Joint-stock companies

A limited liability company cannot be established in the form of a public company, since its shares cannot be traded on the open market. Both types of company can be converted into the other under a reorganisation process. Any fundamental changes in the company, such as changes to the articles of association, an increase or decrease in equity capital, the appointment of a company board, the approval of the financial year, profit-sharing or payable dividends or the dissolution or closure of the business, fall exclusively under the competence of the shareholders’ meeting, and decisions should be made by majority vote.