In addition to the changes brought by Law 223/2020 regarding the minimum value of the share capital of a limited liability company, namely the decrease in the value of the minimum mandatory share capital from the value of 200 lei to the value of 1 lei, starting on November 26, 2022 new changes are in […]
Governing Law of Contracts signed with a Romanian party As the Romanian Civil Code allows the parties to establish the content of a contract, it is obvious that in the case of an international contract, they could choose the applicable law in the contract. The Law stipulates the applicable law must be expressly mentioned or
Negotiations with opposing parties in legal disputes Read More »
Dissolving a Romanian Company A Romanian company can be dissolved through the following methods: In certain cases, the shareholders of SRL companies are able to decide – at the time of dissolving the company – upon the liquidation method of the company, when agreeing upon the assignment and liquidation of the company’s patrimony and when
Contracts in Romania When entering a commercial contract or another type of contractual relation with another entity, specific rules of law have to be applied. The requirements listed below are to be taken into account when concluding commercial contracts per the Romanian law including sale/purchase pre-contracts and final contracts, rental/lease agreements, mortgage contracts, cession contracts, leasing, service providing, construction contracts, insurance contracts, commission agreements, transportation contracts etc. Our team of Romanian lawyers can present the provisions
Because the food products market is a subject of major interest for all countries, Romania not being an exception, where the players are often medium/large-scale companies on the one hand, and on the other hand this sector of activity requires the assurance of to the states of consumer protection from all perspectives, starting from purchase
Sanctioning of anti-competitive practices in commercial relations with food products Read More »
This represents a written agreement between the company and the employee, by which the latter undertakes not to undertake acts or acts of competition with the company, after the termination of the employment contract with the company. The non-competition clause is regulated in terms of labor relations by the Labor Code. In general, the basic
The user of temporary employees has the following obligations: a) to inform temporary employees about all existing vacancies, in order to ensure equal opportunities with other employees, to obtain a permanent job; b) to ensure the temporary employee access to the professional training courses that he organizes for his employees; c) to provide the employees’
What obligations does the user of temporary labor have? Read More »
The temporary work agent provides the user with a temporary employee, based on a contract of provision concluded in written form, which must contain the essential elements provided by the Labor Code regarding the working conditions regarding the duration of the working time, additional work , daily and weekly rest, night work, holidays and public
What contract is concluded between the temporary work agent and the user? Read More »
The temporary work agent concludes a temporary work contract with the temporary employee, in writing, in Romanian, which must include the essential elements provided by the Labor Code in the case of individual work contracts. For each new temporary work assignment, a new temporary work contract is concluded between the parties, in which all the
What contract is concluded between the temporary work agent and the employee? Read More »
The temporary work agent is a legal person registered in the Trade Register, which concludes temporary work contracts with natural persons that it makes available to some users to work temporarily under their supervision and management. In order to operate legally, the temporary work agent must first obtain the authorization to operate as a temporary
The limited liability company is the most common form of company in Romania, being the legal entity that best serves the interests of investors both from the point of view of the reliability of the activity, and from the perspective of its management. The limited liability company is abbreviated "SRL" in Romania and is the equivalent of the American limited liability company Limited Liability Company (abbreviated to LLC) or the German economic structure "Gesellschaft mit beschränkter Haftung" (abbreviated to GmbH), or the structure called "limited" , the structure used in most Latin American states.
The limited liability company is characterized by:
✓ the character intuitu personae, which means that this economic structure is based on the trust between the associates;
✓ the division of the share capital into fractions called shares, which cannot be negotiable securities;
✓ the liability of the associates is limited to their contribution to the share capital.
The limited liability company may also have a single partner, natural or legal person, of Romanian or foreign nationality, who will be the owner of all shares. Instead, the maximum number of associates is 50 people.
At present, the Romanian law no longer conditions the subscription and payment of a certain amount as share capital.
Through registration, the company acquires legal personality, becoming, under the law, a collective subject of law. The conclusion given by the judge is sent, ex officio, to the Official Gazette of Romania for publication at the expense of the company and to the Financial Administration in whose territorial area is the main headquarters of the company for fiscal registration, mentioning the registration number in the Trade Register .
