Introduction to Law
This term names the rules that regulate human behaviour and are enforced through institutions so people can live in an orderly society.
What is law?
This single-person business form keeps all profits with the owner but also gives the owner unlimited liability for business debts.
What is a sole proprietor?
This partnership type has two or more partners, one of which has personal, total, unlimited liability and the other is liable up to his contribution.
What is a limited partnership?
The maximum number of members in a Limited Liability Company.
What is 50?
This body is the supreme body in an LLC and appoints or dismisses managers.
What is the members’ assembly (owners’ assembly)?
One of the primary functions of law: it protects these and resolves disputes concerning them.
What are rights?
Every business name contains these elements.
What is scope of operation, head office and yype of the company?
A partner's contributions in a general partnership.
What is money, objects, rights, labor and services?
Under Macedonian rules in the handouts, this is the minimum core capital (in EUR) required for a regular LLC.
What is EUR 5,000?
If an LLC has multiple managers, the company agreement should state whether these managers act this way when representing the company.
What is independently or jointly?
This legal system is based and applied on written codes and statutes & used in Macedonia, France, Germany etc.
What is civil law?
This centralized system allows business founders to register a company, get a tax number, and open a bank account through a single procedure.
What is the One-Stop-Shop registration system?
This written document lists partners’ names, contributions, scope of operations and decision-making rules for a partnership.
What is a partnership agreement?
Name (at least) two member rights in an LLC.
What are (any two) the right to manage, the right to participate in profit distribution, the right to inspect books, the right to be informed, the right to a share of liquidation remainder?
These are the three main bodies of an LLC.
What are the Members’ Assembly, Supervisory Board, and Manager(s)?
This duty requires someone to act in the best interest of another person.
What is fiduciary duty?
According to the Macedonian Company Law, the 5 types of Companies regardless of their activities.
What are general partnership, limited partnership, limited liability company, joint stock company and limited partnership by shares?
Expiration of the period, decision made by ALL the partner, bankruptcy or Liquidation of the partnership, Final Court Decision, Death or termination of a partner
What is dissolving of a general partnership?
This type of company can be founded with a core capital as low as 1 euro and is limited to up to three founders.
What is a simplified limited liability company (Simple LLC)?
A manager who is not a member usually has a term of office up to this many years unless the agreement states otherwise.
What is four years?
This legal concept is the power given by law to a natural or legal person to enter binding contracts, sue and be sued — it’s necessary to form many business entities.
What is capacity?
Name two reasons members/shareholders of the company are personally, unlimitedly and jointly liable for the company.
What are abusing the company in order to achieve prohibited goals & using company's property as if it was their own?
One legal restriction on limited partners in a limited partnership regarding management and representation.
What is that a limited partner may not represent or manage the partnership?
Name (at least) two grounds for termination of an LLC.
What are (any two) expiration of the period, members’ decision, merger/division, bankruptcy/liquidation, or court decision?
Name (at least) two supervisory rights or responsibilities listed for supervisory bodies in an LLC.
What are (any two) monitoring implementation of the company agreement, inspecting books, supervising managers, submitting reports to the members’ assembly?