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DR PATRYK FILIPIAK
ATTORNEY-AT-LAW
SetUpYour StartUp
A Model Case:
• 1 or more founders having an idea for
business (Founders)
• 1-2 IT associates (IT)
• Business model based on new technologies
(mostly internet, mobile apps etc.)
• First round of Financing (seed/startup)
SetUpYour StartUp
Seed Phase:
• Self-employment for one Founder
• Civil Partnership for more than one Founder
SetUpYour StartUp
Self – Employment (Private Enterprise):
PROS:
• Central Record and Information about Economic
Activity (CEIDG)
• Cheap and easy to setup and manage
CONS:
• No limited liability
• Tax – Personal Income Tax (PIT) flat (19%) or
progressive (18% and 32%)
SetUpYour StartUp
Civil Partnership (CLP):
• Agreement not an entity
• CLP is not a separate entrepreneur (partners
are!)
SetUpYour StartUp
CLP – Estate:
• Assets belong to partners – joint estate
• Joint estate is separated form personal
estates of partners
• Joint estate – special legal regime
SetUpYour StartUp
CLP – Managing:
• Generally management and representation
belong to all partners (no corporate bodies)
• Rules may be altered in Partnership
Agreement
SetUpYour StartUp
CLP – Liability:
• Partners are liable for debts toward 3rd
Parties
• Joint liability
• Right of recourse
• Can’t be altered in Partnership Agreement
SetUpYour StartUp
CLP – Taxation:
• CLP – no legal capacity in tax law apart from
VAT
• PIT – on Partners’ level
• Simplified accountancy
SetUpYour StartUp
SetUpYour StartUp
SetUpYour StartUp
Typical solution:
• Limited Liability Company – „Ltd.” (spółka z
ograniczoną odpowiedzialnością)
Special corporate vehicles:
• Limited Liability Company Limited Partnership - „sp. z
o.o. sp.kom.” (spółka z ograniczoną
odpowiedzialnością spółka komandytowa)
• Limited Liability Company Limited Joint- Stock
Partnership – „sp. z o.o. SKA” (spółka z ograniczoną
odpowiedzialnością spółka komandytowo-akcyjna)
SetUpYour StartUp
LTD. – Estate:
• As a legal entity it has its own estate
• Fully separated from shareholders’ estates
• Minimum share capital: 5.000 PLN
• Estate comes generally from:
 Shareholders’ contributions (cash or
contribution in kind)
 Economic activity
SetUpYour StartUp
LTD. – Managing:
Ltd. is managed by:
• Board of Directors, Management Board
(usually Founders) – manages and
represents Ltd. on daily basis
• Shareholders’ Meeting – makes most
important or strategic decisions
• Supervisory Board (generally optional) –
supervise actions of Board of Directors
SetUpYour StartUp
LTD. – Liability:
• Corporate Veil
• Liability of members of the Board of
Directors:
 In case of bankruptcy toward 3rd parties
 For unlawfull actions toward Ltd.
SetUpYour StartUp
LTD. – Taxes:
• Double taxation (CIT & PIT):
 Company level (Company Income Tax –
19%)
 Shareholders level (Personal Income Tax
– 19%)
SetUpYour StartUp
Special Vehicles:
• Advantages:
combining corporate veil and singular
taxation
• Problem:
upcomming legislation changes
Thank you!
Dr Patryk Filipiak
Attorney-At-Law
p.filipiak@filipiakbabicz.com
IŁŁAKOWICZÓWNY 7/2
60-789 POZNAŃ
T: + 48 61 2224 383
E: office@filipiakbabicz.com
WWW.FILIPIAKBABICZ.COM
DR PATRYK FILIPIAK
ATTORNEY-AT-LAW
SetUpYour StartUp
SetUpYour StartUp
Ways to achieve the goal:
• The decision on relocating the
company’s seat abroad under Polish
law
• Share deal
• Asset deal
• Cross-border mergers
SetUpYour StartUp
Ways to achieve the goal:
• The decision on relocating the
company’s seat abroad under Polish
law
• Share deal
• Asset deal
• Cross-border mergers
SetUpYour StartUp
• The decision on relocating the
company’s seat abroad under Polish
law
• What about EU Law?
SetUpYour StartUp
Asset Deal:
• The direct transfer of individual assets,
i.e. real estate, machinery, receivables,
etc. (the "asset deal")
• Key issues of the asset deal transaction
SetUpYour StartUp
Share Deal:
• In case of legal entities it is also
possible to acquire all majority of
shares (the "share deal")
• Key issues of the share deal
transaction
SetUpYour StartUp
EU Cross-Border Merger:
• Companies and limited joint-stock
partnerships may conduct a cross
border mergers in EU
• Important: the condition is that at
least two are subject to the laws of
different Member States
Thank you!
