{"id":5383,"date":"2020-04-15T08:23:33","date_gmt":"2020-04-15T08:23:33","modified":"2022-08-26T15:09:27","modified_gmt":"2022-08-26T15:09:27","slug":"start-your-business-here-the-limited-liability-company","status":"publish","type":"post","link":"https:\/\/www.madarassy-legal.com\/en\/start-your-business-here-the-limited-liability-company\/","title":{"rendered":"Start your business here \u2013 The limited liability company"},"content":{"rendered":"Founding your enterprise in Hungary is one of the tasks you cannot complete without a lawyer. As a law office most experienced in corporate affairs hereby we would like to summarize the basics of creating a limited liability company \u2013 as known as Kft.\n\n\n\nKft. is one of the most popular corporate form (think of LLC in the USA, GmbH in Germany,  s.r.o. in Slovakia, SRL in Romania, etc.) and with a reason: it provides safety for the owners but also for the business partners who would like to sign contracts with the company. According to the Act V of 2013 on the Civil Code, \u201cLimited liability companies are business associations founded with an initial capital (subscribed capital) consisting of capital contributions of a predetermined amount, in the case of which the members’ obligations to the company extend only to the provision of their capital contributions, and to other possible contributions as set forth in the articles of incorporation. With the exceptions defined by law, members shall not bear liability for the company’s obligations.\u201d\n\n\n\nIn Hungary, the steps of creating a Kft. start with the deed of foundation in case it is a sole-member company and with the articles of association if there are two or more members. For concluding the deed of foundation or the articles of association the following data has to be provided:\n\n\n\nDetails of the companynameseate-mail addressamount and composition of the capital (minimum 3.000.000,- HUF)scope of activitiesDetails of the persons involved such as members and executives (in case it is another company, the data described in section 1)nameaddressplace and date of birthmother\u2019s nametax number\n\n\n\nThe second step is the preparation of all the documents, which is our task as lawyers. We prepare all the necessary paperwork and send it to the founders for checking.\n\n\n\nOnce all the preparations described above are settled, it is time to sign all documents. This has to be done in the presence of the lawyer, who has to check the validity of the involved persons\u2019 identity \u2013 this also has a small fee.\n\n\n\nAfter signing the documents, our law office would file them in an electronic copy to the Court of Registry, and the registration shall take place within 8 workdays (usually it is 2-3 days).\n\n\n\nImportant to note, that within 8 days after registration the managing director shall open a bank account and transfer the capital to the account.\n\n\n\nIn case you have legal or practical questions related to companies, please do not hesitate to contact us!","protected":false},"excerpt":{"rendered":"Founding your enterprise in Hungary is one of the tasks you cannot complete without a lawyer. As a law office most experienced in corporate affairs hereby we would like to summarize the basics of creating a limited liability company \u2013 as known as Kft. Kft. is one of the most popular corporate form (think of […]","protected":false},"author":2,"featured_media":5460,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[291],"tags":[],"class_list":["post-5383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.madarassy-legal.com\/en\/wp-json\/wp\/v2\/posts\/5383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.madarassy-legal.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.madarassy-legal.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.madarassy-legal.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.madarassy-legal.com\/en\/wp-json\/wp\/v2\/comments?post=5383"}],"version-history":[{"count":4,"href":"https:\/\/www.madarassy-legal.com\/en\/wp-json\/wp\/v2\/posts\/5383\/revisions"}],"predecessor-version":[{"id":7537,"href":"https:\/\/www.madarassy-legal.com\/en\/wp-json\/wp\/v2\/posts\/5383\/revisions\/7537"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.madarassy-legal.com\/en\/wp-json\/wp\/v2\/media\/5460"}],"wp:attachment":[{"href":"https:\/\/www.madarassy-legal.com\/en\/wp-json\/wp\/v2\/media?parent=5383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.madarassy-legal.com\/en\/wp-json\/wp\/v2\/categories?post=5383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.madarassy-legal.com\/en\/wp-json\/wp\/v2\/tags?post=5383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}