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There are numbers of different formation of companies establishing every other day on UAE Onshore. And among these one very common and prompt picked formation is Limited Liability Formation. The new UAE company law which comes into effect in 2015 has made significant changes to governing a limited liability company.
Article 218 of Commercial Company Law defined Limited Liability Company as a company in which the liability of its partner is limited only to the extent of their shares in the capital. In order to restore their credibility in conducting transaction with Limited Liability Company this practice from court helps customers and investors.
Article 111 of UAE Commercial Law explains the important provisions on the legal obligation of manager of Dubai limited liability company which says that the legislation says that LLC co. Manager are liable to:
The general duties and obligation stipulated under the companies law and imposed on all managers and directors of limited liability and joint stock companies include, but are not limited to the following:
The duties imposed on Managers and Directors can be either statutory pursuant to any legislation, law and regulations issued in state or on a power of attorney issued pursuant to these contracts and even may be joint if there are more than one Managers or Directors
Commercial company law also explain under Article 112 that a manager is prohibited from participating in any business that competes with the business of the company or carrying out activities same as activities carried out by the company – unless prior current dated approval is obtained from the shareholder .
There are many duties and obligation imposed on Managers and Director in the UAE of which they should be fully aware in order to avoid violation as an violation or breach may expose them to substantial liabilities, whether Civil or Criminal.
Our Success lies in honestly and integrity which are used as motivational factors to inspire us to arrive at success as well as prosperity for the company plus our customers.
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