What does the LLC capital stock depend on? The minimal is – 10,000 rub. Can the company use them during its activity? If the capital stock is increased what can it influence on?

The monetary assets turned to the capital stock can be used during you business activity. The capital stock can be increased. The amount of your capital stock can influence only on financial soundness indicators of you company and can be taken into consideration, for example, for getting bank credits in future. As a rule in Russia LLC is set up with the minimal capital stock of 10 000 rub. ©Professional consultation of the “RosCo” company

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Is Founder personal presence required during the LLC documents submission in Moscow?

Personal presence of the Founder is required in Notary office and during the documents submission to the tax authorities. The documents can be sent to the tax authority via the post office but we do not recommend it as it can cause a delay of LLC registration procedure. Our officials take all the documents required. During the setting up of the bank current account the presence of the General Director is required for sample signature card arrangement.

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What are the basic advantages and disadvantages during the setting up of LLC with foreign investments or foreign company Branch / Representative office?

Advantages / Disadvantages Branch / Representative Office LLC with foreign investments Setting up cost «-» More than LLC «+» Less than Branch / Representative office Setting up procedure and terms «-» More than LLC «+» Less than Branch / Representative office

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Can the LLC member order the financial audit of LLC? Upon which terms?

The financial audit of the company can be arranged due to request of any member of that company with the chosen professional auditor. This professional auditor is not to be connected by the property interests with the Company itself, with its members of the board of directors (supervisory board) and a person who is the sole executive body of the Company, with the member of Collegial Executive Body of the Company and its members in general (article 48 of the Federal Law “Concerning Limited Liability Companies” No.14-FZ dated 08.02.1998). In case of financial audit the auditor services are to be paid at the expense of that person who had ordered it. The expenses spent for the auditor services can be reimbursed by the decision of the general company participants’ meeting and can be at company’s expense.

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If a Director was caught stealing how to call him to account?

The conditions of General Director material responsibilities are established in an Employment Agreement. It is possible to conclude the individual full material responsibility agreement with the certain rank of Managers. As it is specified in the RF Labor Code the Director of a company bears the full material responsibility for direct actual damage caused to the company. The direct actual damage is: - the existent decrease of available assets of the company or deterioration of mentioned assets (including the property of the third parties which is kept on the employer’s territory, in case if the employer is responsible for safety of this property), - Company necessity to arrange the expenses or extra payments for purchasing or/and properties recovery or damage compensation caused by the Director’s activity towards the third parties. Besides in many cases the Director of a company compensates for the damages caused to the company with his fault activity. The damages in this case are

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Does the member of LLC incur liabilities of the Company?

In case the debt arises by reason of economic activity of LLC, only the Company incurs liabilities on contract obligations by means of the property belonging to it, but not its founder (member) or owner of its property. 　 ©Professional consultation of the “RosCo” company

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