final Flashcards
List all the formal sources of commercial law
Legislation
International Treaties
Jurisprudence
Main formal source of commercial law
Legislation
What is the consequence of acting on behalf of a company not registered at the IRS?
Your job is not official
What is commercial law ?
Branch within private law that governs acts of commerce … and trades of commercial objects.
Foreign companies requisites to operate in Mexico?
- Adress
- Proper migration status
- Registered at the public registry
Trades man duties
Adequate accounting, keep the correspondence, keep the books, sign up at the local chamber of commerce and at the public registry.
Jurisprudence is ________
Interpretation of the law by the federal judicial branch of government …
Speculation is ________
the buying or selling of something with the expectation of profit …
An act of commerce is acquisitions, purchases, lease of articles etc. with the purpose of _____________
Commerce speculation
__________ is the Person who makes commerce his habitual occupation.
Trades man
__________ is the document where we can verify if a person has the capacity to act on behalf of a company
Powers of attorney
__________ are the people (either entities of individuals) that perform or facilitate the conclusion of someone else’s business …
Commercial auxiliaries
- termination of a contract of an independent commercial auxiliary :
- If there’s no stipulation of time on the contract, the legal relation will end when one of the parties chooses to notify their intentions to finish it _________________ .
Within one month
- termination of a contract of an independent commercial auxiliary :
- If there’s a clause agreeing on a fixed amount of time, none of the parties will be able to terminate the contract earlier ______________ .
Unless by payment of damages
_________ is the right of each partner to have the firm’s property applied to the firm debts.
Equity of partners
_________ cash, property, or services contributed by partners to a partnership.
Capital contribution
__________ an amount equal to the aggregate “par” or stated value of all outstanding shares.
Legal capital
______________ is the supreme organism of the company and can agree and ratify all actions of the company.
The shareholders meeting/assembly
________ expresses someone is a shareholder, it gives the rights to the company incorporated in the title.
A Share
Yes / No :
According to article 75 of the commercial code, are obligations and stock subscribed by the government like CETES, an act of commerce ?
YES
Yes / No :
According to article 75 of the commercial code, do construction companies perform acts of commerce?
YES
Yes / No :
According to article 75 of the commercial code, are banking operations acts of commerce?
YES
Yes / No :
According to article 75 of the commercial code, are the sales of the growing of plans an act of commerce?
YES
Yes / No :
Is the celebration of a matrimony an act of commerce?
YES
Yes / No :
Can people condemned for crimes against property, perform acts of commerce?
YES
Yes / No :
Can foreigners w/out the proper migration status perform acts of commerce?
YES
Yes / No:
Can the effect of legal personality of a company have a distinct legal personality, separate from its members?
YES
Yes / No:
According to the nationality law, Mexican companies are the ones with accounting in Mexico and a representative office in Mexico
NO
Yes / No :
Foreigners exclusion clause allows people from other countries to invest in Mexico
NO
Yes / No:
The formality to create a company is with a private contract between the partners
YES
Yes / No:
The business plan is part of the bylaws of or articles of incorporation of the company
NO
Yes / No:
The shareholders meeting can discuss other topics not included on the order of the business published, even if not all of the shares were present.
NO
Yes / No:
The quorum needed for a general ordinary assembly to meet is three quarters of the capital
YES
Yes / No:
On an extraordinary shareholders meeting, a decision is reached by the vote of the majority of the stock present
YES
Yes / No:
The second call for a meeting can be published at the same time, alongside with the first notice for a shareholders meeting
NO
Yes / No:
Unpaid stock have the right to vote on a shareholders meeting
YES
Yes / No:
Liberated stock have the right have the right to vote on a shareholders meeting
YES
Yes / No:
Theres no legal responsibility if the administrator presents false information at the share holders meeting
YES
Yes / No:
An ordinary shareholders meeting can change the object of the company
NO
Yes / No:
An ordinary shareholders meeting approves the financial statements of the company
YES
Yes / No:
An extraordinary shareholders meeting can agree the dissolution of the company
YES
Yes / No:
A corporation may create different “Classes” of shares with different preferences, limitations, and relative rights
NO
Yes / No:
All stocks are indivisible
YES
Yes / No:
Article of 309 of the commercial code states: “The general manager will be the person that has the direction of the company, or that is authorized to sign contracts regarding ALL THE ASPECTS OF THE COMPANY
NO, because there are some aspects that they don’t have the enough knowledge.
List 3 main organisms of commercial companies
- Stockholders meetings
- Administrator
- Comissinary
Name one difference between sociedad anónima and sociedad de responsabilidad limitada
The quantity of participants in S de A
