Business societies can be organized under several Corporate types, which gives partners the ability to choose the structure more consistent with their needs and objectives, according to the business model, growth strategies and legal preferences.
In Brazil, the most adopted corporate types are limited companies and corporations. Limited company is a corporate modality in which partners have their responsibility Restricted to the value of their contributions to the capital, protecting their personal heritage from eventual debts of the organization to the limit of their participation. The corporation, in turn, is a type of company in which capital is divided into shares, and the responsibility of shareholders is limited to the price of acquired shares.
In both corporate types pointed out above, Corporate governance plays an essential role for the development, stabilization and management of conflict in business. “Whether in large or small, publicly open or closed societies, with defined control or pulverized capital, either in family societies, or even startups, corporate governance – appropriate to each stage of social development – can be a fundamental instrument for preventing social conflicts ”(1).
Definition and dimensions of corporate governance
According to the Code of Best Practices of the Brazilian Institute of Corporate Governance (IBGC), corporate governance is “a system made up of principles, rules, structures and processes by which organizations are directed and monitored, with a view to generation of sustainable value for the organization, its partners and for society in general ”(2).
The principles of corporate governance apply to every business organization, constituting the basis on which good governance develops, which are: (i) principle of integrity, which aims at the continued improvement of organizational ethical culture; (ii) principle of transparency, which seeks Provide certain and accurate information on the financial and operational financial health of the business; (iii) principle of equity, performing fair and coherent treatment between partners and other stakeholders, in accordance with their rights, duties and needs; (iv) principle of accountability (liability), which corresponds to the duty of the organization to occupy Consider the social, economic and environmental impacts arising from the exercise of their business activity; and (v) principle of sustainability, which is dedicated to understanding that the protection of the financial viability of the organization is directly related to its interdependence with the economic, social and environmental realities that it is inserted (3).
Corporate governance is structured in agents, organs and the relationship between them. This structuring will be more or less complete depending on the size, the stage of evolution and the nature of the business of society, as well as its corporate type.
The agents – and, as a result, the organs – most involved with corporate operations are: (a) the partners, who make up the General Assembly; (B) Administration counselors and inspectors, which are part of the Board of Directors and the Fiscal Council; (c) the directors, who are the members of the Executive Board; and (d) members of advice advice (4).
The rules of governance, therefore, created by their agents, organize the structures (organs) of the organization, so that, through this set of practices, it seeks to optimize The performance of society as they safeguard the interests of the partners and the stakeholders.
Corporate governance and conflicts of interest between members
The harmony between partners is not only beneficial, but vital to the survival and prosperity of the business organization. Thus, the management and administration structure of society (governance) aims to avoid Or, at least to resolve the conflicts of interest between the partners in the best possible way.
Conflicts between partners are especially present in the dimensions of political and economic rights, which must be exercised in accordance with the legal and statutory guidelines to ensure the perpetrator of the long term society.
Regarding political rights, the ability to influence Strategic decisions and participate in company management are often at the heart of disagreements and controversies in corporate environments.
The right to vote, usually expressed in assemblies and meetings, allows the partners to express themselves about the operational procedures to be implemented in the organization. On the other hand, the power of control – whether it is distributed or concentrated -Refers to the ability to exert a predominant influence on administration, leading the guidelines and strategies to be adopted in society.
The incongruity between the aspirations and visions of the partners on the strategic decisions of society can generate strife. When the control power of society is concentrated, minority partners may feel that their interests are suppressed in social deliberations. In organizations where control is distributed, in turn, even though it is assumed that decisions are made through a more collaborative and inclusive procedure, there is also the possibility of arising decision impact that impact the cohesion of business planning.
Members selection for executive and administrative positions can be presented as a field Confidence for conflict hatching, especially when there are disputes related to the control of management and strategic direction of the company.
In addition, it is the subject of corporate conflicts the exclusion or exercise of the right to withdraw the partner. With regard to the right of withdrawal, disagreements sometimes arise in relation to the assessment and the payment of the partner’s shareholding dissident and the conditions on which the exercise of such right is admitted without impairing the company’s operational continuity.
In turn, the exclusion of the partner – whether judicial or extrajudicial – represents a forced dismissal of one of the partners of society. Beyond the relational differences between the parties, there are financial impacts – since the reduction of the capital of society It can undermine investments in the organization -as well as operational, which can lead to disagreement between the remaining partners in relation to the roles to be assumed and decision -making to allow the continuity of the operation.
Regarding equity rights, they are associated with economic benefits derived from the organization’s operations. Therefore, the distribution of profits, the transfer of quotas or actions and aspects related to business succession, which are themes often marked by corporate controversies.
Profit distribution is a fundamental right of partners. The disputes sometimes originate from disagreement regarding the perception of the value and contribution of each partner to the generation of profits obtained. This conception invariably It is confused with the lack of discernment between the partner and administrator’s roles in the organization, which have different functions and responsibilities. Thus, the disparity in expectations regarding the “correct” ideal fraction of participation in results occurs when there is a lack of well -defined guidelines for the remuneration of administrators and distribution of dividends.
Yet, being Of compensation for the partners, in particular in relation to limited companies, much controversy is installed with regard to the conflict between the concepts of profit x pro-labore, regarding the partner who plays the role of administrator. It is very common that, in the absence of clear rules to determine the amount to be paid due to the work commitment in the exercise of the administration, if Dissatisfaction for non -agreement regarding the criteria set (hours of commitment, productivity, percentage of the results earned, among others).
There are also disagreements between partners regarding the share of profit that will be destined for reserve and reinvestment in the organization itself. There are those who see the need to retain a significant part of profits to ensure growth of society, and others who advocate a more robust distribution of dividends.
Regarding the transfer of corporate participation, entry into society of a new partner, foreign to the operation, can significantly alter the dynamics, culture and management of a society. In this context, concerns arise about dilution of control and eventual changes in business strategies, which can result in significant friction, even threatening the continuity of the business.
Finally, business succession is also a very controversial theme. From the death, interdiction or mease of any partners, the admission of their successors, heirs or ex-spouse may endanger the continuity of management, the preservation of organizational culture and, as a result,, consequently, Sustainability of the company.
The interests of the remaining partners can collide with those of the heirs, successors or former spouses, particularly if the latter do not have a prior involvement or knowledge of the business until the moment of succession.
In this scenario, solid corporate governance is fundamental to ensure that the rights of all partners are respected ( principle of equity ) and that decisions made reflect a equitable perspective of the business.
The governance structure, represented by agents and organs, “must ensure that the organization has clear, effective, implemented and properly disseminated policies and processes” (5) to identify and treat social conflicts. As mentioned above, the most present agents and organs and involved in the organization are:
(A) Members, which makes up the General Assembly:
The partners are committed to ensuring the interests of society and, to this end, must deliberate responsibly on matters elementary to proper organizational functioning. The General Assembly or the Meeting of Partners is the moment when the partners, through the vote, have a voice to express your views and decide substantial questions of the organization.
Thus, the establishment, by means of agreements, of clear policies regarding voting procedures are fundamental to the balance of the business.
(b) Counselors, members of the Board of Directors
Counselors in the Board of Directors ensure that operations and strategies of society are aligned with the interests of the partners and the purposes of corporate integrity. The Board of Directors “must be responsible for determining the strategic objectives, directions and risk profile of the organization, (…) related to its culture and identity” (6).
In view of this, it is paramount that the board of directors promote transparency in the decisions and actions of the company. The clear communication of corporate strategies and results strengthens the confidence between partners and other stakeholders, mitigating the perception of any conflicts of partial interests or management.
(c) Counselors, members of the Fiscal Council
The Fiscal Council has “the responsibility to verify that the organization is in Compliance with its principles and values, reflected in internal policies, procedures and standards, and regulatory laws and devices ” (7). In their supervision work, tax counselors must understand the strategy and risks to form opinion on the financial results and statements presented by the Board of Directors to the members in the Assembly General.
(D) Members of the Advisory Committees
Advisory committees are bodies advising the Board of Directors in the “ Control on the quality of financial statements and internal controls, aiming at the reliability and integrity of information to protect the organization and stakeholders” (8). The most common committees are: (i) audit; (ii) risks; (iii) sustainability; (IV) Ethics and Compliance.
(E) Directors, members of the Executive Board
“The board is the executing body of the end of business activity” (9). The directors are responsible for the implementation of all the company’s operational and financial processes, executing the strategies approved by the Board of Directors.
Furthermore, The contract or bylaws must comply with the purpose of establishing the main rules of operation of the company, with the implementation of solid corporate governance practices, which serve to direct, monitor and encourage the organization, minimizing conflicts and protecting the various stakeholders (10).
Rule differences between limited companies and societies Anonymous
Although often convergent legal structures and instruments, they are in some different aspects of their application to limited societies and corporations, especially in relation to political and economic rights:
Political rights present the following distinctions in relation to voting rights, control, withdrawal and exclusion:
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Economic rights present the following distinctions in relation to the corporate types in question:
From the above analytical frameworks, the differences of legal rule to the most sensitive subjects to the relationship between quotists/shareholders are evidenced by comparing corporate models of limited and society by action.
