During the four months following the end of the fiscal year, the shareholders of Brazilian corporations must hold an annual shareholders’ meeting and the quotaholders of Brazilian limited liability companies must hold an annual quotaholders’ meeting to, among other matters, (i) discuss the management accounts and the financial statements; (ii) decide on the allocation of annual profits or losses; and (iii) appoint the members of management, whose terms of office have expired, subject to the formalities resulting from such resolutions.
For those companies which corporate year ended on December 31, 2018, the meeting must be held on or before April 30, 2019, according to the applicable corporate laws. For such purpose, the management of limited liability companies must provide the financial statements to the quotaholders and the management of companies organized as corporations must publish their financial statements in advance (along with the management report and the auditors’ report, if applicable) in the Official Gazette and another local newspaper of broad circulation, except if otherwise permitted by the applicable law due to its specific circumstances.
Even though there is no generally accepted interpretation concerning the requirement for publication of the financial statements of limited liability companies considered as large-size companies, the corporate team of
Dias Carneiro Advogados may analyze the specific situation of each company to instruct you appropriately.
We are entirely available to provide any clarifications and to assist with this matter.