International business law

What is the definition of an enterprise?

An organization that has its own name, assets, office, registered for business in accordance with the law.

How many members are required to form a Limited Liability Company (LLC)?

A minimum of two members is required to form an LLC.

What happens to a member's share in an LLC when the member dies?

The member's heir becomes a member of the company.

What is a legal entity?

An organization created by law with separated assets from its owners.

What must contribute to the charter capital at the establishment of an LLC?

Members must contribute their pledged capital in 90 days after receiving the Enterprise Registration Certificate.

What is the liability of a member in a Limited Liability Company?

Members are liable for the company's debts only up to the amount of their capital contributions.

What are the prohibited acts in naming enterprises?

Names that are identical or confusingly similar to other registered enterprises, include names of state authorities, or go against the country's history and culture.

What is the main difference between a Sole Proprietorship and a One-Member LLC?

A One-Member LLC can be owned by an individual or an organization, whereas a Sole Proprietorship can only be owned by individuals.

What type of shares must a Joint Stock Company (JSC) issue?

Ordinary shares are mandatory; preference shares are optional.

What are the two models of management structure in a Joint Stock Company?

Model 1: General meeting of shareholders, controlling board, board of management. Model 2: General meeting of shareholders, board of management, director.

What is required for a general meeting resolution to pass?

For significant changes, a 65% agreement; for other matters, a 50% agreement is needed.

What is the primary role of the legal representative in an LLC?

To exercise rights and perform obligations on behalf of the enterprise.

What determines the members' council meeting frequency in an LLC?

The frequency is stipulated in the charter, but at least once a year.

What is a key difference between Ordinary shares and Preference shares?

Ordinary shares provide voting rights, while Preference shares typically do not.

In a partnership, who is responsible for the legal representation?

Only general partners are legal representatives of the partnership.

What characterizes an international sales of goods contract?

It involves parties whose places of business are in different states.

What must goods in an international sales contract be able to do?

They must be deliverable across borders.

What governs the legal framework for international goods contracts?

International treaties and the rules of private international law.

What are the conditions for CISG to apply automatically?

The parties must have their places of business in different contracting states.

What does implicit exclusion of CISG refer to?

The parties' intention to exclude CISG may not be explicitly stated but is inferred from their actions or context.