In accordance with the Brazilian corporate law, an annual partners meeting shall be held within four months following the end of the fiscal year with the following main purposes: (i) approval of the management accounts; (ii) discussion and approval of the balance sheet and the financial statement; and (iii) designation of the members of the management board, if necessary.
For both limited liability companies and corporations which have their fiscal year beginning on January 1st and ending on December 31, the deadline for such a meeting will be April 30, 2018. The scope of this meeting is deliberation by the partners of the acts carried out by the officers during the last fiscal year, with the consequent release of officers’ liabilities. In the absence of approval of the balance sheet, the officers will not be exempted from the responsibilities related to the accounts of the relevant fiscal year.
Limited liability companies or jointly controlled companies that had, in the previous fiscal year, total assets greater than BRL240,000,000.00 or annual gross revenue exceeding BRL300,000,000.00 shall follow specific procedures in the preparation of their financial statements.
Corporations with less than twenty shareholders and whose 2017 net worth was less than BRL1,000,000.00 are not obligated to publish their financial statements, a copy of which must, however, be filed together with the Annual General Meeting minutes with the Commercial Registry. Accordingly, corporations with a net worth exceeding BRL1,000,000.00 shall publish their financial statements in the Official Gazette and another newspaper of wide circulation as provided in Articles 133, §3 and 294, II of the Brazilian Corporations Law.