The Brazilian law (Civil Code - Article 1,078) requires that partners and shareholders have a Shareholders' Meeting at least once a year, or Ordinary General Meeting, as the case may be. The purpose of such meetings is to acknowledge of the accounts, deliberate on the financial statements, elect or reelect the company’s management and resolutions on destination of the net profit or loss for the year. There shall also be room for other corporate or company resolutions, which may be deemed necessary at that time.
As most of the companies adopt fiscal years that coincide with the fiscal year (beginning on January 1 and ending on December 31 of the same year), the deadline for holding the next Annual Shareholders' Meeting or Ordinary General Meeting will end on April 30, 2019.
It is important that this obligation be met since the approval of accounts with no reservations, except for error, willful misconduct, or simulation, exempts managers and fiscal councilors from liability.
Domingues e Pinho Contadores has specialized team ready to assist your company.
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