Conclusion
In the light of the main challenges faced by the partners, the structural and legal differences between the Limited societies and stock societies, corporate governance, the reason for the peculiarities of each corporate type, will be exercised through their agents and instruments in different ways. The adequacy to the positive and negative normative specificities of each business type is essential to achieve the best effectiveness.
The differences and controversies pointed out throughout this Article may be mitigated or renewed through legal instruments, such as: (i) the formulation of rules and guidelines provided for in the contract or status, which will have about the functioning of society, with the adoption of corporate governance practices; (ii) the celebration of the agreement of quota holders/shareholders; (III) among other measures that can Contribute to the improvement of management, organization and business development.
Regarding conflicts related to political rights, corporate governance agents will have a vast guiding legal structure at their disposal to find solutions to controversies between the partners. Otherwise, in the context of limited societies the framework Legal is limited, often demanding the challenge of establishing conflict resolution criteria at a time contemporary with its confrontation.
Given the nature of the relations between the partners, in limited societies, based on interpersonality, the performance of the Board of Directors, will face, in theory, greater challenge to objectify the controversies and search for solutions based on Data, since the relationship between partners often transcends the simple merchant objective. On the other hand, in stock companies, as a rule, solutions will be more objectively based and will find a greater number of legal provisions at their disposal, since the normative scope provided for in Law no. 6.404/76. It is much broader.
Still in the exercise of political power, the Board of directors facing greater challenges in limited companies, since the proximity with which partners exercise their right to vote is much greater and representative than in corporations. It is important to remember that, in many cases, the constitution of a board of directors in limited companies is relatively recent.
In another context, however, in societies Limited, the Board of Directors, when dealing with a more restricted membership base, has greater ease and agility in decision making, while in corporations, more analytical decisions are often required and based on robust data, due to the need to justify actions and strategies in the face of a wide number of shareholders and regulators.
The nuances mentioned above are also the subject of attention to the members of the Executive Board, in the execution of the organization’s financial and operational procedures. In limited societies, such as the partners themselves may be involved in business management, organization management is closer and personal. Governance is more flexible and execution of strategies are performed with a greater degree of informality, depending on the agreement established between the partners.
On the other hand, in corporations, the board is farther from shareholders and operates with a more rigorous and formalized governance structure. The directors are in charge of managing the company’s operational and strategic aspects, aligning with the vision and direction established by the Board of Directors and the expectations of shareholders.
Regarding economic rights, corporate governance, through its agents and organs, will face challenges in both limited structures and stocks by action. In the first, the controversies will be oriented to the rules and criteria aimed at the distribution of profits (sometimes disproportionately) and pro-labore receipt of the partner Administrator, while in Mondays the challenges are much more associated with the resource allocation rules: percentage of dividends to distribute, allocation in profit reserve accounts, etc.
Regarding the circulation of quotas or actions, either alienation or in business succession, in both corporate types it is common to exist disagreements between partners/shareholders, as it is necessary Establish rules on the right of preference and settlement of corporate interest, which are applicable to each corporate structure.
In short, corporate governance, for its better effectiveness, should be aware of the context, structure and normativity preceding its implementation in a given organization. It is necessary to establish distinct strategic and tactical planning For each organization, taking into consideration its corporate type and the challenges it intends to resolve.
Bibliographic references
(1) GALLO, Giovanna Mazetto. CHIACHIO, Rafaella. The importance of corporate governance in preventing corporate conflicts. December 23, 2022. Available at: https://www.migalhas.com.br/coluna/migalhas-connsensuals/379078/importancia-da-governanca-corporativa-na-prevencao-de-conflitos . Accessed October 3, 2023.
(2) Brazilian Institute of Corporate Governance – IBGC. Code of best corporate governance practices. 6th ed. Sao Paulo, SP. IBGC, p. 17, 2023.
(3) Brazilian Institute of Corporate Governance – IBGC. Code of best corporate governance practices. 6th ed. Sao Paulo, SP. IBGC, p. 19, 2023.
(4) SILVA, Edson Cordeiro. Corporate governance in Companies: Practical Guidance for Guidance for Shareholders, Investors, Administration and Fiscal Counselors, Auditors, Executives, Managers, Market Analysts and Researchers. 3rd ed., Sao Paulo, SP. Atlas Publisher, p. 32, 2012.
(5) Brazilian Institute of Corporate Governance – IBGC. Code of best corporate governance practices. 6th ed. Sao Paulo, SP. IBGC, p. 21, 2023.
(6) Institute Brazilian Corporate Governance – IBGC. Corporate risk management: evolution in governance and strategy. Sao Paulo, SP. IBGC, p. 26, 2017.
(7) Brazilian Institute of Corporate Governance – IBGC. Corporate risk management: evolution in governance and strategy. Sao Paulo, SP. IBGC, p. 27, 2017.
(8) Brazilian Institute of Corporate Governance – IBGC. Management of Corporate risks: evolution in governance and strategy. Sao Paulo, SP. IBGC, p. 28, 2017.
(9) Brazilian Institute of Corporate Governance – IBGC. Code of best corporate governance practices. 6th ed. Sao Paulo, SP. IBGC, p. 53, 2023.
(10) ANDRADE, Adriana. ROSSETI, José Paschoal. Corporate governance: foundations, development and trends. Altas Publisher. 7th ed. São Paulo, 2014.
Julia Oliveira Andre Teixeira
Lawyer, law graduate from Faculties Milton Campos (2019), registered with the Brazilian Bar Association, Minas Gerais Section (OAB/MG) (2019). Specialist for the L.LM Business Law Program by IBMEC (2021), MBA in high performance law by PUC Minas (2022), expert on contractual law from the Getúlio Vargas Foundation (FGV-RJ) (2023). Author of articles. Member of the Commission of Corporate Law of the OAB/MG (2022), member of the Center for Studies of Lawyers Companies (CESA), Executive Secretary of the State Council of Commercial Affairs of the Federaminas. Advisory Lawyer of Portugal Vilela Advogados.
Leonardo Theon de Moraes
Lawyer, Graduated in Law, with emphasis on Business Law, from the University Presbyterian Mackenzie (2012), registered with the Brazilian Bar Association, São Paulo Section (OAB/SP) (2012). Post Graduate and Specialist in Business Law from the São Paulo Law School of the Getúlio Vargas Foundation (2014), Master in Political and Economic Law from the Mackenzie Presbyterian University (2017), book and articles author, speaker, undergraduate professor, MBA and Executive Education At FIPECAFI, a member of the São Paulo Lawyers Association (AASP), a member of the International Bar Association Business Law and Fuse Committee, member of the São Paulo Lawyers Association (AASP) and president of the Federaminas State Council of Commercial Law. Founding partner of TM Associados. Founding partner of TM Associados
Regime de Bens e Planejamento Patrimonial
A escolha do regime de bens, seja através do casamento ou da união estável, é um dos momentos mais importantes na vida de um casal, contudo, é preciso ter atenção na escolha consciente do regime de bens.
Embora este ainda seja um assunto difícil para aqueles que estão iniciando a vida a dois, é de extrema relevância que as partes entendam os tipos de regime de bens e a forma como tal escolha impacta na vida patrimonial e financeira do casal.
O Regime de bens é, basicamente, um acordo definido entre os cônjuges a respeito do que acontece e do que acontecerá com os bens de cada um em decorrência da união ou do casamento. Dessa forma, a escolha do regime de bens consiste na mais importante estratégia de planejamento patrimonial e sucessório, e, através dele, conferida segurança jurídica às regras de administração e exercício dos direitos patrimoniais do casal.
A Lei brasileira prevê a existência de cinco principais regimes de bens, quais sejam: Regime de comunhão parcial, Regime de comunhão universal, Regime de participação final nos aquestos, Regime de separação total de bens e Regime da separação obrigatória de bens, além da possibilidade de os cônjuges ou companheiros estipularem um outro regime que não os previstos em lei. Ilustra-se com a tabela do CNB/SP (Colégio Notarial do Brasil)[1]:
O Regime de comunhão parcial de bens é o mais comum no Brasil, isso porque o Código Civil dispõe que, não havendo escolha expressa dos nubentes, tal regime deve vigorar. Neste sentido, apenas os bens adquiridos de forma onerosa na constância do casamento/união se comunicarão. Ademais, na hipótese de falecimento de um dos cônjuges, há meação (termo que designa a metade ideal do patrimônio comum do casal) dos bens adquiridos onerosamente durante a união, além de o cônjuge sobrevivente herdar os bens particulares em concurso com os descendentes.
Em contrapartida, no regime de comunhão universal, todos os bens, sejam eles anteriores, presentes ou futuros à celebração do casamento, pertencerão a ambos os cônjuges, com exceção aos bens recebidos a título de doação e desde que estes estejam gravados com a cláusula de incomunicabilidade. Além disso, as dívidas também se comunicam, entretanto, em geral, as dívidas anteriores ao casamento estão excluídas da comunhão, a não ser que haja comprovação de que tais dívidas se reverteram em proveito do casal.
