Every year the partners of local corporations and limited liability companies have to discuss and approve the previous year financial statements, management accounts and destination of the company’s net profits, if any. Although there are no penalties described in law for those companies that fail to register the approval of their accounts and financial statements, such fail may be the subject of discussion by third parties and minority partners, arguing that they, as minority partners, did not have the opportunity to review and discuss the company’s accounts. In the present newsletter Almeida Advogados explore the main aspects of such obligation and the consequences of not fulfilling it.
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We wish you a good reading!
Almeida Advogados´ Team