If a person passed away without leaving a will, the estate is distributed according to the rules of intestate succession.
According to the legislation, there are four groups of heirs. The heirs from each next group can apply for inheriting if the decedent does not have any relative mentioned in the previous group or if everyone from the group refused to inherit. The assets are being divided equally between the heirs of the current group. The groups are as follows:
• Group 1 – children, spouse, and parents of the decedent. The grandsons can inherit if his/her parent who could inherit the decedent’s asset has passed away earlier,
• Group 2 – siblings (both full and half) of the decedent. The children of siblings can inherit if his/her parent who could inherit the decedent’s asset has passed away earlier ,
• Group 3 –maternal and paternal grandparents of the decedent ,
• Group 4–aunts and uncles of the decedent. The children of the aunts and the uncles can inherit if their parent who could inherit the decedent’s asset has passed away earlier.
The acceptance of the inheritance can be express or tacit. The express acceptance of inheritance takes place when the heir in written form declares his/her willingness to accept the status of the heir, in front of the notary. The heir living abroad can apply for inheritance through his/her authorized person. Tacit acceptance takes place when the alleged heir acts in such a way that it is obvious his/her willingness of inherit.
In either case, acceptance should be manifested within 6 months from the opening of the succession. If the origin of the person’s right to accept an inheritance depends on the failure or refusal of its acceptance by other heirs, the period for acceptance of the inheritance shall be three months from the date of rejection by other heirs of the inheritance, or refusal of its acceptance. If the remaining period is less than three months, it is extended to three months.
It is important to highlight that heirs are free to reject an inheritance under Armenian inheritance law. They can refuse to inherit in favor of another heir included in that group, as well.
If in the inheritance asset is involved a real estate then after getting the certificate of inheritance the heir should apply for its registration. There are certain restrictions on land ownership by foreigners.
If you have any matters in order to the inheritance acceptance or waiver please contact us
We have many shelf companies with a live bank account, so you can get it immediately.
Armenian ready-made companies are easily accessible and quick way to start your business in Armenia as soon as possible. For maximum facilitation of all formalities to the future owner of the company, Armenian shelf companies can be available with Armenian bank accounts already opened and active.
Companies For Immediate Use
All our companies are ready for sale and for immediate use.
Companies With Good Standing
All Ready Made Companies are pre-registered companies with good standing.
Name of the Company is Changable
The name can easily be changed to a name of your own choice.
Trademark Attorney – Trademark Lawyer in Armenia.
In today’s world based economy, protecting your company’s name, as well as achieving product recognition is vital. Our team assists our clients in navigating the Trademark process to secure their names, slogans, and logos in Republic of Armenia.
Sometimes, clients are required to enforce their intellectual property against third-party infringers in Armenia, while others may be required to defend against potential infringement. Our team fights for our clients to enforce intellectual property and defend against claims.
Our Trademark Attorneys represents clients across the country and abroad, ranging from individual inventors and start-ups to mid-size Corporations. Our experience working with a variety of clients provides us the ability to tailor our services to meet each individual’s specific needs.
Our a trademark lawyers, have assisted hundreds of clients just like you successfully get their trademark registered or protected in RA.
Our specific services in the arena of Intellectual Property Rights in Armenia includes: PCT Filing, Patent Search, Patent Registration Filing, Patent Infringement; Trade Mark Search, Trade Mark Registration, Trade Mark Licensing, Trade Mark Infringement; Copyright Registration, Copyright Licensing, Copyright Infringement; Design Search, Design Registration and Design Infringement.
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Related:
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Limited Liability Company establishment/incorporation in Armenia
Limited Liability Company /LLC or sometimes incorrectly referred to as LTD/ is the most common form of company registration- as to incorporate a company and start a business in Armenia.
Limited Liability Company- No responsibility for Shareholder/s/
Limited Liability Company is a company founded by one or several persons, the charter capital of which is divided into ownership shares of amounts determined by the charter. The participants in a limited liability company are not liable for its obligations; they bear the risk of losses connected with the activity of the company within the limits of the value of the contributions made by them.
The firm name of a limited liability company must contain the name of the company and also the words “limited liability company.”
Shareholder
The number of shareholders in a limited liability company must not exceed the limit established by the Charter on limited liability companies. Otherwise the company will be subject to transformation into a joint-stock company within a year.
A limited liability company may not have as a sole participant another business company consisting of one person.
Charter
The charter of a limited liability company must contain, besides the information listed in Paragraph 2 of Article 55 of the Civil Code of RA, terms on the amount of the charter capital of the company; on the amount of ownership shares of each of the shareholders; on the composition of and procedure for the making by them of contributions; on the liability of participants for violation of the duty to making contributions; on the composition and competence of the management bodies of the company and the procedure for their making decisions, including on questions decisions on which are taken unanimously or by a qualified majority of votes; and also other information provided by the statute on limited liability companies.
The Charter Capital of a Limited Liability Company
The charter capital of a limited liability company consists of the value of the contributions of its participants. There is no minimal amount of the Charter in Armenia.
If at the end of the second or each following financial year the value of the net assets of a limited liability company is less than the charter capital, the company has the duty to report the reduction of its charter capital and to register its reduction by the established procedure. If the value of these assets of the company is less than the minimum amount of charter capital determined by a statute, the company is subject to liquidation.
A reduction of the charter capital of a limited liability company is allowed only after notification of all of its creditors. The latter have the right in this case to demand early performance or termination of the respective obligations of the company and compensation by it for losses.
Management of a Limited Liability Company
The highest body of a limited liability company is the general meeting of its shareholders.
In a limited liability company an executive body (collegial and/or one-individual) shall be created that conducts the current guidance of its activity and reports to the general meeting of its participants.
Reorganization and Liquidation of a Limited Liability Company
A limited liability company may be voluntarily reorganized or liquidated by unanimous decision of its shareholders. A limited liability company has the right to transform itself into a joint-stock company.
Shareholder replacement
A Shareholder in a limited liability company has the right to sell or otherwise assign its ownership share in the charter capital of the company or part of it to one or several participants in the given company.
Alienation by a Shareholder in the company of its ownership share (or part of it) to third persons is allowed unless otherwise provided by the charter of the company.
The participants in the company enjoy a priority right to buy of the ownership share of a participant (or part of it) in proportion to the amounts of their ownership shares, unless the charter of the company or an agreement of its participants has provided another procedure for exercising this right. In case the Shareholder in the company do not use their priority right within one month from the day of notice or within another time period provided by the charter of the company or agreement of its Shareholders, the ownership share of the Shareholder may be alienated to a third person.
Levy on the Ownership Share
Levy of execution on the ownership share of a participant in the property of a limited liability company for its personal debts shall be allowed only in case of insufficiency for this participant of other property to cover its debts. The creditors of such a participant have the right to demand from the limited liability company payment of the value of the part of the property of the company corresponding to the ownership share of the debtor in the charter capital or the separation of this part of the property for the purpose of levying execution on it. The part of the property of the company subject to separation or its value shall be determined according to a balance sheet complied at the time of presentation of claims by creditors.
Exit of a shareholder
A participant in a limited liability company has the right at any time to exit from the company regardless of the consent of its other participants.Settlements Upon Exit of a shareholder from a Limited Liability Company
A participant who has exited from a limited liability company shall be paid the value of the part of the property corresponding to its ownership share in the charter capital unless otherwise provided by the charter of the company.
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