Podcast
Questions and Answers
Who is responsible for requesting the registration of a partnership?
Who is responsible for requesting the registration of a partnership?
Which type of partnership is managed only by partners with unlimited liability?
Which type of partnership is managed only by partners with unlimited liability?
Which document is NOT required for the registration of a partnership's establishment?
Which document is NOT required for the registration of a partnership's establishment?
What must partners do if they want to modify any registered transactions?
What must partners do if they want to modify any registered transactions?
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In which location should a partnership's registration be submitted if its head office is in Bangkok?
In which location should a partnership's registration be submitted if its head office is in Bangkok?
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Which of the following must be registered as a change if a partnership's location changes?
Which of the following must be registered as a change if a partnership's location changes?
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What document must list the partners' personal details during establishment registration?
What document must list the partners' personal details during establishment registration?
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Which of the following is NOT included in the registered transactions that must be modified or changed?
Which of the following is NOT included in the registered transactions that must be modified or changed?
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What must a company do after a modification to its memorandum before its establishment?
What must a company do after a modification to its memorandum before its establishment?
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What is NOT a requirement when registering a company's liquidation?
What is NOT a requirement when registering a company's liquidation?
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Which action requires an extraordinary resolution for a company?
Which action requires an extraordinary resolution for a company?
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Which of the following transactions must be registered after a company's establishment?
Which of the following transactions must be registered after a company's establishment?
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What is required for registering a company's modification or change?
What is required for registering a company's modification or change?
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What does not require registration after establishing a company?
What does not require registration after establishing a company?
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When changing the authorized directors, which of the following actions is necessary?
When changing the authorized directors, which of the following actions is necessary?
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What is the first step in the registration process of a Company Limited?
What is the first step in the registration process of a Company Limited?
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What is the maximum time allowed for submitting a request for registering a new director's appointment?
What is the maximum time allowed for submitting a request for registering a new director's appointment?
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When must a request for registering an extraordinary resolution for capital increase be submitted?
When must a request for registering an extraordinary resolution for capital increase be submitted?
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How long does a company have to submit a request for registering its merger following the merger date?
How long does a company have to submit a request for registering its merger following the merger date?
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What is the time limit for submitting a request to register the change of a liquidator?
What is the time limit for submitting a request to register the change of a liquidator?
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How often must the liquidator submit a report of partnership’s liquidation?
How often must the liquidator submit a report of partnership’s liquidation?
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What is the timeframe for submitting a request for registering the completeness of the company’s liquidation?
What is the timeframe for submitting a request for registering the completeness of the company’s liquidation?
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How long does a company have to submit a request for registering the modification of a liquidator’s authority?
How long does a company have to submit a request for registering the modification of a liquidator’s authority?
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What should shareholders do to better understand their rights under Thai law?
What should shareholders do to better understand their rights under Thai law?
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What is the fine for conducting business without registration?
What is the fine for conducting business without registration?
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What happens if a commercial registration certificate is lost?
What happens if a commercial registration certificate is lost?
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What is the maximum penalty for entrepreneurs conducting deceitful actions?
What is the maximum penalty for entrepreneurs conducting deceitful actions?
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What must entrepreneurs do to avoid the continuous penalty of 100 Baht a day?
What must entrepreneurs do to avoid the continuous penalty of 100 Baht a day?
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What is required of businesses when undergoing an audit by a registrar?
What is required of businesses when undergoing an audit by a registrar?
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If an entrepreneur fails to prepare a sign showing their commercial registration, what is the fine?
If an entrepreneur fails to prepare a sign showing their commercial registration, what is the fine?
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What is the consequence of continuing business after a commercial registration certificate is repealed?
What is the consequence of continuing business after a commercial registration certificate is repealed?
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What type of actions can lead to the repeal of a commercial registration certificate?
What type of actions can lead to the repeal of a commercial registration certificate?
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What is the primary right of shareholders regarding company liquidation?
What is the primary right of shareholders regarding company liquidation?
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Which right allows shareholders to influence the management of a company?
Which right allows shareholders to influence the management of a company?
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What legal recourse do shareholders have against company directors?
What legal recourse do shareholders have against company directors?
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Under the Thai civil and commercial code, who has the right to demand an inspection of company books?
Under the Thai civil and commercial code, who has the right to demand an inspection of company books?
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What does the Thai Supreme Court Decision No. 2098/2525 state about shareholders' inspection rights?
What does the Thai Supreme Court Decision No. 2098/2525 state about shareholders' inspection rights?
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What is a difference between shareholders and partners in a partnership?
What is a difference between shareholders and partners in a partnership?
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What might shareholders argue regarding their inspection rights beyond the current legal interpretation?
What might shareholders argue regarding their inspection rights beyond the current legal interpretation?
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Which of the following is NOT a right of shareholders?
Which of the following is NOT a right of shareholders?
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Study Notes
Registration Transactions and Penalties
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Must provide accurate registration transactions as per the registrar's order.
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Obligation to assist the registrar and auditors in examining business operations.
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Penalties for non-compliance include fines up to 2,000 Baht for unregistered business activities and false transactions.
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Continuous offenses related to non-registration incur daily fines of up to 100 Baht until compliance.
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Failing to replace a lost commercial registration certificate results in a penalty of up to 200 Baht, with continuous offenses leading to daily fines of up to 20 Baht.
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Serious dishonest practices such as deceitful actions or counterfeit goods can lead to the revocation of the commercial registration certificate, prohibiting further business operations.
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Conducting business post-revocation can incur hefty fines up to 10,000 Baht, imprisonment for up to one year, or both.
Establishment and Management of Partnerships
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An ordinary partnership is formed when two or more individuals invest together, requiring a designated managing partner to handle registration at the commercial registration office.
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A limited partnership can only be managed by partners with unlimited liability (general partners).
Modifications and Liquidation of Partnerships
- Changes, modifications, or liquidation of partnerships must be registered at the relevant commercial registration office.
- It is necessary to follow the legal methods and criteria for the registration of any alterations.
Required Changes for Registration
- Partnerships must register changes to:
- Name and location of the head office.
- Objective of the partnership.
- Details about partners, including the managing partner.
- Limitations on the managing partner's powers.
- Partnership seal and any other relevant transactions.
Registration of Companies
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Companies must register in two main steps:
- Memorandum registration
- Establishment registration.
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Changes to registered transactions, such as capital increase/decrease and company mergers, must also be registered within 14 days of the resolution.
Registered Transactions for Companies
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Registered changes include:
- Modifications to the memorandum.
- Capital adjustments (increase/decrease).
- Company mergers.
- Changes to directors or company regulations.
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Liquidation requests must be submitted within 14 days from the liquidation date.
Shareholder Rights
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Shareholders have specific rights under Thai law, including:
- Right to receive assets upon liquidation, proportionate to shareholding, after creditor payments.
- Right to vote in general and extraordinary meetings on key matters like director appointments and financial resolutions.
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Shareholders can sue directors for damages caused to the company and have the right to inspect company books and accounts.
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The Supreme Court ruling limits shareholders’ rights to inspect company accounts, affirming access is primarily to company books during business hours as per Sections 1206 and 1207 of the Thai Civil and Commercial Code.
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Description
This quiz covers the essential rights of shareholders in limited companies, highlighting how these rights differ from those in ordinary or limited partnerships. It focuses on key aspects such as asset distribution upon liquidation and the priority of creditor claims. Test your knowledge on the intricacies of shareholder rights.