduce the basics of the institute of records of actual owners and then to discuss its key features and problematic issues associated with it. At the beginning, the thesis outlines the evolution of the institute of records of actual owners, and further evaluates the potential to meet the goals associated with the introduction of the evidence. At the same time, the thesis draws attention to the pitfalls that the records can bring in practice. The thesis also deals with the issues related to the extent of the mandatory information about the actual owner and the issues related to the storage and handling of such information. The thesis leads a discussion to interpret the relevant provisions to keep a balance between the necessary prerequisites for fulfilling the meaning and purpose of the records and the rights of a legal persons. In the following chapters, the thesis focuses on the definition of the actual owner and on the systematization of the ways in which a natural person or group of natural persons can be an actual owner. The thesis interprets the provision defining...

This thesis deals with the topic of cross-border mergers in the Czech republic. In the introductory part, the expressions like merger, cross-border merger are explained and reasons and possible obstacles of the merger (cross-border mergers) execution described. In the following chapter, I mention the possibilities of cross-border mergers in the Czech republic up to now. The thesis also handles the influence of the Directive on cross-border mergers of limited lability companies and the Verdict of the European Court of Justice in the matter of sp. zn. C-411/03 SEVIC Systems AG on the final version of the new legal Act on Transformation of Companies and Cooperatives. In the next chapter, I deal with the legal, accounting and taxation aspects of the cross-border mergers under the current conditions and according to czech legislation. I also included a chapter about the control of mergers of competitors. The last chapter mentions a concrete example of the real first cross-border merger in the Czech republic.