Por outro lado, caso o casal escolha o regime de separação total, nenhum patrimônio individual irá se comunicar com o do outro, assim cada uma das partes administra seus próprios bens e em caso de dissolução da união não haverá bens comuns a serem partilhados. Outrossim, independentemente de autorização judicial e/ou de anuência de seu cônjuge, ambos os cônjuges poderão alienar ou gravar de ônus real os bens imóveis, pleitear acerca desses bens ou direitos e prestar fiança ou aval. Além disso é importante mencionar que na hipótese de falecimento de um dos cônjuges não há meação, entretanto o cônjuge sobrevivente herdará os bens particulares em concurso com os descendentes.
O Regime de participação final nos aquestos é pouco utilizado, visto que é de difícil compreensão. Neste regime, as regras são iguais aos da comunhão parcial de bens, contudo, durante a constância da união, os cônjuges poderão dispor livremente de seus bens, sendo que, apenas na hipótese de sua dissolução, seja pelo divórcio ou pelo óbito de uma das partes, cada um dos cônjuges terá direito a metade dos bens adquiridos onerosamente na constância do casamento, além de o cônjuge sobrevivente herdar os bens particulares em concurso com os descendentes, como no regime de comunhão parcial de bens.
O regime da separação obrigatória de bens é necessário em três casos: quando um dos nubentes for maior de setenta anos, quando as pessoas se casarem sem observar as causas suspensivas e para aqueles que dependerem, para se casar, de suprimento judicial. Além disso, na hipótese de falecimento de um dos cônjuges há meação dos bens adquiridos onerosamente durante a constância do casamento, contudo, em hipótese de falecimento, o cônjuge sobrevivente não herdará os bens particulares do de cujus.
Outrossim, existe a possibilidade de as partes criarem um regime de bens da maneira que acharem melhor. Assim, o casal pode misturar os regimes já existentes ou criar um novo tipo de regime, sendo que tal liberdade vai até onde a lei não proibir.
Por fim, é importante pontuar que é possível alterar o regime de bens escolhido. Nesta lógica, é necessário que o pleito da mudança ocorra judicialmente, assim tal pedido deve ser motivado. Portanto, à título exemplificativo, cumpre apresentar uma hipótese que possa justificar a mudança do regime de bens:
Trata-se do exercício de atividade empresária de um dos cônjuges casados pelo regime de comunhão parcial de bens. Neste sentido, considerando que os bens de ambos os cônjuges podem ser atingidos pelas obrigações patrimoniais da empresa, não se mostra razoável que tais obrigações incidam sobre os bens do cônjuge não empresário. Assim, é possível requerer a mudança para o regime de separação total de bens, se não houver processo de execução em andamento.
Logo, é preciso ter cautela na escolha de regime de bens, a fim de evitar “surpresas” decorrentes da opção escolhida, haja vista seus impactos patrimoniais e sucessórios.
Marina Arista Silva. Advogada, graduada em Direito, pela Pontifícia Universidade Católica de Campinas (2020), inscrita na Ordem dos Advogados do Brasil, Secção de São Paulo (2022). Pós-graduanda em Direito Processual Civil pela Faculdade Damásio de Jesus.
[1] https://cnbsp.org.br/?fbclid=IwAR1oMf5UlXPc3YwxcM-HGAlyzzWHTYiobzW9vJfH0Uq2zudHJFO7k5kPx2s
Ways of Attracting Investment, and Alternatives to the Investment of Capital
There are only a few business owners who know the various ways of attracting investment, which is now on the market and it can be used as an alternative to the investment of their own resources. There is no question that, depending on the circumstances, the allocation of financial resources to own the best solution, but it’s not always the entrepreneur to have such a resource to invest in their business.
Investing through the capital, is known as the equity it can be carried as an increase in the capital stock, is one of the most common ways in which the one(s) of the shareholder(s) will be(will be) give the values will be(will be) your(s) of interest(s) and augmented(s), while the rest of the members, provided that they do not exercise its right of first refusal on the rise in the capital, you will have their holdings diluted, in a proportionate manner. This is a contribution that can occur in a currency (the delivery of the money, in cash, by way of capitalisation of profits or, in fact, of the rights or property liable to assessment in the money, the transfer of ownership of real estate, for example). In these cases, the business owner must be aware of the business can gain from equity investments, there is a difference between the value declared on your tax return, and the value is displayed when the increase of the share capital.
When capitalized, the profit[1], in spite of all the owners have achieved an increase in equity, corresponding to an increase in the value of the shares loans, the increase of capital is not taxed on the income tax return.
The contribution to the increase of the share capital, in connection with any of its terms, you may only have a portion of the amounts converted in the increase of the share capital, with the creation of new shares, while the other is reserved as a capital gain[2] – which is nothing more nor less than the issuance of shares by an amount greater than the par value attributed to them (the one provided in the articles of association).
This is a strategy that is made possible, in any of the transaction to avoid the increase of the capital city, but for some reason, the rest of the members, although it is not part of the rise, they have not agreed to have diluted its stake. In these scenarios, the difference between the total value of the issue and the par value of the shares is to be considered as a capital gain, which, in the case of the issuance of the shares, that is, the S/A’s, it becomes even more attractive for this type of company, given the fact that it is not subject to tax, however, is in the LTDA”s, there is still controversy as to the exemption of tax[3] what can make this is a strategy that is not so attractive, but it is still a perfectly valid one.
The other way, it is also common equity and is the one that can be converted or not, that is, the operations of the loan, in which some values are taken, and then later returned, including inflation and interest rates. Since the mutual convertible loans, which means that once you inadimplida of the bond, and the values of loan may be converted into an increase of the share capital, for the one who has borrowed.
When carried out at(s) of the person(s) of the shareholder(s), the mutual you should always provide for the return of the value added of inflation and interest rates, so that the operation is not to be confused with that of a single contribution to the increase of the share capital or, in more extreme cases, the operations are simulated so as to hide the confusion associated between a particular asset of the owner and the property of the company.
Mutual is a long-term strategy for the attraction of investment from a third party. The provider does not necessarily have to be a member of the company (borrower) and it is likely that the investment operations of the party to be brought in this way. If it can be converted, when the inadimplida to the obligation of payment by the company to the lender that executes the contract and are entered into the corporate structure.
For these transactions, whether entered into the agreement with a partner or with a third party, it is crucial that you expected to be the trigger for the completion of the conversion of the amounts loaned at interest, as well as why, how can this be done with the indication of the order of the trial and any potential out-of-stake, which the lender may be able to achieve this.
The other point to note relates to the aspect of the tax on these transactions, especially with respect to the payment or non-ADOPTED on all these operations, it will depend on the particular circumstances, and, therefore, should be considered on a case-by-case[4], as well as the impact of taxes on the income (interest) held by the lender because the loan is made[5].
Despite the fact that the conversion to being a safe return to the investor, and is easy to perform, once again joined in the framework of company law, the lender shall share in the risks of the business. Not only that, but in any investment operation that involves, also, the entrance into the corporate structure, will cause the investor to assume all of the rights and obligations inherent in membership and as a result of your sharing of your results, you may be able to do it with you on the amounts originally invested, not to be converted to an income-or even if you are an investor, is now a partner, you have to bear the losses.
One way to invest in, and do not enter into the corporate structure of the company in which you want to be is through the creation of a sociedade em conta de participação[6] this will be used as a sort of bridge to the final destination of the values. This type of company, we have a picture of the ostensible partner-the one who actually runs the company and its values, and the partner-participant, that it has a duty only to the supply of the agreed-upon amount, you will be exempted from any liability, including that of the company, which shall be borne solely and exclusively by the partner programme. In addition to the separation of duties, this is appealing because of the results of the company shall be allocated among the partners programme and the participants.
In spite of being used, for the most part, to the operations of the investment, the capital of the third party, it can also be used for the operations of the equity, we can see that the values contributed by a partner to a participant shall not be subject to the interest that would arise, of course, the operations of the loan.
Another option is a call option, the operation in which they paid a certain amount for a future met certain requirements in order to increase the participation has to be taken or to go in the corporate structure. When, in the exercise of an option to purchase, as it will pay the buyer the amount of the participation purchased. What you pay for in advance, that is, to have the right to be in the future, you have the option to purchase.
From the point of view of tax, the investment can be attracted by the option, the purchase price will be paid when the payment for the home, since joining the company as a receivable, and not as a loan, as well as when you do the exercise, because of the difference between the amount initially paid, and the amount you have paid for the actual purchase of a membership is considered as a capital gain.
More recently, the funding of investments through online platforms vitalizou, the so-called equity crowdfunding,. in Spite of the name, this type of investment that is aimed at raising funds from third parties, and not from its own members. It’s an operation done, as I said, by way of an on-line platform (under the framework of the normative regulations of the CVM 588/2017), in which case the company offers a certain degree of participation in its capital, in return for the investment.
The operation is similar to the well-known great online, but there are some differences, such as the expenditure of funds, and rules, and considering that a great online have rules of their own, while equity crowdfunding is regulated by the securities commission.
