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Poland speeds up, while the world will slightly slow down
This year’s GDP will rise by as much as 2.9%, as the World Bank estimates. The rise will be slower than in the middle of 2015. This is due to the weaker results of the world economy, that is the lingering recession in such countries as Brazil or Russia, and we also can’t forget about the turbulences in the Chinese economy.
This year, it will be the countries exporting raw materials that will suffer the most, while in the countries importing those, the economy will speed up. This wil Read more
Taxes on income in a limited company
A limited company is subject to tax pursuant to the rules stipulated in the Legal Persons' Income Tax Act. The act establishes the model of double taxation on the distributed profit in a limited company.
The first tax we need to pay is CIT tax on company income at the rate of 19%, then the reduced amount will be taxed once with PIT tax at the rate of 19% as a dividend, i.e. income paid to shareholders.
A single person limited company, the only owner and shareholder of which is Read more
Accountability of limited company board members for company obligations
To begin with, it needs to be stressed that a limited company (spółka z ograniczoną odpowiedzialnością, spółka z o.o.) and persons linked to the company (e.g. shareholders, board members, supervisory board members) are separate and independent legal entities. A limited company participates in legal transactions as an autonomous legal existence equipped with legal personality, legal capacity, capacity to perform acts in law – capacity to obtain rights and incur liabilities.
So, Read more
Board member under an employment contract
Appointment of a board member may, but does not have to entail employing them under an employment contract. The functions within the two relationships are independent. Still, in practice, board members are employed under an employment contract for the purpose of connecting them to the company, ensuring stable remuneration and guaranteeing extra benefits, among others.
A board member under an employment contract acquires all the rights arising from the provisions of the Labour Code.
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Bankruptcy law changes in 2016
Bankruptcy law is going to change on Jan 1st 2016 in Poland. Entrepreneur whose company is looking at the insolvency will not need to wait until all the assets are sold out by the receiver. Apart from introduction of many changes in the current procedures the new law also consists of many new legal solutions that aim at successful company restructuring.
One of the main newly introduced procedures is a so called pre-packaged insolvency which is currently being implemented into legal systems of m Read more
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