scholarly journals Organizational, local, and global innovativeness of family-owned SMEs depending on firm-individual level characteristics: evidence from the Czech Republic

Equilibrium ◽  
2021 ◽  
Vol 16 (1) ◽  
pp. 169-184
Author(s):  
Aleksandr Ključnikov ◽  
Mehmet Civelek ◽  
Vendula Fialova ◽  
Andrea Folvarčná
Keyword(s):  
Limited Liability ◽  
Value Added ◽  
Legal Form ◽  
Individual Level ◽  
Organizational Innovativeness ◽  
Legal Structure ◽  
Normality Test ◽  
Data Collection Process ◽  
Legal Forms ◽  
Industrial Zones

Research background: Comparing to larger businesses, SMEs encounter more problems in their operations. Since innovativeness enables SMEs to be more competitive against their rivals, having more innovative activities might make SMEs overcome these issues. Nevertheless, depending on businesses-founders/owners' characteristics, SMEs' innovativeness in organizational, local, and global extents might differ. Purpose of the article: This research explores differences in family-owned SMEs' innovativeness regarding the age of their founders/entrepreneurs, legal form, and succession of these businesses. Methods: The researchers used a questionnaire survey. Data collection process was completed in 2020. The research sample includes 343 family-owned SMEs that operate in Czechia. The normality test result directs the authors to perform an Independent sample T-test to find differences between selected variables. Findings & value added: According to the obtained results, global innovativeness does not differ depending on firms-owners/entrepreneurs' characteristics. However, limited liability firms perform better in local innovativeness than other firms structured in different legal forms. Moreover, the organizational innovativeness of SMEs with successors is greater than firms without successors. While organizational innovativeness does not differ depending on entrepreneurs/founders' age and legal structure of businesses, local innovativeness does not differ depending on entrepreneurs/founders' age and successors' existence in these businesses. The educational level of entrepreneurs/founders, sector, and SMEs' location might be reasons for similarities and differences between SMEs' innovativeness. From the policy perspective, based on the obtained results, the authors suggest creating industrial zones. Furthermore, policymakers' collaborations with other essential players in the market might stimulate innovative attitudes among businesses. This paper's main contribution to the existing literature is to fill the gap regarding organizational, local, and global innovativeness of family-owned SMEs by providing detailed and empirical results about entrepreneurs' and firms' characteristics. Thus, this paper might draw businesses, policymakers, academicians, and international readers' attention concerning family-owned SMEs' innovativeness.

The Legal Form of Financial Institutions as a Way to Protect the Rights of Financial Market Participants

2021 ◽  
Vol 10 (1-2) ◽  
pp. 29-46
Author(s):  
Valentina I. Borisova ◽  
Igor V. Borisov ◽  
Farkhad S. Karagussov
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Scientific Development ◽  
Legal Form ◽  
Market Participants ◽  
Legal Structure ◽  
Legal Forms ◽  
High Level ◽  
Legal Mechanism ◽  
Legal Entities

Abstract Financial institutions are the centre of economic and legal interests of participants of the financial services market, which is itself characterised by a high level of conflict of interests of its participants. The purpose of the article is the scientific development of the legal structure of organisational and legal forms of financial institutions, in the market of financial services, as a legal mechanism for reconciling the economic and legal interests of the main participants of this market. The features of basic and modified legal forms of legal entities are elaborated in this article. It is determined that financial institutions are established and operate in ‘modified’ legal forms. Such forms emerge due to the supplementation of the structure of the main elements of the basic legal forms of legal entities. This refers to additional functional legal means that reflect special requirements for the relevant types of legal entities, depending on the economic and legal interests of their founders/participants.

scholarly journals Charitable Incorporated Organisations: An Analysis of the Three UK Jurisdictions

2015 ◽  
Vol 6 (1) ◽  
pp. 25-44
Author(s):  
Gareth G. Morgan
Keyword(s):  
Northern Ireland ◽  
Limited Liability ◽  
Legal Form ◽  
England And Wales ◽  
Corporate Body ◽  
Legal Forms ◽  
Charitable Associations ◽  
Definition Of ◽  
The Uk ◽  
Charity Regulation