For a society to make the investment through equity crowd funding, you must meet a few requirements, such as: (i) the company must be in business[7]; and (ii) have annual gross revenue of R$ 10.000.000,00; (iii) is not listed as an issuer of securities; (iv) the investment shall be limited to R$ 5.000.000,00; (v) the campaign may not last longer than one hundred eighty (180) calendar days.
In addition to all of the ways of attracting the investments listed above, as well as other, non-standard, they are also effective in the promotion of your business. The operations of buying and selling companies, M&A, ipos on the Stock exchange, in the case of joint-stock companies, and the expansion of its activities over the franchise will also show you the strategies that are efficient, although it is not common to attract new investment.
To get to know and make use of all the possible ways of attracting investments, it is of the utmost importance to the health of the business. That’s because they show some great strategies to reduce the debt burden of early society, as well as to mitigate the bootstraping[8], as well as for the growth of the business through the collection of smart money[9].
Leonardo Theon School Law, bachelor of laws, with an emphasis in business law from the University Presbyterian Mackenzie (2012), which was registered at the Ordem dos Advogados do Brasil, São Paulo (OAB/SP) (2012). A post-graduate degree and an Expert in Corporate Law and Mergers and Acquisitions at the Law School of São Paulo da Fundação Getulio Vargas (2014) Master’s degree in Law and Political economics, Universidade Presbiteriana Mackenzie, brazil (2017), the author of many books and articles, a speaker, a teacher at the undergraduate, MBA, and Executive Education in the FIPECAFI, a member of the bar Association of São Paulo (AASP), and the Chairman of the State committee of the Business Law of the FEDERAMINAS. A founding member of the TM is Associated with it.
Anna Paula freely and responsibly on the Pine tree – a Lawyer with a degree in law, with a focus on civil law, from the University Presbyterian Mackenzie (2021), and which is registered at the Ordem dos Advogados do Brasil, São Paulo (OAB/SP) (2021). A post-graduate in Business Law from the Pontifical Catholic University of Rio Grande do Sul (PUC-RS). She is the author of the articles. A member of the State committee of the Business Law of the FEDERAMINAS. A lawyer for the Department and the Advisory have no Members.
[1] The capitalization of interest is in the reinversão in the profits of the company in its own operations, rather than distribute it to shareholders in the form of dividends to shareholders, raising the capital stock and as a result, the value of the shares. [2] The capital stock shall consist of amounts received by the company and that you are not carried forward by the result of the recipes, which relate to the amounts allocated to the strengthening of the capital, without being as the counterparts of any of the company’s efforts in terms of delivery of the goods or for the provision of services to you. Refer to it as such in the reserves, the premium on issue of shares, the sale of the founder shares and the warrants. These are all capital transactions with owners. GELBCKE, Ernesto Rubens; SANTOS, Ariovaldo from IUDÍCIBUS, Sergio de; MARTINS, Eliseu. the Manual of Accounting-a Corporate. 3rd ed. São Paulo: Atlas, The Latest In 2018. p. 383-384. [3] To find out more, please read: if there Carf examines the taxation of the capital gain on the issuance of the shares and the shares [4] Concerns ADOPTED in the operations carried out by a financial institution or factoring”s between a natural person and a legal entity or between legal entities, they have swapping of currencies, which could lead to the transaction of insurance made by the insurance companies, that are related to the values, or the u.s. securities and exchange commission; and that involve financial assets, gold and the resource exchange. The Board of Tax appeals (“CARF”), pursuant to article 19, And to the Act no. 10.522/2002, it held that the mere fact of financial flows between companies of the same economic group is not a “mutual-financial and away from the impact of the financial operations tax (IOF/credit to the Credit of the operation. In this case, the Class took the view that the burden of proof that it is the nature of the loan financial is the responsibility of the supervision, which for this purpose should be to effectively carry out audits of operations, and to demonstrate that the characteristics of the type of the contract are to be found in the present case. In this way, it is not just the mere fact that it was the cash flow of the company autuada, and the rest of the companies of its group, cost-effective, there is also the impact of the IOF tax Credit, because it ensejaria the taxation of the operation, for instance, which is not allowed in our legal system. In the absence of proof to the CARF was understood to terminate the requirement that the IOF tax Credit on such transactions in the current account. Court, n. 3201-009.809) [5] The interest payments on the contracts of the loan are to be taxed as a financial investment in fixed income securities. The tax will be levied at the date of the payment or credit to the income subject to withholding by the borrower, at the rate of: (i) to 22.5% (twenty-two-and-a-half per cent, for a period of up to 180 days only; and (ii) to 20% (twenty per cent, for a period of 181 days up to 360 days, and (iii) to 17.5% (seventeen and one-half percent for a period between 361 days to 720 days; or (iv) 15 percent to fifteen percent, for applications where a longer period of 720 days. (art. 1 of the Law no. 11.033/2004) and art. 46, § § I-IV, and c/c (art. 47 (III) of the Normative Instruction RFB no. 1.585/2015) [6] The society is not personified, who do not have a record in the registrar’s office or the board of trade, but they must have a tax ID (NORMATIVE INSTRUCTION RFB No. 2119/2022). With the exception of, well, the fact is that the taxation of the company in the account will be the same as that of a partner in the surrounding, as well as the inability of a partner, open, owner participant and the company, in the account of the participating operating system of the taxation of a Single Country. [7] Business corporation-is the one who carries on an economic activity is organized for the production and circulation of goods and services, which can operate either in the form of a general partnership, limited partnership, limited liability partnership, simple, and joint stock company. [8] The bootstraping is to start a business is only with his own money without any investment from a third party, or with little to no investment of any third party. [9] The smart money is it’s the one investment that is not the only values that will be collected, but it is especially the baggage that any investor can bring to the business and, because of its extensive and successful career.
Participation of the Foreigner in a Limited Liability Company in Brazil
Brazil has been a popular destination for foreign investment, and many entrepreneurs are interested in establishing companies in the country. In this context, the following question arises: can a foreigner participate in a company in Brazil?
Yes, a foreigner can participate in a company in Brazil. In this article, we will outline the necessary steps for the constitution or entry of a foreigner as a partner in a limited liability company (LTDA) in Brazil.
First, it is necessary to determine who the company’s partners will be, the capital that will be invested, the activity that will be carried out, the location, among others relevant to the business.
It is necessary (legal obligation) that the foreign partner appoint an individual resident in Brazil, as its legal representative in the country, granting this person powers to receive summons.
This power of representation must:
For both, the power of attorney, must be registered in the registry office of deeds and documents in Brazil and at the board of trade of the state in which the company its filed.
We emphasize that Brazil is a signatory of the Hague Convention, so that, for documents authenticated in other countries that are also signatories, it is enough for the notary to issue the document with the Apostille of the Hague Convention and consularization will not be necessary. However, the other steps mentioned above will continue to be necessary.
The personal documents of foreign members must be legalized in the country of origin (similar to a certified copy) and consularized at a Brazilian embassy or consulate located in the country where they are legalized. If the country is also a signatory of the Hague Convention, the same rule as for the power of attorney applies. Then, these documents must be translated by a sworn translator in Brazil and registered in a notary of titles and documents.
Foreign partners need to register with the Federal Revenue of Brazil, both as Individuals (CPF) and as Legal Entities (CNPJ). The registration of legal entities will be done through registration at the Central Bank of Brazil, through CADEMP within the system called: SISBACEN.
The initial address of the company’s headquarters needs to be defined and a lease agreement or another, as the case may be, entered into.
The first step is to carry out a search and query of the business name at the Board of Trade, in order to ensure that the name chosen for the company is available and can be used. Next, you need to determine the extent of the administrator’s powers. Finally, it is necessary to determine the address and object of the company, that is, where the company will be located and what its field of activity will be.
Hiring an accountant is mandatory for companies in Brazil. The accountant will be responsible for assisting in the preparation of financial statements, calculation of taxes, among other accounting issues.
After preparing and registering the articles of incorporation with the Board of Trade, it is necessary to register the company with the Brazilian Revenue Service. For this, it is necessary to provide information about the company and, after analyzing the documentation, the Brazilian Revenue Service will issue the CNPJ.
A registration with the Central Bank of Brazil (BACEN) for a limited liability company is necessary when the company intends to carry out operations involving exchange, such as imports, exports and transfers of funds between Brazil and other countries. Registration of investments between legal entities at BACEN (this operation is carried out by partners when they contribute capital to a company) is done through the System of Registration of Foreign Direct Investment (RDE-IED) and is mandatory for all companies that fall under the activities subject to this regulation.
To open a bank account in the name of the company, it is necessary to have the CNPJ and the articles of incorporation registered within the Board of Trade. In addition, it is important to verify the documents required by the bank, such as a proof of address, and the documents of the company’s legal representative.
Registration with the State Revenue Service is mandatory for companies that carry out sales of products or services subject to ICMS (similar to IVA). To apply for registration, it is necessary to present the documentation required by the state body, which may vary according to the state in which the company operates.
Registration with the Severance Indemnity Fund (FGTS) and the National Institute of Social Security (INSS) is mandatory for companies that have registered employees.
