Frontlist | The 4 'Mysterious' Books Your Startup NeedsFrontlist | The 4 'Mysterious' Books Your Startup Needs
on Feb 19, 2021 By Victoria Tejeida, commercial and institutional relations manager of Komenko More and more entrepreneurs know that one of the first legal recommendations that their head attorneys will make is to establish a legal person, as this serves to separate the commitments that society acquires with theirs in a personal capacity thanks to the corporate veil. But for this protection to be effective, do you know what it entails? Of course, it starts by setting up the company, but ( spoiler alert !) That is only the first step. Afterwards, different requirements have to be met (depending on the company), ranging from share titles, holding annual assemblies and ... bingo! The four mentioned and mysterious corporate books that I mentioned to you at the beginning.
Minute bookImagine that your partners agree to request a loan from the company and some time later a partner regrets it and says that he did not agree to anything on this matter. Let us remember that in each type of Assemblies different topics are seen. In an Ordinary Assembly, topics such as profit and loss balance, dividend payment, appointment or revocation of administrators, review and approval of the administrators' report, etc .; for its part, in an Extraordinary Assembly, specific issues are seen, such as reforms to the bylaws, a possible merger or dissolution, etc. Whatever the case, you should make sure to keep the minutes and all the assemblies to file them in this book. In case of being an extraordinary assembly remember to carry out its protocolization
Council Session BookImage: Depositphotos.com This book compiles all the decisions that are made in a board session, such as the approval of a strategic plan, an investment, the allocation of some resources, approving in some cases transfers of shares, etc.
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Capital variations bookImage: Depositphotos.com Suppose now that you, along with your two partners, need to convince an investor to enter the company with limited voting shares. Everything is going well until your lawyers ask you for the book of capital variations and all you want is to make a ball. The capital stock represents the contributions of the partners and can be increased or decreased if so agreed in the meeting. The entries in this book mark the variations in capital of startups.
Shareholder registration bookImage: Depositphotos.com Imagine that you have just bought your friend his 10 shares in the company “ABC SA de CV” and he gives you his share certificates. As time passes you realize that you have no news of the company, so you decide to go to the offices and they tell you that you are not a shareholder of the company, because they cannot find you in the stock registry book. At this point you may already have a microinfarction, but stop! Do not worry, this happens because when your friend sold you his shares, he forgot to notify the company so that due process was done in the share registry book, so at that precise moment your friend makes the request and everything is solved . In article 129 of the General Law of Mercantile Societies it is mentioned that only those who are registered in the share registry book are considered owners of the shares. Therefore, the endorsement of the stock certificates does not necessarily mean that you are already a shareholder of a company, but, you must corroborate that indeed the transfer of said titles is registered in the stock registry book, this helps to create a relationship between the shareholder and the company, since there are occasions when a shareholder sells or transfers shares to another person and the company does not find out.
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