AbstractThe specific legal forms available for charitable organisations have received much less attention by scholars as compared to work on the definition of charity, the boundaries of charitable status and the duties of charity trustees. Under each of the three UK jurisdictions, it could be argued that all charitable property is held on trust (in the sense that it is held for interests of the charity’s beneficiaries) but many charities are no longer formed using the structure of a trust. Charitable organisations can have many possible structures including charitable trusts, charitable associations, charitable companies and now charitable incorporated organisations (CIOs). Until recently the UK lacked any specific legal form for charities. The CIO was created to remedy this: a corporate body with limited liability, formed purely by registration with the appropriate charity regulator. Since 2008 it has been enshrined in statute in all three UK jurisdictions, though implementation dates only from 2011 in Scotland and from 2013 in England and Wales. The focus of this paper is a comparison of the CIO form in the three UK charity law jurisdictions. It analyses the frameworks for CIOs established in England and Wales, Scottish CIOs (SCIOs) and the (yet to be implemented) CIOs in Northern Ireland. It concludes that whilst the CIO concept is effectively reflected in all three jurisdictions, the differences between these three types of CIOs are much more than just those needed to comply with the different regimes of charity regulation – the differences raise important choices for those seeking to establish new charities operating UK-wide.

scholarly journals SUPPORT OF BUSINESS INNOVATION IN THE FORM OF TAX BENEFITS FOR R&D OF ENTREPRENEURS IN SLOVAKIA

2021 ◽  
Vol 4 (1) ◽  
pp. 31-42
Author(s):  
Lea Jančičková ◽  
◽  
Renáta Pakšiová ◽  
Keyword(s):  
Quantitative Analysis ◽  
Quantitative Research ◽  
Slovak Republic ◽  
Limited Liability ◽  
Theoretical Background ◽  
Point Of View ◽  
Legal Form ◽  
Tax Relief ◽  
Tax Benefits ◽  
Legal Forms

Since 2015, the tax advantage of the R&D of entrepreneurs in Slovakia has been in the form of indirect support of innovation and creativity in companies. It could be a competitive advantage for the entrepreneurs who apply them. They are important on the revenue level, e.g. in the creation of a new product and on the cost level, in streamlining the conduct of business. This article aims to analyze the application of super-deduction in tax due to R&D carried out by entrepreneurs in Slovakia from the first year and focuses on R&D in the Slovak Republic from 2015 to 2018. Theoretical interpretations of R&D in legislative standards at transnational and national levels, different tax policies on innovation and gross domestic spending are defined at the outset. The theoretical background is important from the point of view of understanding the R&D in the conditions of the Slovak Republic, where the following quantitative research is carried out. As the main method of investigation, we used the quantitative analysis and comparison that we use to compare the increasing number of companies that used the R&D cost (expenditure) deduction in the context of legal form in the period considered for the years 2015 to 2018 and the amounts of applied super-deduction for individual types of companies. The performed quantitative analysis shows a weak use of the provided income tax relief in the form of super-deduction of costs in connection with the implementation of R&D by companies in Slovakia, despite the year-on-year growing trend. Due to the relative representation of individual legal forms of entities in Slovakia, according to our research, Limited Liability Companies apply a super-deduction of R&D costs annually in the period under review. The number of these entities is constantly growing, as is the amount of the super-deduction applied. Based on the findings, we can state that the increased percentage deduction rate had a positive effect on the motivation of entrepreneurs to apply incentives.

scholarly journals METHODICAL PROVISIONS FOR CREATING AN OUTSOURCING COMPANY (WITH CONSIDERING ORGANIZATIONAL AND LEGAL FORMS OF ENTERPRISES)

2019 ◽  
Vol 21 (2(71)) ◽  
pp. 121-129
Author(s):  
A. SAINCHUK
Keyword(s):  
Limited Liability ◽  
Institutional Support ◽  
General Meeting ◽  
The State ◽  
Joint Stock Company ◽  
Stock Company ◽  
Legal Form ◽  
Legal Forms ◽  
Definition Of ◽  
State Registration