Municipal registration is mandatory for companies that have activities subject to municipal taxation, such as the Tax on Services of Any Nature (ISS). To apply for registration, it is necessary to present the documentation required by the municipal body, which may vary according to the city where the company operates.
Depending on the company’s activity, it may be necessary to obtain licenses and permits from specific bodies, such as:
In addition to the legal procedures, foreigners must also be aware of some limitations when it comes to investing in Brazil. For example, there are restrictions in certain sectors such as mining services, hydropower, and telecommunications.
Once regulatory procedures have been overcome, with Brazil’s economic growth, the incorporation of a limited liability company can be an excellent option for foreigners looking to start a business in the country.
Sabrina de Melo
Leonardo Theon de Moraes
Sample Letter of Objection to the breakdown of the Contributions to the Union
The Supreme Court was approved, in the 2nd last week 11/09/2023), the legality of the rate of compulsory contribution to charity for the trade unions, which is similar to the old tax of the union.
Thus, it is a constitutional institution that, by agreement or contract, collective bargaining, contributions, and assistance will be enforced for all employees in the category, even though it did not join a trade union, provided that it ensured the right to object.
So, right now, to any one trade union may call a meeting of shareholders each year, regardless of the number of workers, it will be possible to set up to charge a compulsory contribution of social services, both for members of the trade union as well as for non-union members.
In this sense, is not to focus on the discount rate as a compulsory contribution of assistance, if any, established by the union of the class, each employee is expected to explicitly express interest in collaborating with this help of assistance”.
Thus, it follows the template of the opposition at the breakdown of contributions to the trade union is to be used for all of the workers, especially those new to futures and contractors:
Sample letter of objection to the breakdown of the contributions to the union:
[inserir data]
Union [o]
Subject: HELP CONFEDERATIVA/CONTRIBUTION by the UNION of DISCOUNT and COMPULSORY
I [o], holder of license no. [o], regularly registered at the company [o], tax ID no. [o], with registered office at [o]no. [o], neighborhood [o], non-union, MANIFESTO of the OPPOSITION TO payroll deduction FOR PAYMENT of THE CONTRIBUTION CONFEDERATIVA, trade UNIONS, OR in-kind CONTRIBUTIONS ON BEHALF of THIS BODY. I missed that such action is warranted by the applicable legislation, in accordance with the law 13.467, de on July 13, 2017 (art. 579 and art. 611 (A), clause (XXVI).
Best regards,
________________________________
The signature of the employee
The corporate governance committee and the resolution of conflicts among the members of the differences between Limited liability Company
Business societies can be organized under several Corporate types, which gives partners the ability to choose the structure more consistent with their needs and objectives, according to the business model, growth strategies and legal preferences.
In Brazil, the most adopted corporate types are limited companies and corporations. Limited company is a corporate modality in which partners have their responsibility Restricted to the value of their contributions to the capital, protecting their personal heritage from eventual debts of the organization to the limit of their participation. The corporation, in turn, is a type of company in which capital is divided into shares, and the responsibility of shareholders is limited to the price of acquired shares.
In both corporate types pointed out above, Corporate governance plays an essential role for the development, stabilization and management of conflict in business. “Whether in large or small, publicly open or closed societies, with defined control or pulverized capital, either in family societies, or even startups, corporate governance – appropriate to each stage of social development – can be a fundamental instrument for preventing social conflicts ”(1).
Definition and dimensions of corporate governance
According to the Code of Best Practices of the Brazilian Institute of Corporate Governance (IBGC), corporate governance is “a system made up of principles, rules, structures and processes by which organizations are directed and monitored, with a view to generation of sustainable value for the organization, its partners and for society in general ”(2).
The principles of corporate governance apply to every business organization, constituting the basis on which good governance develops, which are: (i) principle of integrity, which aims at the continued improvement of organizational ethical culture; (ii) principle of transparency, which seeks Provide certain and accurate information on the financial and operational financial health of the business; (iii) principle of equity, performing fair and coherent treatment between partners and other stakeholders, in accordance with their rights, duties and needs; (iv) principle of accountability (liability), which corresponds to the duty of the organization to occupy Consider the social, economic and environmental impacts arising from the exercise of their business activity; and (v) principle of sustainability, which is dedicated to understanding that the protection of the financial viability of the organization is directly related to its interdependence with the economic, social and environmental realities that it is inserted (3).
Corporate governance is structured in agents, organs and the relationship between them. This structuring will be more or less complete depending on the size, the stage of evolution and the nature of the business of society, as well as its corporate type.
The agents – and, as a result, the organs – most involved with corporate operations are: (a) the partners, who make up the General Assembly; (B) Administration counselors and inspectors, which are part of the Board of Directors and the Fiscal Council; (c) the directors, who are the members of the Executive Board; and (d) members of advice advice (4).
The rules of governance, therefore, created by their agents, organize the structures (organs) of the organization, so that, through this set of practices, it seeks to optimize The performance of society as they safeguard the interests of the partners and the stakeholders.
Corporate governance and conflicts of interest between members
The harmony between partners is not only beneficial, but vital to the survival and prosperity of the business organization. Thus, the management and administration structure of society (governance) aims to avoid Or, at least to resolve the conflicts of interest between the partners in the best possible way.
Conflicts between partners are especially present in the dimensions of political and economic rights, which must be exercised in accordance with the legal and statutory guidelines to ensure the perpetrator of the long term society.
Regarding political rights, the ability to influence Strategic decisions and participate in company management are often at the heart of disagreements and controversies in corporate environments.
The right to vote, usually expressed in assemblies and meetings, allows the partners to express themselves about the operational procedures to be implemented in the organization. On the other hand, the power of control – whether it is distributed or concentrated -Refers to the ability to exert a predominant influence on administration, leading the guidelines and strategies to be adopted in society.
The incongruity between the aspirations and visions of the partners on the strategic decisions of society can generate strife. When the control power of society is concentrated, minority partners may feel that their interests are suppressed in social deliberations. In organizations where control is distributed, in turn, even though it is assumed that decisions are made through a more collaborative and inclusive procedure, there is also the possibility of arising decision impact that impact the cohesion of business planning.
Members selection for executive and administrative positions can be presented as a field Confidence for conflict hatching, especially when there are disputes related to the control of management and strategic direction of the company.
In addition, it is the subject of corporate conflicts the exclusion or exercise of the right to withdraw the partner. With regard to the right of withdrawal, disagreements sometimes arise in relation to the assessment and the payment of the partner’s shareholding dissident and the conditions on which the exercise of such right is admitted without impairing the company’s operational continuity.
In turn, the exclusion of the partner – whether judicial or extrajudicial – represents a forced dismissal of one of the partners of society. Beyond the relational differences between the parties, there are financial impacts – since the reduction of the capital of society It can undermine investments in the organization -as well as operational, which can lead to disagreement between the remaining partners in relation to the roles to be assumed and decision -making to allow the continuity of the operation.
Regarding equity rights, they are associated with economic benefits derived from the organization’s operations. Therefore, the distribution of profits, the transfer of quotas or actions and aspects related to business succession, which are themes often marked by corporate controversies.
Profit distribution is a fundamental right of partners. The disputes sometimes originate from disagreement regarding the perception of the value and contribution of each partner to the generation of profits obtained. This conception invariably It is confused with the lack of discernment between the partner and administrator’s roles in the organization, which have different functions and responsibilities. Thus, the disparity in expectations regarding the “correct” ideal fraction of participation in results occurs when there is a lack of well -defined guidelines for the remuneration of administrators and distribution of dividends.
Yet, being Of compensation for the partners, in particular in relation to limited companies, much controversy is installed with regard to the conflict between the concepts of profit x pro-labore, regarding the partner who plays the role of administrator. It is very common that, in the absence of clear rules to determine the amount to be paid due to the work commitment in the exercise of the administration, if Dissatisfaction for non -agreement regarding the criteria set (hours of commitment, productivity, percentage of the results earned, among others).
There are also disagreements between partners regarding the share of profit that will be destined for reserve and reinvestment in the organization itself. There are those who see the need to retain a significant part of profits to ensure growth of society, and others who advocate a more robust distribution of dividends.
Regarding the transfer of corporate participation, entry into society of a new partner, foreign to the operation, can significantly alter the dynamics, culture and management of a society. In this context, concerns arise about dilution of control and eventual changes in business strategies, which can result in significant friction, even threatening the continuity of the business.
Finally, business succession is also a very controversial theme. From the death, interdiction or mease of any partners, the admission of their successors, heirs or ex-spouse may endanger the continuity of management, the preservation of organizational culture and, as a result,, consequently, Sustainability of the company.
The interests of the remaining partners can collide with those of the heirs, successors or former spouses, particularly if the latter do not have a prior involvement or knowledge of the business until the moment of succession.
In this scenario, solid corporate governance is fundamental to ensure that the rights of all partners are respected ( principle of equity ) and that decisions made reflect a equitable perspective of the business.
