Yearly, within the four months following the end of the previous fiscal year, an annual partners’ meetings (in the case of Brazilian limited liability companies) and ordinary general shareholders’ meetings (in the case of Brazilian corporations) must be held. The mentioned period usually ends on April 30, considering that in most cases the fiscal year coincides with the calendar year.
Such meetings shall have the following agenda: (i) analyze the accounts of management; (ii) approve company’s financial statements; (iii) allocate company’s net profits for the year; and (iv) appoint the members of company’s management and fiscal council, if applicable.
We emphasize that the approval of the company’s accounts and financial statements exempts the directors, officers and fiscal council members from any liability related to such accounts and financial statements, except in case of error, fraud, malicious act or simulation.
In order for the partners or the shareholders to have enough time to review the documentation and support their vote, the company’s management accounts and financial statements must be made available one month in advance of the partners’ or shareholders’ meeting.
It is important to highlight the company’s obligation to publish the documents related to the annual meeting, as explained below:
We are at your disposal for any further clarification, and to assist you in providing such approvals.
By Bruno Salama
+55 11 3124 3070
Rua Fidêncio Ramos 195 11°andar
04551-010 SP Brasil
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