Swedish Law relating to our THEMCO EKF Co-operative

Basic Requirement

 The business activities of a Swedish Economic Association (“Ekonomisk förening”)  must be of financial benefit to a member, for example as producer, consumer or employee.

An Economic Association must also be open to all and, in principle, it cannot refuse membership to anyone.

Formation

  • A      Swedish Economic Association (“Ekonomisk förening”) is formed by three or      more natural persons or legal entities.

Foreign Owners

  • All      members of an Economic Association may be foreign nationals or companies      and no special acquisition permit is required.

Legal Entity

  • The      Economic Association is a legal entity and is issued with a registration      number “organisationsnummer”).

Board and Managing director

  • The      board of an Economic Association shall consist of at least three members;      normally also members of the Association.
  •  A      managing director has to be appointed in an Economic Association only if      the Association has more than 200 employees.

Accounts

  • An      Economic Associations must keep accounts and shall prepare annual reports      kept available to the public.

Auditor

  • Normally,      an Economic Association does not need an approved or authorized public      accountant. The auditor appointed must be competent enough to audit the      Association´s activities. However, independent auditors may be required in large Associations.

Business name

  • The registered      business name of an Economic Association is protected throughout the      country.

Financial Year

  • A      limited company may have a split financial year, which can facilitate      financial planning with regard to taxes, credits, salaries and interest.

Responsibility and risk

  • Every      member of an Economic Association has to pay an agreed amount as      contributed capital. It is also normal to pay an annual membership fee.      There is, however, no requirement for a fixed capital comparable to the      share capital of a limited company.

In spite of this, the members have no personal responsibility for the debts or other obligations of the Association.

Sweden

The law of Sweden is Continental law. The law was unified by legislation of King Magnus Eriksson circa 1350. There were two general codes. These were replaced by a single code which was promulgated in 1734.

Types of business entity

Ek. för. (Ekonomisk förening): economic association

  • Bostadsrättsförening:       home-owners’ association
  • Hyresrättsförening:       home-renters’ association
  • Kooperativ:       cooperative

Commercial law

Commercial law, also known as business law, is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales.[1] It is often considered to be a branch of civil law and deals with issues of bothprivate law and public law.

Judiciary of Sweden

From Wikipedia, the free encyclopedia

http://en.wikipedia.org/wiki/Judiciary_of_Sweden

http://62.95.69.15/cgi-bin/thw?%24%7BHTML%7D=sfst_lst&%24%7BOOHTML%7D=sfst_dok&%24%7BSNHTML%7D=sfst_err&%24%7BBASE%7D=SFST&%24%7BTRIPSHOW%7D=format%3DTHW&BET=1987:667

http://swedishlaw.blogspot.dk/2005/12/part-ix-swedish-economic-association.html

http://www.bolagsverket.se/en/bus/business/economic-1.3082

https://lagen.nu/1987:667#K1P1

http://sv.wikipedia.org/wiki/Ekonomisk_f%C3%B6rening