The governance structure, represented by agents and organs, “must ensure that the organization has clear, effective, implemented and properly disseminated policies and processes” (5) to identify and treat social conflicts. As mentioned above, the most present agents and organs and involved in the organization are:
(A) Members, which makes up the General Assembly:
The partners are committed to ensuring the interests of society and, to this end, must deliberate responsibly on matters elementary to proper organizational functioning. The General Assembly or the Meeting of Partners is the moment when the partners, through the vote, have a voice to express your views and decide substantial questions of the organization.
Thus, the establishment, by means of agreements, of clear policies regarding voting procedures are fundamental to the balance of the business.
(b) Counselors, members of the Board of Directors
Counselors in the Board of Directors ensure that operations and strategies of society are aligned with the interests of the partners and the purposes of corporate integrity. The Board of Directors “must be responsible for determining the strategic objectives, directions and risk profile of the organization, (…) related to its culture and identity” (6).
In view of this, it is paramount that the board of directors promote transparency in the decisions and actions of the company. The clear communication of corporate strategies and results strengthens the confidence between partners and other stakeholders, mitigating the perception of any conflicts of partial interests or management.
(c) Counselors, members of the Fiscal Council
The Fiscal Council has “the responsibility to verify that the organization is in Compliance with its principles and values, reflected in internal policies, procedures and standards, and regulatory laws and devices ” (7). In their supervision work, tax counselors must understand the strategy and risks to form opinion on the financial results and statements presented by the Board of Directors to the members in the Assembly General.
(D) Members of the Advisory Committees
Advisory committees are bodies advising the Board of Directors in the “ Control on the quality of financial statements and internal controls, aiming at the reliability and integrity of information to protect the organization and stakeholders” (8). The most common committees are: (i) audit; (ii) risks; (iii) sustainability; (IV) Ethics and Compliance.
(E) Directors, members of the Executive Board
“The board is the executing body of the end of business activity” (9). The directors are responsible for the implementation of all the company’s operational and financial processes, executing the strategies approved by the Board of Directors.
Furthermore, The contract or bylaws must comply with the purpose of establishing the main rules of operation of the company, with the implementation of solid corporate governance practices, which serve to direct, monitor and encourage the organization, minimizing conflicts and protecting the various stakeholders (10).
Rule differences between limited companies and societies Anonymous
Although often convergent legal structures and instruments, they are in some different aspects of their application to limited societies and corporations, especially in relation to political and economic rights:
Political rights present the following distinctions in relation to voting rights, control, withdrawal and exclusion:
Economic rights present the following distinctions in relation to the corporate types in question:
From the above analytical frameworks, the differences of legal rule to the most sensitive subjects to the relationship between quotists/shareholders are evidenced by comparing corporate models of limited and society by action.
Conclusion
In the light of the main challenges faced by the partners, the structural and legal differences between the Limited societies and stock societies, corporate governance, the reason for the peculiarities of each corporate type, will be exercised through their agents and instruments in different ways. The adequacy to the positive and negative normative specificities of each business type is essential to achieve the best effectiveness.
The differences and controversies pointed out throughout this Article may be mitigated or renewed through legal instruments, such as: (i) the formulation of rules and guidelines provided for in the contract or status, which will have about the functioning of society, with the adoption of corporate governance practices; (ii) the celebration of the agreement of quota holders/shareholders; (III) among other measures that can Contribute to the improvement of management, organization and business development.
Regarding conflicts related to political rights, corporate governance agents will have a vast guiding legal structure at their disposal to find solutions to controversies between the partners. Otherwise, in the context of limited societies the framework Legal is limited, often demanding the challenge of establishing conflict resolution criteria at a time contemporary with its confrontation.
Given the nature of the relations between the partners, in limited societies, based on interpersonality, the performance of the Board of Directors, will face, in theory, greater challenge to objectify the controversies and search for solutions based on Data, since the relationship between partners often transcends the simple merchant objective. On the other hand, in stock companies, as a rule, solutions will be more objectively based and will find a greater number of legal provisions at their disposal, since the normative scope provided for in Law no. 6.404/76. It is much broader.
Still in the exercise of political power, the Board of directors facing greater challenges in limited companies, since the proximity with which partners exercise their right to vote is much greater and representative than in corporations. It is important to remember that, in many cases, the constitution of a board of directors in limited companies is relatively recent.
In another context, however, in societies Limited, the Board of Directors, when dealing with a more restricted membership base, has greater ease and agility in decision making, while in corporations, more analytical decisions are often required and based on robust data, due to the need to justify actions and strategies in the face of a wide number of shareholders and regulators.
The nuances mentioned above are also the subject of attention to the members of the Executive Board, in the execution of the organization’s financial and operational procedures. In limited societies, such as the partners themselves may be involved in business management, organization management is closer and personal. Governance is more flexible and execution of strategies are performed with a greater degree of informality, depending on the agreement established between the partners.
On the other hand, in corporations, the board is farther from shareholders and operates with a more rigorous and formalized governance structure. The directors are in charge of managing the company’s operational and strategic aspects, aligning with the vision and direction established by the Board of Directors and the expectations of shareholders.
Regarding economic rights, corporate governance, through its agents and organs, will face challenges in both limited structures and stocks by action. In the first, the controversies will be oriented to the rules and criteria aimed at the distribution of profits (sometimes disproportionately) and pro-labore receipt of the partner Administrator, while in Mondays the challenges are much more associated with the resource allocation rules: percentage of dividends to distribute, allocation in profit reserve accounts, etc.
Regarding the circulation of quotas or actions, either alienation or in business succession, in both corporate types it is common to exist disagreements between partners/shareholders, as it is necessary Establish rules on the right of preference and settlement of corporate interest, which are applicable to each corporate structure.
In short, corporate governance, for its better effectiveness, should be aware of the context, structure and normativity preceding its implementation in a given organization. It is necessary to establish distinct strategic and tactical planning For each organization, taking into consideration its corporate type and the challenges it intends to resolve.
Bibliographic references
(1) GALLO, Giovanna Mazetto. CHIACHIO, Rafaella. The importance of corporate governance in preventing corporate conflicts. December 23, 2022. Available at: https://www.migalhas.com.br/coluna/migalhas-connsensuals/379078/importancia-da-governanca-corporativa-na-prevencao-de-conflitos . Accessed October 3, 2023.
(2) Brazilian Institute of Corporate Governance – IBGC. Code of best corporate governance practices. 6th ed. Sao Paulo, SP. IBGC, p. 17, 2023.
(3) Brazilian Institute of Corporate Governance – IBGC. Code of best corporate governance practices. 6th ed. Sao Paulo, SP. IBGC, p. 19, 2023.
(4) SILVA, Edson Cordeiro. Corporate governance in Companies: Practical Guidance for Guidance for Shareholders, Investors, Administration and Fiscal Counselors, Auditors, Executives, Managers, Market Analysts and Researchers. 3rd ed., Sao Paulo, SP. Atlas Publisher, p. 32, 2012.
(5) Brazilian Institute of Corporate Governance – IBGC. Code of best corporate governance practices. 6th ed. Sao Paulo, SP. IBGC, p. 21, 2023.
(6) Institute Brazilian Corporate Governance – IBGC. Corporate risk management: evolution in governance and strategy. Sao Paulo, SP. IBGC, p. 26, 2017.
(7) Brazilian Institute of Corporate Governance – IBGC. Corporate risk management: evolution in governance and strategy. Sao Paulo, SP. IBGC, p. 27, 2017.
(8) Brazilian Institute of Corporate Governance – IBGC. Management of Corporate risks: evolution in governance and strategy. Sao Paulo, SP. IBGC, p. 28, 2017.
(9) Brazilian Institute of Corporate Governance – IBGC. Code of best corporate governance practices. 6th ed. Sao Paulo, SP. IBGC, p. 53, 2023.
(10) ANDRADE, Adriana. ROSSETI, José Paschoal. Corporate governance: foundations, development and trends. Altas Publisher. 7th ed. São Paulo, 2014.
Julia Oliveira Andre Teixeira
Lawyer, law graduate from Faculties Milton Campos (2019), registered with the Brazilian Bar Association, Minas Gerais Section (OAB/MG) (2019). Specialist for the L.LM Business Law Program by IBMEC (2021), MBA in high performance law by PUC Minas (2022), expert on contractual law from the Getúlio Vargas Foundation (FGV-RJ) (2023). Author of articles. Member of the Commission of Corporate Law of the OAB/MG (2022), member of the Center for Studies of Lawyers Companies (CESA), Executive Secretary of the State Council of Commercial Affairs of the Federaminas. Advisory Lawyer of Portugal Vilela Advogados.
