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Investors Handbook. A Legal Guide to Business in Georgia

Besides that, the partners' meeting is entitled to create a supervisory board and determine its functions. Joint Stock Company Liability Similar to an LLC, a joint stock company is liable vis a vis its creditors only to the extent of the property owned. The shareholders are not personally liable for the corporate debt obligations. Charter capital The presence of charter capital is required to set up a joint stock company. The Law on Entrepre- neurs does not establish a minimum or maximum capital requirement for the joint stock company. Rights and Obligations of Shareholders The shareholder of a company is expected to make a contribution in the charter capital to get his shares. The law does not prescribe any other obligations. Currently, a monetary contribution is the most common way of paying the charter capital in a joint stock company.