Limited liability company (Polish spółka z ograniczoną odpowiedzialnością )
Limited Liability Company Partners – may have one or more partners, which may be natural or legal persons, i. y. other companies. The only exception is that a single-member private limited company cannot be set up by a single-member limited liability company.
It is recommended to have at least 2 shareholders in the corporate governance structure in order to avoid additional insurance premiums. If there is only one shareholder in the company’s management structure, he is subject to additional insurance charges (due to his status).
Liability for liabilities – the company is liable for its liabilities with all its assets, the members of the board may be jointly and severally liable, but only if the performance against the company proves ineffective. Partners (shareholders) are not responsible for the company’s obligations. Board members may be released from liability if they prove that they filed for bankruptcy in a timely manner or that the board has initiated bankruptcy proceedings, or that no bankruptcy petition has been filed and no bankruptcy proceedings have been instituted through no fault of their own. bankruptcy application and no arrangement proceedings were initiated, the creditor did not suffer any damage.
The Board of the Company and other bodies of the Company represent and manage the affairs of the Company. The board may have one or more members. The board does not have to be composed of partner shareholders (the functions of the board may be performed by persons who do not own shares in the company). The Board is appointed and dismissed by the decision of the shareholders (unless otherwise provided in the company’s Articles of Association).