Two federal laws, “On Limited Liability Companies” (“LLC”) and “On Joint-Stock Companies” (“JSC”), oblige participants (shareholders) to hold an annual general meeting to approve annual accounting statements and decide on other mandatory issues related to companies’ activities.
In companies where the fiscal year coincides with the calendar year in accordance with the constituent documents, the deadline for holding the annual general meeting is April, 30 for LLCs and June, 30 for JSCs.
For violating the legal requirements regarding the procedure, form, or timing of the annual meeting of participants (shareholders), the administrative liability is provided for:
• for legal entities – a fine of RUB 500,000 to 700,000.
How SCHNEIDER GROUP can help?
SCHNEIDER GROUP’s experts will be happy to assist with the proper preparation of the required documents for the annual general meeting and to provide consulting support regarding the procedure for annual meetings to eliminate the risk of noncompliance with the law.