In accordance with the Commercial Companies Code, the General Meeting must meet within three months from the date of the end of the financial year or within five months from the same date in the case of companies required to present consolidated accounts or applying the equity method to:
a) Deliberate on the management report and accounts for the financial year.
b) Deliberate on the proposal for the appropriation of profits.
c) Make a general appraisal of the company's management and supervision and, if necessary and although these matters are not on the agenda, to dismiss, within its competence, or express its lack of confidence in the management.
d) Proceed to the elections that are within its competence.
The General Meeting is dispensed with when all partners are also managers and all of them sign, without reservations, the management report, the accounts, and the proposal on the application of profits and treatment of losses, except in cases where the company is subject to a legal auditing of accounts.
The request for registration of the rendering of accounts must be made by the 15th day of the 7th month following the end of the financial year, that is, in principle, by the 15th day of July.
Failure to comply with this obligation to register the rendering of accounts prevents the registration of any facts about the company, with the exception of registrations of appointment and cessation of functions, for any reason other than the passage of time, of members of the management and supervisory bodies, acts issued by administrative authorities, actions, decisions, proceedings and measures, as well as the seizure, attachment and pledge of quotas or rights over them, other acts or measures affecting their free disposal and any other registrations to be made by deposit.
Companies which, for two consecutive years, have not registered their accounts, will be subject to the administrative procedure of winding up and liquidation of the company.
The Commercial and Company Law Department at Belzuz has qualified professionals who can provide all the necessary legal advice for the drafting of the documents required for the approval of 2023 accounts.
Belzuz Abogados SLP
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