Bahas Gramatidis & Partners
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By virtue of two Presidential Decrees published in the Government Gazette changes are effected in the publication procedure of balance sheets by corporations and in the drawing up of annual and unified accounts by personal companies (unlimited and limited partnerships). Such changes are effective as of 1st January 1995.
As regards the balance sheets and turnover of corporations the lower limit on the basis of which they can draw up a summary, instead of an analytical, balance sheet, increases. In this respect the limit of the entire assets increases from 130 million drs. to 500 million drs. Moreover the limit of the turnover goes up from 260 million drs. to one billion drs. On the basis of these data from 1st January 1995 corporations are entitled to publish a summary balance sheet, provided that they meet the following criteria for two consecutive financial years:
- total balance sheet not exceeding 500 million drs
- personnel employed per year not exceeding fifty persons as an average
- net turnover not exceeding one billion drs.
The Presidential Decree provides that the annual and unified financial accounts of corporations may be illustrated in ECUs, instead of drachmas, and be published as such on the basis of the exchange rate in force on the day of drawing up of the account.
b. Personal companies
Unlimited and limited partnerships in which the partner with unlimited liability is a corporation or a limited liability company must draw up annual and unified accounts indicating the trade name, the registered office and the legal type of every enterprise participating in an unlimited or limited partnership.
Unlimited or limited partnerships shall be registered in the Register for Limited Liability Companies, provided that all partners with unlimited liability are corporations or companies of the above type governed by the company law of a third state.
Athanassios Vamvoukos, Bahas, Gramatidis & Associates, Athens, Greece
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