Brazilian law provides that the partners/shareholders of
Brazilian companies shall meet annually to review the management
accounts, discuss and vote the financial statements and decide on
the destination of the year-end results, as well as, as the case
may be, appoint managers and members of the audit board.
The annual meetings must be held within the first 4 months after
the end of the fiscal year. In Brazil, the fiscal year-end usually
coincides with the end of the calendar year and, therefore, the
annual partners/shareholders meeting shall normally be held until
April 30 of each year.
LIMITED LIABILITY COMPANIES
In relation to limited liability companies, the financial
statements must be disclosed to the non-manager partners before the
annual meeting. The decisions taken in such meeting shall be
formalized in minutes, which must be registered in the competent
Board of Commerce.
