A special category of contracts that can be signed in Romania concerns employment contracts. These types of contracts are regulated by the Employment Law (Labor Code). According to Romanian employment law, the employment contract must be signed in writing and must contain specific elements. Business people wishing to open a company in Romania must comply […]
What are the regulations on employment contracts in Romania? Read More »
According to Romanian law, a contract must contain certain elements: the obligations of the parties for the performance of the contract, the conditions of delivery and quality of the goods and/or services, time limits, payment terms and payment guarantees, instruments of payment and price insurance, contractual risk, and the method of settling any disputes arising
Agricultural land located in the countryside can be alienated to and by natural and legal persons, only under the conditions of Law 17/2014 as amended, as well as other applicable regulations. Both Romanian citizens and citizens of a European Union Member State, of the States party to the Agreement on the European Economic Area (EEA)
Can foreigners acquire agricultural land in Romania? Read More »
Is it necessary to sign a written agreement? The conclusion of contracts in written form is not a general rule, they can also be concluded verbally, however, practice has shown us that the conclusion of contracts in written form is preferable to the verbal agreement for several reasons, as mentioned below. Of course, there are
How to conclude a contract: everything you need to know Read More »
If you have a company whose activity you want to temporarily suspend, you must submit to the Trade Registry Office a series of documents necessary for the registration of this mention. How can you do this and what documents do you need, the LEGALITY.ro Team can provide you with the assistance and/or legal representation necessary
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
The EORI number is a unique number in the European Union, which the customs authorities or other authorities designated by the member states assign to economic operators and other interested persons, in order to use it starting from July 1, 2009 for all customs operations carried out by them throughout the territory European Union. The
EU/EEA/Swiss Confederation citizens, as well as foreign citizens domiciled in Romania, can obtain temporary residence documents, such as: residence permits/residence cards/registration certificates/single permits/EU blue cards, as applicable. Temporary residence documents are residence documents that contain a personal numerical code (CNP) that can be used later for fiscal and social security purposes. These are granted by
Some useful considerations regarding the obligations of associates and administrators of limited liability companies, in collective name and in simple limited partnership, as the case may be. 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
The times are changing. We find ourselves in a digital era where everything is connected. At a worldwide level the industry of telecommunications has never been more important. In Romania the telecommunication environment is almost exclusively private. This industry may lead to a growth of GDP and is a huge advantage for Romania. Supplying
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 .