Topicality. The topicality of the problem of creating an outsourcing company does not raise doubts, because the number of outsourcing companies is constantly increasing which provide outsourcing services. During the crisis in Ukraine, there is to need in next positions: reducing the cost of the enterprise, maintaining a certain market segment, maintaining competitiveness in the market, maintaining a certain quality of services (works, goods). If the company use outsourcing at the enterprises, it will be possible to hold all these positions, during the crisis management period.Aim and tasks. The aim of the article is to develop methodological provisions for creating an outsourcing company within the framework of the existing institutional support in Ukraine. Some stages of creating an outsourcing company can be given on the example of law firm in the form of an attorney company, an attorney bureau or a lawyer of individual (an entrepreneur and a self-employed person).Research results. The methodological provisions were developed for creating an outsourcing company. In the article was using the example of practice of law, was taking into account the peculiarities of state registration of various organizational and legal forms of management and the tax system. Also, an algorithm has been created for the election of a simplified taxation system if to realise the case of a project to create an outsourcing company.Conclusion. Methodical provisions for creating an outsourcing company consist of sixteen stages. The author provided recommendations for making changes to the classifier of organizational and legal forms of enterprenier. It was proposed to add an outsourcing company as a new organizational and legal form of enterprenier in order to improve the existing system of national statistical classifications. The changes will provide the State Statistics Service of Ukraine the opportunity to raise to a qualitatively new level the statistical analysis of outsourcing companies in Ukraine.There is no clear phased methodology or instructions for creating a new outsourcing enterprise in Ukraine. The author has developed a methodology for creating an outsourcing company within the institutional support in Ukraine.The article examines in details the situation - the use of outsourcing when creating an outsourcing company. The article also gradually developed an algorithm for creating an outsourcing enterprise. Only five stages were investigated for creating outsourcing company in this article.The author has distinguished the sixteen stages of creating an outsourcing company.Stage 1 - the definition of the organizational and legal form of entrepreneur. The author proposed a new legal form - an outsourcing company. Therefore, it is necessary to change the existing classifier. In work the algorithm of definition of the organizational and legal form of entrepreneur on an example of lawyer activity is developed.Stage 2 - determination of the name of the enterprise. Practical recommendations are given for determining the name of an outsourcing company.Stage 3 - determining the number of participants (founders) of the company. Depending on the number of founders, it is necessary to choose a certain organizational and legal form of entrepreneur. So, for example, if a lawyer carries out practice of law individually without the involvement of employees and other founders, then it is necessary to carry out activities in the form of an individual, an entrepreneur or a self-employed person. Then create a company is not required.Stage 4 - the formation of the charter capital of an outsourcing company. The author has noticed that the minimum charter capital is set for a joint stock company, but not for a limited liability company. This stage is status ant, as the participants are responsible within their share in the charter capital.Stage 5 - drawing up and signing the charter and the protocol of the general meeting of the participants (founders) of the company on the creation of an outsourcing company. There are two types of charters in the article: model and own charter of the company. The model charter does not even need to be submitted to the state registrar. The article contains the main sections of the charter of an outsourcing company.The next article will consist of from sixth to sixteenth stages.

scholarly journals Governmental Research Support Programs and Private Entities in Slovakia

2015 ◽  
Vol 14 (4) ◽  
pp. 345-371
Author(s):  
Zuzana Maliková ◽  
Matúš Kubák ◽  
Radovan Bačík ◽  
Miloš Fišar
Keyword(s):  
Research And Development ◽  
Public Support ◽  
Limited Liability ◽  
Private Investment ◽  
Logit Analysis ◽  
Legal Form ◽  
Theoretical Approaches ◽  
Public Subsidies ◽  
Operational Program ◽  
Legal Forms