Leonardo Theon de Moraes
Lawyer, Graduated in Law, with emphasis on Business Law, from the University Presbyterian Mackenzie (2012), registered with the Brazilian Bar Association, São Paulo Section (OAB/SP) (2012). Post Graduate and Specialist in Business Law from the São Paulo Law School of the Getúlio Vargas Foundation (2014), Master in Political and Economic Law from the Mackenzie Presbyterian University (2017), book and articles author, speaker, undergraduate professor, MBA and Executive Education At FIPECAFI, a member of the São Paulo Lawyers Association (AASP), a member of the International Bar Association Business Law and Fuse Committee, member of the São Paulo Lawyers Association (AASP) and president of the Federaminas State Council of Commercial Law. Founding partner of TM Associados. Founding partner of TM Associados
(Im)possibilidade de Distribuição Desproporcional de Lucros nas Sociedades Anônimas
Até pouco tempo era pacífico que não poderia haver distribuição desproporcional de lucros em sociedade anônima. Contudo, com a promulgação do Marco Legal das Startups (LC nº 182/2021), que alterou a Lei das S/A’s (Lei nº 6.404/1976), as discussões foram reavivadas.
Diferentemente das sociedades limitadas, regidas pelo Código Civil, que prevê a possibilidade de distribuição desproporcional, mediante previsão no contrato social, a Lei das S/A’s nada mencionava. O entendimento acerca da impossibilidade, nos casos das S/A’s, foi construído jurisprudencial e doutrinariamente, já que não havia autorização ou proibição legal.
Assim, o Marco Legal das Startups previu que as S/A’s de pequeno porte, em casos de omissão do estatuto social, poderiam deliberar, em assembleia geral, acerca da distribuição de seus lucros, desde que respeitado o direito dos acionistas preferenciais de receber os dividendos fixos ou mínimos a que tenham prioridade. Nestes casos, estaria até mesmo afastada a obrigatoriedade de distribuição dos dividendos obrigatórios.
Diante dessa alteração, alguns juristas entenderam ser possível a distribuição desproporcional de lucros nas S/A’s. Todavia, a falta de clareza do artigo 294 e os poucos meses de vigência das alterações realizadas na Lei das S/A’s trouxeram insegurança à distribuição desproporcional dos lucros nas S/A’s.
Portanto, sem um posicionamento do judiciário, os juristas que entendem pela possibilidade de distribuição desproporcional, fizeram uma interpretação mais abrangente do artigo 294 considerando todo o contexto de sua alteração e demais previsões do Marco Legal das Startups. Especialmente porque o Marco Legal das Startups previu diretrizes mais liberais e desburocratizadas, permitindo maior competitividade às sociedades.
Para estes juristas, estes princípios não foram previstos à toa, pois estão justamente baseados na flexibilidade e dinamicidade que as startups trouxeram ao mercado. Nesse contexto, a possibilidade de distribuição desproporcional de lucros nas S/A’s estaria compatível com as diretrizes liberais e desburocratizadas previstas.
Além disso, a distribuição desproporcional de lucros possibilita que o direito a percebê-los seja vinculado ao acionista, possibilitando que a cada acionista sejam distribuídos percentuais de acordo com a sua participação na atividade e não somente no capital social. O caráter personalíssimo da distribuição desproporcional, estaria compatível com o cenário trazido pelas startups, em que uns ingressam na sociedade apenas como investidores e outros pela capacidade de empreender e/ou por possuírem o know-how necessário.
Juristas mais conservadores entendem que, uma vez que a alteração do artigo 294 foi feita isoladamente, ou seja, sem que outros artigos fossem alterados em conjunto, especialmente o artigo 109 da Lei das S/A’s, que elenca os direitos dos acionistas, permanece inalterado o entendimento até então consolidado. Isso porque pelo artigo 109 da Lei das S/A’s o estatuto social ou a assembleia geral não pode retirar alguns direitos dos acionistas, dentre os quais destacamos o direito de participar dos lucros.
Diante do curto tempo de vigência da alteração do artigo 294 da Lei das S/A’s, sem dúvidas a incerteza estará presente na distribuição desproporcional dos lucros nas S/A’s.
Neste cenário, em que pese os acionistas minoritários não deterem poder decisório nas Assembleias Gerais, é extremamente importante que o seu direito de recebimento dos lucros não reste prejudicado, caso seja adotada a distribuição proporcional. De forma que a distribuição desproporcional deve obedecer a parâmetros objetivos e justos, o que não podem significar o recebimento por uns e o não recebimento por outros, ou seja, ainda que de forma desproporcional, a todos os acionistas devem ser distribuídos os lucros da sociedade, observados parâmetros objetivos e racionais para tanto.
Assim, os critérios que levaram à distribuição desproporcional dos lucros, que, mesmo que não observe a regra dos dividendos obrigatórios, deve respeitar o mínimo pré-fixado às ações preferenciais, de modo que a Assembleia Geral não poderá fixar percentual inferior ou, então, não priorizar o seu pagamento.
Ainda que se tome todas as cautelas, não é possível afirmar que a distribuição desproporcional de lucros, será entendida como válida pelo Judiciário, motivo pelo qual os riscos dessa prática devem ser sopesados quando utilizado o instituto.
Anna Paula Piovesan Pinheiro
Advogada, graduada em Direito, com ênfase em Direito Civil, pela Universidade Presbiteriana Mackenzie, pós-graduanda em Direito Empresarial pela Pontifícia Universidade Católica do Rio Grande do Sul – PUC-RS, inscrita na Ordem dos Advocados do Brasil, Secção São Paulo (OAB/SP) (2021). Autora de artigos. Advogada no TM Associados.
Leonardo Theon de Moraes
Advogado, graduado em direito, com ênfase em direito empresarial, pela Universidade Presbiteriana Mackenzie (2012), inscrito na Ordem dos Advogados do Brasil, Seção São Paulo (OAB/SP) (2012). Pós-graduado e Especialista em Direito Empresarial pela Escola de Direito de São Paulo da Fundação Getúlio Vargas (2014), Mestre em Direito Político e Econômico pela Universidade Presbiteriana Mackenzie (2017), autor de livros e artigos, palestrante, professor universitário, membro da Associação dos Advogados de São Paulo (AASP), membro do Comitê de Direito Empresarial e de Fusões e Aquisições da International Bar Association. Sócio fundador da TM Associados.
Domínio Público
Se você é um leitor atento e acompanha as últimas tendências do mercado editorial, provavelmente percebeu a grande movimentação das editoras para publicarem sua própria versão da obra “1984”, do George Orwell, em 2021. O mesmo movimento aconteceu em 2015 com o livro “O Pequeno Príncipe”, de Antoine de Saint-Exupéry.
Essas obras já completaram bons anos de idade, tendo sido publicadas, respectivamente, em 1949 e 1943, e já possuem os postos de clássicos da literatura mundial. Então por que tantas editoras diferentes se preocuparam em disponibilizar suas próprias versões tão recentemente?
Bom, a resposta é simples: os romances caíram em domínio público nesses anos. Sabendo disso, surgem novos questionamentos: o que a expressão “cair em domínio público” significa e quando exatamente isso acontece?
Para compreender o domínio público, é preciso entender o que são os direitos autorais, explicamos:
Os autores de obras literárias, artísticas e científicas possuem uma série de direitos sobre seus objetos de criação. Esses direitos são divididos entre direitos morais e patrimoniais, direitos estes que se complementam, mas não se confundem.
Os direitos morais são indissociáveis da pessoa do criador, ou seja, ele não pode comercializar e transferir esses direitos por nenhum instrumento. Exemplo clássico de direito moral é o direito de ter sua autoria reconhecida, de forma a ter seu nome vinculado a obra para toda a eternidade.
Por outro lado, os direitos patrimoniais do autor são aqueles que podem ser aproveitados financeiramente. Estes, ao contrário dos morais, possuem prazo de validade e podem ser transferidos a terceiros, como o direito de reprodução da obra, que é o que acontece quando um músico permite que sua música toque em algum filme, por exemplo.
Em regra, os autores usufruem desses direitos patrimoniais enquanto ainda estão vivos. Quando falecem, os herdeiros, caso existam, aproveitam desses direitos pelo período de 70 (setenta) anos contados de 1º de janeiro do ano seguinte ao falecimento do autor.
É somente após esse período que a obra cai em domínio público, quando a sociedade passa a aproveitar da obra livre dos direitos patrimoniais, sem necessidade, portanto, de autorização ou pagamento de qualquer valor de licença, de forma a romper com o monopólio que antes era do autor. É o que dispõe a nossa Lei de Direitos Autorais (Lei nº 9.610, de 1998).
Logo, como George Orwell faleceu em 1950, todas suas obras caíram em domínio público no ano de 2021, o que permitiu que os direitos patrimoniais, em especial o direito de reprodução de seus livros, não pertencessem mais a uma única editora (Companhia das Letras), mas a todos os interessados. É por isso que hoje é possível encontrar uma infinidade de edições de suas obras, de todos os tamanhos, gostos e preços nas livrarias, sendo que, por conta da imortalidade dos direitos morais a vinculação da obra ao autor permanecerá ainda que tenha “caído em domínio público”.
Ana Carolina Gracio de Oliveira. Advogada, graduada em Direito, pela Universidade Estadual Paulista “Júlio de Mesquita Filho” (2020), inscrita na Ordem dos Advogados do Brasil, Secção de São Paulo (2021). Pós-graduanda em Direito Civil e Empresarial pela Faculdade Damásio de Jesus. Autora de artigos. Líder do departamento contencioso do TM Associados.
