Administration of the company
Normally, the management of a company is provided by the administrative board or by the directors appointed by it. The responsibilities and competences should be defined in detail in a management agreement to profitably reduce the personal liability.
The authority to sign has to be registered at the Commercial Register.
While appointing the management, it should be observed that a work permit is necessary for the directors under certain circumstances.
The management (administrative board) must prepare an annual report that will especially provide information regarding the course of business, the economic and financial situation and any possible capital increases.
A general meeting must be held at least once a year. It must be called by the administrative board.
Even for the account system central regulations will apply.