Abstract The paper analyses public subsidies aimed to enhance development and innovation in the Slovakian private sector. The paper reviews theoretical approaches of the necessity of public support to research and development activities in order to increase private investment in research and development. An overview of research and development support tools in Slovakia is presented. The analytical part of the work is oriented on a comparative analysis of two granting agencies in Slovakia [Agency for Research and Development (ARD) and Agency of Operational Program Research and Development (OPRD)]. Special attention is given to direct public financial support. Logit analysis showed a relationship between success of grant applicants and their characteristics. We find that the following have impact on success of the application: Age of the company, amount of the grant required, legal form of the company, and the agency to which the application for grant was submitted. Applicants with legal form Ltd. (limited liability company) have a higher chance of receiving grant than other legal forms. The highest chance of success has a request for a grant of up to 500.000 €. According to the results of our analysis, the chance to obtain a grant decreases with each passing year.

scholarly journals Will the sup be an Effective Legal Form for smes as Well as for Subsidiaries within the European Union?

2017 ◽  
Vol 4 (3) ◽  
pp. 246-287
Author(s):  
Hylda Boschma ◽  
Hanny Schutte-Veenstra
Keyword(s):  
European Union ◽  
Limited Liability ◽  
Limited Liability Company ◽  
The European Union ◽  
Legal Form ◽  
Member States ◽  
National Legislation ◽  
Legal Forms ◽  
Common Label

In 2014, the Commission published a proposal for a Directive that introduces a single- member private limited liability company, under a common label: Societas Unius Personae (sup), into the national legislation of the eu-Member States. In this publication it is examined what kind of legal forms of capital companies already exist in the eu-Member States and whether the sup is a welcome addition. The proposed legal form of the sup is analysed in order to answer the question whether the sup is an appropriate legal form for smes and subsidiaries. Furthermore attention is paid to issues which generally arise when the European legislator attempts to introduce a new legal enterprise-form, such as the sup. The authors conclude that there are no irreconcilable differences between the laws of the eu-Member States that might hinder the introduction of the sup. Also the European principles of subsidiarity and proportionality will not constitute an obstacle.

scholarly journals Some Current Problems with the Regulation of Limited Liability Companies in Serbia

2020 ◽  
Vol 1 (1) ◽  
pp. 131-145
Author(s):  
Vladimir Marjanski ◽  
Attila Dudás
Keyword(s):  
European Union ◽  
Legal Status ◽  
Limited Liability ◽  
Company Law ◽  
The European Union ◽  
Legal Form ◽  
Legal Norms ◽  
Legal Forms ◽  
A Company

In Serbia, the legal status of limited liability companies (LLCs; društvo sa ograničenom odgovornošću, d.o.o.) is for the most part regulated by the Companies Act (Zakon o privrednim društvima). All four basic legal forms of company are regulated by this Act. Unlike in Austria and Germany, there are no special laws on LLCs and joint stock companies (JSCs). Regulating all legal forms of a company with the same act, including procedures for their liquidation, status changes (acquisition, merger, division, and spin-off), and changes of legal form, may be considered a conceptual shortcoming of the regulation relating to LLCs and of company law in Serbia in general. A specific law would enable legislators to tailor detailed rules pertaining only to LLCs, in which all peculiarities of this legal form of companies might be better addressed. Furthermore, there are relatively numerous legal norms applicable to JSCs, the appropriate application of which is can be legally extended to LLCs. However, most of them are not conceptually applicable due to the different nature of JSCs and LLCs. In addition, company law will have to undergo significant changes in upcoming years due to the process of accession of Serbia to the European Union and the fulfilment of the conditions contained in chapter 6 of the accession negotiations pertaining to company law.

scholarly journals Efficiency and development potential of various organizational and legal forms in agriculture

2019 ◽  
pp. 93-102
Author(s):  
О.А. ХОЛОДОВ ◽  
O. A. KHOLODOV
Keyword(s):  
Agricultural Sector ◽  
Swot Analysis ◽  
Limited Liability ◽  
Growth Potential ◽  
Expert Assessment ◽  
Legal Form ◽  
Agricultural Enterprises ◽  
Rostov Region ◽  
Modern Period ◽  
Legal Forms

