Joint-Stock Company Of Open Type

Create and operate joint-stock companies are regulated by the Civil code and relevant laws on joint-stock companies and securities.

Joint-stock company of open type – a commercial organization, whose initial authorized capital is divided into shares, which are certificates of obligatory rights of participants against the company.

From January 1, 1995, the term joint-stock company of open type has replaced open joint-stock company. It is a loose Association of legal entities and citizens for a common business activities. Characteristics of joint stock companies is as follows.

Open joint stock company has a legal right to hold Open and closed  subscriptions for own shares and selling them in a free manner, as mandated by law and should be spelled out in the Charter of the organization.

Shareholders bear the risk of losses in proportion to the value of the shares that they own. They don't have to answer for the obligations of the company, may dispose of shares without the required consent of other shareholders of the company.  Joint-stock company of open type does not provide for preemptive rights of the shareholders or of the company for the purchase of shares which are alienated by its shareholders.

To Act as the shareholders are citizens and legal entities, both resident and foreign. The number of shareholders is not limited.

The Main Constituent documents Such a society is the Charter. The main issue of securities is held at the beginning of the activities of the society in the form of issue of shares for initial implementation.

At least half of shares (50%) shall be distributed among the founders of the company when it is created, they must be paid by owners within the first three months of the existence of society. The remaining shares may be paid during the year. To pay for shares can be in cash or other property, in the latter case, with mandatory participation by the evaluator.

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The Additional notes are issued to increase capital in the course of further business activities. This is the principle of openness, which boils down to the desire to attract more funds available for the development of society.

Joint stock company of open type Administrative structure has the General meeting of shareholders, which is competent with the important issues of activities, election of Supervisory authority (Board of Directors) and the Executive authority.

Executive body directs the activities of the company. He's usually the sole (CEO). You can also create and collegial Executive body (the management Board).

In Russia, a lot of enterprises of large and average business is created as a joint-stock company of open type.  This form allows you to effectively raise funds for the development of society in the form of investments by means of issue and placing of additionally issued stocks and bonds. Stocks and bonds can be released into free circulation on the special securities market. All issued shares are subject to registration in the Federal public service for financial markets. The proper operation of the company checks the audit of joint stock companies.

Register the newly created joint-stock company of open type with the tax authorities. It is necessary to provide the company with the following information: passport data of founders, Director and member of the Board of Directors, data from the Unified state register of legal entities regarding all shareholders, name of company, information about the structure, amount, procedure of payment of share capital, principal activities, chosen tax system, address location. The address can be of own nonresidential real estate or the leased premises or the place of residence of the Manager.