IKE partners' minutes approving the annual accounts and profit distribution (Greece)

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The minutes by which the partners of a Greek private company (IKE) approve the year's annual financial statements and decide on distributing the profit or dealing with the loss: the financial year, balance-sheet total, net result, the distribution, the vote and authority to file with GEMI. The partners must decide by the 10th day of the 9th month after the year ends, at a meeting called on 8 days' notice or, without a meeting, only if every partner signs.

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Common questions

By when must an IKE's partners approve the annual financial statements?

By the 10th day of the 9th month after the financial year ends — for a year ending on 31 December, by 10 September of the following year. If the decision is taken at a meeting, the notice must reach the partners at least 8 days beforehand, so the meeting has to be arranged in good time.

Can an IKE's partners approve the accounts without meeting?

Yes, but only in the way art. 73 of Greek Law 4072/2012 allows: the decision is unanimous, or all partners agree to record the majority's decision, and every partner signs the minutes, with those who voted against named. E-mail replaces signatures only if the articles provide for it. Minutes signed only by the majority, without a meeting, are void (art. 74).

Where are an IKE's accounts filed once approved?

With GEMI, online, within 20 days of approval, together with the minutes, by the person the resolution authorises. If the partners decided to distribute profit, it is paid as the minutes provide, and the accountant takes care of the tax obligations that come with it.