The European Union published a new package of regulations on anti-money laundering/countering the financing terrorism (hereinafter the “AML/CFT regulation package”) on 19 June 2024. The new regulations are mainly aimed at strengthening controls over the flow of money, as well as improving the detection of criminal activities. The changes relate to the organization of the […]
Obligations of a partner in a one-person limited liability company According to Article 8(6)(4) of the Social Security Law, a partner in a one-person limited liability company. (who owns 100% of the shares) is treated on an equal footing with persons engaged in sole proprietorship activity. So he is is obligated to pay Social
On 13 March 2024, the European Parliament passed AI Act, and it is currently awaiting formal approval by the EU Council. The regulation will be applied directly by EU member states. What is the AI Act? The AI Act sets out rules for the use, monitoring and transparency as well as supervision of
As of 22 May 2023, regulations introducing the family foundation into the Polish legal order are in force. The Family Foundation Law revolutionizes the previous approach to business succession, allowing the use of modern succession mechanisms. The act introduces a completely new entity (a family foundation) into the Polish legal order, defining its organization
What does the act on family foundation introduce? Read More »
One of the key elements in a limited liability company is to determine the form of cooperation with a board member in the company. It depends on a number of factors, including: the scope of responsibility, the cost of employment, or the effect of being subject to social insurance. Before making a decision, it is
How to hire a member of the management board in a limited liability company? Read More »
March is the last month to prepare for the close of the previous financial year. In particular, the entities’ attention is focused on the preparation of financial statements and activity reports on the time. Below are the three most important things to do before March 31st. 1. Preparation of financial statements The financial statement is
Closing the financial year – 3 things to do before 31 March Read More »
The minimum share capital in a limited liability company is PLN 5,000. This amount is only used to cover initial operating expenses, which forces most companies to seek additional sources of funding. After the initial contribution for the acquisition of shares in the share capital, shareholders cannot make free payments into the company’s account, they
The digital transformation and the increased use of intermediary services through online social networks and online platforms that allow consumers to enter into distance contracts with businesses have brought new risks and challenges for individual recipients of a service, businesses and society as a whole. The online revolution has made it necessary for the European
Legal revolution on the web – DSA (Digital Services Act) and DMA (Digital Markets Act) Read More »
Closing down a limited liability company is a complicated process that requires following strict rules and conducting a multi-stage liquidation. While it may be relatively straightforward to establish a company, terminating its activity is a matter that must be undertaken with caution. When a limited liability company can be liquidated? There are no strictly defined
When the operation of a sole trade is increasingly profitable and more business risks arise, the decision to convert the sole trade into a limited liability company (most often a limited liability company) should be considered. The main benefits of the transformation are: limiting liability for the company’s obligations with the entrepreneur’s personal assets, limitation