Page 21 - Albanian law on entrepreuners and companies - text with with commentary

C. Law on Entrepreneurs and Companies – Text with Comments

PART I
COMMON PROVISIONS

Part I of the Law and Articles 1 – 21 cover provisions which basically relate to both,
entrepreneurs and companies. Nevertheless some provisions, like Article 2 and Article 3, may
address only one or the other type of business organization. When applying rules on
partnerships (Parts II and III) and companies (Parts IV and V) the Common Provisions must
be taken into account. If solutions to a question cannot be found among the provisions
regarding partnerships or companies, they may still be found among the Common Provisions.

TITLE I
ENTREPRENEURS AND COMMERCIAL COMPANIES

Article 1
Scope of the Law, definitions, different registrations
(1) This Law shall regulate the status of entrepreneurs, the founding and managing
of companies, the rights and obligations of founders, partners, members, and
shareholders, companies’ reorganization and liquidation. Companies are general
partnerships, limited partnerships, limited liability companies or joint-stock companies.
(2) Entrepreneurs and companies register with the National Registration Centre in
accordance to this law and Law No. 9723, dated 03.05.2007 on the National Registration
Centre amended.
(3) Entrepreneurs and companies shall keep books, compile and disclose annual
accounts and performance reports including verification of authorized auditors in
conformity with Law on Accounting and Financial Statements.
(4) If not provided otherwise, the court referred to in this law is the competent
court in accordance with Articles 334 to 336 of the Civil Procedure Code.
(5) Provisions requiring disclosure of information on a company website may be
satisfied by establishing an effective link to the registered information held by the
National Registration Centre for that company.
(6) As used in this Law, the singular includes the plural and the plural includes the
singular, unless the context otherwise requires. The personal pronoun “he” includes
“she” and “it”; and the word “him” includes “her” and “it” unless the context otherwise
require.

Comments:

20