Abstract. Purpose. Study of the structure of the agricultural sector in the context of organizational and legal forms, assessment of the features of their economic activity, identification of growth potential and constraints to the development of agricultural enterprises by the results of SWOT analysis. Methods. The structure of agricultural enterprises in the context of organizational and economic forms is analyzed. The activity of public and non-public joint stock companies, limited liability companies, agricultural (production) cooperatives in the Rostov region. As the main approach, the SWOT-analysis is used, which is based on the results of a survey of managers and specialists of various forms of management in the agricultural sector of the Rostov region. A quantitative assessment of the results of the SWOT analysis is proposed. Results. Distinctive strengths and weaknesses of functioning of the enterprises of agrarian sector of the Rostov region in a section of organizational and legal forms of managing are revealed. The factors of internal and external environment affecting the efficiency of agricultural enterprises in the modern period are substantiated. The most effective organizational and legal forms in agriculture on the basis of the received expert assessment are defined. Scientific novelty. A total index of SWOT-analysis was developed, which allows to quantitatively reflect the obtained data of the survey of managers and specialists of agricultural enterprises in the context of each organizational and legal form.

scholarly journals THE EUROPEAN COMPANY (SOCIETAS EUROPAEA) ON RIND SIGHT

2016 ◽  
Author(s):  
Liviana Andreea Niminet
Keyword(s):  
European Union ◽  
Limited Liability ◽  
European Union Law ◽  
Legal Form ◽  
European Company ◽  
Eu Countries ◽  
Advantages And Disadvantages ◽  
Legal Structure ◽  
Societas Europaea ◽  
A Company

The article deals with the rind aspects of European Company (also known by its Latin name Societas Europaea or SE), a “type of public limited-liability company regulated under European Union law”. Although this form of company was proposed more than 40 years ago, it was only in 2001 when the Council issued Regulation (EC) No 2157/2001 of 8 October 2001 on the Statute for a European company defining the European company (SE) as “a legal structure that permits a company to operate in different European Union (EU) countries under a single statute”, as determined by the law of the Union and common to all EU countries. Being a new legal form, the SE coexists with the corporate forms that already were in each Member Statebeing governed by both European Regulation and national law. As it follows we address the rules, classification, conditions for settling an SE, organization structures, tax harmonization, employee involvement in the SE, advantages and disadvantages of SEs, as well as the opportunity of SPEs.

scholarly journals GmbH and UG (Mini-GmbH): Protection of creditors in German law

2020 ◽  
Vol 58 (4) ◽  
pp. 134-148
Author(s):  
Jovana Joksović
Keyword(s):  
German Law ◽  
Limited Liability ◽  
Capital Maintenance ◽  
Legal Form ◽  
German Market ◽  
Share Capital ◽  
Law System ◽  
General Rules ◽  
Legal Forms ◽  
A Company

One of the most widespread forms of companies, not only in our, but also in other jurisdictions, are limited liability companies. This form gives clear advantages to its founders, but at the same time endangers the creditor's settlement. In this paper, the author lists and describes the ways of protecting the company's creditors in the German law, namely the creditors of GmbH and the newer UG (Mini-GmbH) with brief reviews of Serbian law and d.o.o. First of all, there is a possible liability of shareholders and directors of German companies in the very stage of establishment. Furthermore, payments to shareholders from the assets that are necessary to cover the share capital are prohibited. In addition to its legal minimum share capital of EUR 25.000, GmbH contains further institutes for adequate creditor protection, which makes it attractive not only to the founders, but also to its creditors. In 2008, with the Law on Modernization of the Rights of Limited Liability Companies and the Fight against Abuses (MoMiG), the German legal system introduced a new legal form of simplified GmbH (UG), which has the same nature with a few special characteristics. This is primarily the possibility of founding a company below the prescribed legal minimum of the share capital, namely 1 Euro. This legal form should be an alternative to the English "Limited", which was "flooding" the German market back then. This advantage brings certain restrictions, first of all in terms of capital maintenance rules. Due to the fact that d.o.o. has significant similarities with the general rules that apply to these legal forms of the German system, primarily due to similarities with UG in the form of a minimum share capital of 100 dinars, the characteristics and solutions of German law for the protection of creditors of this legal form will be analysed. At the end comes a brief review of the institute "piercing a corporate veil" in the German law system.

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