[ESTABLISHING A BUSINESS ENTITY IN GREECE] 217
notarial deed which mentions the personal data of the new partners). - The partners do not become merchants by participating to the company. - If the company goes bankrupt the partners do not go bankrupt as well. - The names, the percentages and other personal data of the partners are included in the articles of association which are registered at the General Commercial Registry and uploaded at its site. - An Ltd may not have as a single partner another Ltd with a single partner. Furthermore, the same person may not be a single partner to more than one Ltds. 1.2.4 The General Partnership and the Limited Partnership - The general partners have unlimited liability, and they are jointly and separately liable for the liabilities of the company. Their liability against third parties cannot be excluded by the articles of association. - Any new partner is liable for the liabilities of the partnership that arose before joining the partnership. - If the partnership is terminated, the partners continue to be liable for the liabilities of the partnership (however, there is a five-year time bar). - The default rule is that the participation in the partnership is not transferable, however the partners may decide otherwise. - The personal data of the partners and those who have the power of
administration are registered at the General Commercial Registry and uploaded at its site. 2. Steps and Timing to Establish All the above types of companies/partnerships are established in Greece either online with the use of template Articles of Association or via a One-Stop-Shop (notary or commercial chamber). In some cases, e.g. when a real estate property is contributed to the company, the establishment by a notary is compulsory. The documentation needed (e.g. articles of association, power of attorney to a representative in order to proceed with the required procedures before the One-Stop-Shop, passports of the founders, application for the issuance of a Greek tax number etc.) is handed to the competent One-Stop-Shop and subsequently, the latter proceeds with the necessary actions for the establishment of the company (inter alia it receives and examines all the essential documentation; checks for any pre-existing similar trade name; proceeds with the issuing of a Greek Tax Number to the founders (if needed); collects the duty for the incorporation; registers the data of the company to the General Commercial Registry; proceeds with the issuing of a Greek Tax Number to the company; issues a certificate of registration of the company). Generally, the procedure of establishing the company is rather quick. 3. Governance, Regulation and Ongoing Maintenance 3.1 Brief summary of regulation of each type and ongoing maintenance, reporting requirements 3.1.1 The Société Anonyme (S.A.)
ILN Corporate Group – Establishing a Business Entity Series
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