20 Hrs
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اليوم السابع
Setup Criteria for LLC and Sole Proprietorship
The material addresses the detailed procedures and legal conditions for establishing LLCs (Limited Liability Companies) and sole proprietorship companies, with a focus on the fact that the minimum number of partners in joint-stock companies is three, while in other types of companies it is two. If the number of partners drops below this threshold, the company is considered dissolved by law unless, within six months, the partners initiate procedures to complete the required number or convert the company into a sole proprietorship company. During this period, the partners are personally liable for the company's obligations. Additionally, the article outlines the required documents to be submitted when notifying the authority about the company's establishment, including the articles of incorporation, approvals from relevant authorities, subscription certificates, and the establishment fees. It also specifies the requirement to deposit securities with centralized depository companies.
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