A Correção Monetária na Justiça do Trabalho
Nos últimos anos, a Justiça do Trabalho proferiu entendimentos conflitantes acerca da correção monetária dos débitos trabalhistas. Isto porque, antigamente, a correção monetária e a aplicação de juros sobre os débitos eram reguladas pelo artigo 39 da Lei nº 8.177/1991, que previa juros de mora pela Taxa Referencial Diária (“TRD”) entre a data de vencimento da obrigação e o pagamento.
Entretanto, o §1º do referido artigo previa, também, a aplicação dos juros de 1% ao mês aos débitos trabalhistas em atraso, contados a partir do ajuizamento da reclamatória. Neste esteio, os tribunais adotaram entendimento de que o caput se referia, na verdade, à correção monetária, vez que a TRD faz jus à atualização da moeda nacional, e que o §1º se referia a remuneração do dinheiro no tempo, através da incidência de juros de 1% ao mês.
Posteriormente, a Lei nº 8.660/1993 substituiu a TRD pela Taxa Referencial (“TR”). Contudo, inicialmente, fora da esfera trabalhista, no Supremo Tribunal Federal (“STF”), por meio das Ações Diretas de Inconstitucionalidade 4.357, 4.372, 4.400 e 4.425, surgiram debates sobre a capacidade de a TR ser utilizada como índice de correção monetária, razão pela qual foi trazida a aplicação do IPCA-E (Índice Nacional de Preços ao Consumidor Amplo Especial) apenas para os débitos da Fazenda Pública, até que o Poder Legislativo definisse outro índice.
Neste sentido, nos termos da decisão do STF, o Tribunal Superior do Trabalho (“TST”) também adotou a aplicação do IPCA-E como índice de correção monetária para os débitos trabalhistas.
Porém, com a Reforma Trabalhista em 2017, o §7º do artigo 879 da CLT trouxe explicitamente a determinação do uso da TR na correção dos débitos, mas a Justiça do Trabalho manteve o entendimento de inconstitucionalidade da TR como tal índice, bem como do referido dispositivo.
Assim, diante de tamanha contradição e insegurança jurídica, o STF determinou a suspensão de julgamentos trabalhistas de processos em curso que envolviam a aplicação do artigo 879, §7º, da CLT, até que decidissem acerca da questão envolvendo a temática de juros e correção monetária.
Por fim, restou firmado o atual entendimento jurisprudencial e, hoje, vinculante, qual seja da incidência do IPCA-E na fase pré-judicial e, a partir do ajuizamento da ação, da taxa SELIC, vedada a cumulação desta com outros índices e tal como ocorre na esfera civil.
Importante destacar que foi determinado que os parâmetros fixados fossem aplicados, também, aos processos transitados em julgado, desde que na sentença não houvesse definição expressa quanto à correção monetária e juros e que os débitos ainda não tivessem sido pagos.
Apesar do efeito vinculante da decisão, ainda existem divergências nos tribunais com relação à incidência dos juros de mora, razão pela qual alguns julgadores têm aplicado os juros de 1% ao mês na fase pré-judicial além do índice de correção do IPCA-E, já que se entende, pelo teor da decisão do STF, que a taxa Selic cumulada com o referido juros pode caracterizar dupla condenação (“bis in idem”).
Portanto, pode-se concluir que a tese firmada pelo SFT, que excluiu os juros de 1% ao mês a partir do ajuizamento da ação e determinou a incidência do IPCA-E na fase pré-judicial e da taxa SELIC a partir da citação, garante a não majoração excessiva e abusiva no tempo dos débitos trabalhistas pleiteados judicialmente pelo empregado em face da empregadora e eventualmente deferidos pelo juízo.
Vitória Naves Caltran. Advogada, graduada em Direito, com ênfase em direito privado, pela Pontifícia Universidade Católica de Campinas (2020), inscrita na Ordem dos Advogados do Brasil, Seção São Paulo (2021). Advogada no TM Associados.
Crimes Falimentares
Ocasionadas normalmente por má administração ou ligada a fatores externos às empresas, como a crise de 2008 e a crise que atualmente assola o Brasil, as chamadas crises econômico-financeiras …
Breves Apontamos Sobre a Cláusula Penal Moratória
Pelo conceito de direito e economia (law and economics) da Escola de Chicago: os indivíduos reagem a estímulos econômicos negativos e positivos, fazendo com que a lei influencie diretamente na economia e a economia diretamente na lei.
Nesta linha de raciocínio o estudo de cláusulas penais em contratos é indissociável de sua razão de criação, pautada entre outros no conceito do direito econômico.
Através das cláusulas penais são estabelecidas consequências econômicas para uma parte que deixar de cumprir com suas obrigações. Mais que isso, a cláusula penal tem como objetivo forçar o adimplemento contratual de modo que o adimplemento deve ser mais vantajoso economicamente do que o inadimplemento.
Para ilustrar a sua aplicação imagine o seguinte caso:
Em um contrato de compra e venda é estipulado que o pagamento seja efetuado em até 30 dias, mas o contrato não define multa, juros, nem qualquer outra penalidade para o atraso no pagamento. Neste exemplo temos que economicamente é mais viável aguardar uma eventual execução do valor em aberto do que efetuar o pagamento na data aprazada.
Agora, imagine que, neste mesmo contrato, foi estipulada uma multa de 2% para o inadimplemento e juros de 1% ao mês desde a data de inadimplemento até seu efetivo pagamento. Neste exemplo, respeitadas as especificidades de cada caso, a estipulação destas penalidades torna o adimplemento na data estipulada mais vantajoso econômica e juridicamente do que o seu inadimplemento, o que estimula o agente a adimplir com a obrigação contratual.
Agora que passamos pelo racional que sustenta a estipulação de cláusulas penais, no código civil, mais especificamente no artigo 409[1], temos o conceito geral de Cláusula Penal, bem como a criação de 2 (duas) espécies de cláusulas penais, sendo a Compensatória ou Indenizatória, e a Cláusula Moratória, das quais abordaremos neste artigo apenas a segunda.
As Cláusulas Penais Moratórias são as que preveem um valor pecuniário como penalidade ao inadimplemento, mas que não incluem em seu valor eventual indenização por perdas e danos, o que, na prática, acarretará à parte inadimplente não só o pagamento da multa, mas, também, das perdas e danos, se existentes.
Em ambos os tipos de cláusulas penais, estas não podem ter seu valor fixado ao acaso. Pelo contrário, os valores das penalidades devem, dentre outros, observar o limite do valor do Contrato, conforme podemos observar o disposto nos artigos 410, 411 e 412[2], todos do Código Civil.
Exceção feita a esta limitação é para os casos da aplicação da teoria do inadimplemento eficiente, a qual defende que, em alguns casos, o inadimplemento apresenta um melhor resultado econômico do que o adimplemento, e, nesses casos, o inadimplemento é motivado pelo ordenamento jurídico (esta teoria é utilizada, por exemplo, nos contratos envolvendo atletas profissionais, nos quais o valor da penalidade pela rescisão antecipada é muito superior ao valor do contrato em si).
Ressaltamos, também, que é vedada a dupla incidência de Cláusulas Penais, ou seja, 2 penalidades para 1 única obrigação.
Por fim, apesar das cláusulas penais tornarem mais vantajoso econômica e juridicamente o adimplemento de uma obrigação, a sua previsão não garante o adimplemento, o qual deve ser buscado através de garantias contratuais, como: o aval, a fiança, a caução; garantias reais; entre outros.
Leonardo Theon de Moraes – Advogado, graduado em direito, com ênfase em direito empresarial, pela Universidade Presbiteriana Mackenzie (2012), inscrito na Ordem dos Advogados do Brasil, Seção São Paulo (OAB/SP) (2012). Pós-graduado e Especialista em Direito Empresarial pela Escola de Direito de São Paulo da Fundação Getúlio Vargas (2014), Mestre em Direito Político e Econômico pela Universidade Presbiteriana Mackenzie (2017), autor de livros e artigos, palestrante, professor universitário e membro da Associação dos Advogados de São Paulo (AASP). Sócio fundador do TM Associados.
Pedro Anselmo Boaventura – Graduado em direito, pelo Centro Universitário Padre Anchieta (2021). Pós-graduando em Direito Civil e Empresarial pela Faculdade Damásio de Jesus. Paralegal do Departamento Consultivo do TM Associados.
[1] Art. 409 A cláusula penal estipulada conjuntamente com a obrigação, ou em ato posterior, pode referir-se à inexecução completa da obrigação, à de alguma cláusula especial ou simplesmente à mora.
[2]Art. 410. Quando se estipular a cláusula penal para o caso de total inadimplemento da obrigação, esta converter-se-á em alternativa a benefício do credor.
Art. 411. Quando se estipular a cláusula penal para o caso de mora, ou em segurança especial de outra cláusula determinada, terá o credor o arbítrio de exigir a satisfação da pena cominada, juntamente com o desempenho da obrigação principal.
Art. 412. O valor da cominação imposta na cláusula penal não pode exceder o da obrigação principal.