Dr Patryk Filipiak
Attorney-At-Law
p.filipiak@filipiakbabicz.com
IŁŁAKOWICZÓWNY 7/2
60-789 POZNAŃ
T: + 48 61 2224 383
E: office@filipiakbabicz.com
WWW.FILIPIAKBABICZ.COM

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Patryk Filipiak: Set Up Your Start Up - presentation - 130604

  • 3. A Model Case: • 1 or more founders having an idea for business (Founders) • 1-2 IT associates (IT) • Business model based on new technologies (mostly internet, mobile apps etc.) • First round of Financing (seed/startup) SetUpYour StartUp
  • 4. Seed Phase: • Self-employment for one Founder • Civil Partnership for more than one Founder SetUpYour StartUp
  • 5. Self – Employment (Private Enterprise): PROS: • Central Record and Information about Economic Activity (CEIDG) • Cheap and easy to setup and manage CONS: • No limited liability • Tax – Personal Income Tax (PIT) flat (19%) or progressive (18% and 32%) SetUpYour StartUp
  • 6. Civil Partnership (CLP): • Agreement not an entity • CLP is not a separate entrepreneur (partners are!) SetUpYour StartUp
  • 7. CLP – Estate: • Assets belong to partners – joint estate • Joint estate is separated form personal estates of partners • Joint estate – special legal regime SetUpYour StartUp
  • 8. CLP – Managing: • Generally management and representation belong to all partners (no corporate bodies) • Rules may be altered in Partnership Agreement SetUpYour StartUp
  • 9. CLP – Liability: • Partners are liable for debts toward 3rd Parties • Joint liability • Right of recourse • Can’t be altered in Partnership Agreement SetUpYour StartUp
  • 10. CLP – Taxation: • CLP – no legal capacity in tax law apart from VAT • PIT – on Partners’ level • Simplified accountancy SetUpYour StartUp
  • 12. SetUpYour StartUp Typical solution: • Limited Liability Company – „Ltd.” (spółka z ograniczoną odpowiedzialnością) Special corporate vehicles: • Limited Liability Company Limited Partnership - „sp. z o.o. sp.kom.” (spółka z ograniczoną odpowiedzialnością spółka komandytowa) • Limited Liability Company Limited Joint- Stock Partnership – „sp. z o.o. SKA” (spółka z ograniczoną odpowiedzialnością spółka komandytowo-akcyjna)
  • 13. SetUpYour StartUp LTD. – Estate: • As a legal entity it has its own estate • Fully separated from shareholders’ estates • Minimum share capital: 5.000 PLN • Estate comes generally from:  Shareholders’ contributions (cash or contribution in kind)  Economic activity
  • 14. SetUpYour StartUp LTD. – Managing: Ltd. is managed by: • Board of Directors, Management Board (usually Founders) – manages and represents Ltd. on daily basis • Shareholders’ Meeting – makes most important or strategic decisions • Supervisory Board (generally optional) – supervise actions of Board of Directors
  • 15. SetUpYour StartUp LTD. – Liability: • Corporate Veil • Liability of members of the Board of Directors:  In case of bankruptcy toward 3rd parties  For unlawfull actions toward Ltd.
  • 16. SetUpYour StartUp LTD. – Taxes: • Double taxation (CIT & PIT):  Company level (Company Income Tax – 19%)  Shareholders level (Personal Income Tax – 19%)
  • 17. SetUpYour StartUp Special Vehicles: • Advantages: combining corporate veil and singular taxation • Problem: upcomming legislation changes
  • 18. Thank you! Dr Patryk Filipiak Attorney-At-Law p.filipiak@filipiakbabicz.com IŁŁAKOWICZÓWNY 7/2 60-789 POZNAŃ T: + 48 61 2224 383 E: office@filipiakbabicz.com WWW.FILIPIAKBABICZ.COM
  • 21. SetUpYour StartUp Ways to achieve the goal: • The decision on relocating the company’s seat abroad under Polish law • Share deal • Asset deal • Cross-border mergers
  • 22. SetUpYour StartUp Ways to achieve the goal: • The decision on relocating the company’s seat abroad under Polish law • Share deal • Asset deal • Cross-border mergers
  • 23. SetUpYour StartUp • The decision on relocating the company’s seat abroad under Polish law • What about EU Law?
  • 24. SetUpYour StartUp Asset Deal: • The direct transfer of individual assets, i.e. real estate, machinery, receivables, etc. (the "asset deal") • Key issues of the asset deal transaction
  • 25. SetUpYour StartUp Share Deal: • In case of legal entities it is also possible to acquire all majority of shares (the "share deal") • Key issues of the share deal transaction
  • 26. SetUpYour StartUp EU Cross-Border Merger: • Companies and limited joint-stock partnerships may conduct a cross border mergers in EU • Important: the condition is that at least two are subject to the laws of different Member States
  • 27. Thank you! Dr Patryk Filipiak Attorney-At-Law p.filipiak@filipiakbabicz.com IŁŁAKOWICZÓWNY 7/2 60-789 POZNAŃ T: + 48 61 2224 383 E: office@filipiakbabicz.com WWW.FILIPIAKBABICZ.COM