APPLICATION OF BENEFICIAL OWNER CRITERIA IN LIMITED LIABILITY COMPANIES
A Beneficial Owner is an individual who can appoint or remove directors, commissioners, managers, supervisors, or auditors of a corporation, has the ability to control the corporation, is entitled to and/or receives benefits from the corporation either directly or indirectly, is the actual owner of the corporation’s funds or shares, and/or meets the criteria outlined...
Read MorePROVISIONS FOR THE REPLACEMENT OF BOARD MEMBERS IN A CLOSED LIMITED LIABILITY COMPANY (PT)
The definition of the Board of Directors is stated in Article 1 number 5 of Law No. 40 of 2007 concerning Limited Liability Companies (“Company Law”), which essentially states that the Board of Directors is the corporate organ authorized and fully responsible for managing the Company for the benefit of the Company, in accordance...
Read MoreOSS-RBA Has Been Effective for Three Years, Here Are Things That Businessman Must Pay Attention To!
On August 9, 2021, President Jokowi launched the Risk-Based Business Licensing System, which is more commonly known as OSS-RBA. However, after three years of OSS-RBA implementation, it appears that many business actors still do not fully understand the differences in business licensing between OSS-RBA and the previously applicable OSS 1.1. The first thing that business...
Read MoreCan the Minutes of Shareholders’ Meeting be Cancelled?
In accordance with Article 1 number 2 and number 4 of Law Number 40 of 2007 concerning Limited Liability Companies (“Company Law”), the General Meeting of Shareholders (“GMS”) is one of the Company’s organs that has authority not granted to the Board of Directors or the Board of Commissioners within the limits specified in the...
Read MoreMay the Company hold a General Meeting of Shareholders outside the Company’s domicile?
Law Number 40 of 2007 concerning Limited Liability Companies (“Company Law”) explains that included in the Company’s Organs are the General Meeting of Shareholders, Board of Directors, and Board of Commissioners. The definition of the General Meeting of Shareholders (“GMS”) is stated in Article 1 number 4 of the Company Law, which is an Organ...
Read MoreLegal Standing of Shareholders who Fail to Fulfilled Basic Capital
Picture Source: canva.com Based on Article 1 number 1 of Law Number 40 of 2007 concerning Limited Liability Companies (“Company Law”), which states: “A Limited Liability Company, hereinafter referred to as the Company, is a legal entity that is a capital alliance, established based on an agreement, conducts business activities with total basic capital divided...
Read MoreLegal Steps If the Board of Directors of a Private Company Doesn’t Conduct an Annual General Meeting of Shareholder
Based on Article 1 number 4 of Law Number 40 of 2007 (“Company Law”), the General Meeting of Shareholders (“GMS”) is the organ of the company that has authority not granted to the Board of Directors or the Board of Commissioners. Furthermore, in accordance with Article 78 of Company Law, GMS consist of: Annual GMS,...
Read MoreIf you’re looking to hold a General Meeting of Shareholders (GMS) but don’t have enough attendees to meet the quorum, here’s what you can do.
The definition of GMS (General Meeting of Shareholders) according to Article 1 number 4 of Law No. 40 of 2007 concerning Limited Liability Companies (“Company Law”) is an organ of the company that has authority not given to the Board of Directors or Board of Commissioners within the limits specified in this Law and/or the...
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