{"id":61420,"date":"2023-12-08T20:25:33","date_gmt":"2023-12-08T11:25:33","guid":{"rendered":"https:\/\/monolith.law\/cs\/?p=61420"},"modified":"2024-03-26T05:53:07","modified_gmt":"2024-03-25T20:53:07","slug":"investment-contract-clause-management-company","status":"publish","type":"post","link":"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-clause-management-company","title":{"rendered":"Co jsou klauzule t\u00fdkaj\u00edc\u00ed se provozov\u00e1n\u00ed spole\u010dnosti v investi\u010dn\u00edch smlouv\u00e1ch?"},"content":{"rendered":"\n<p>Obsah investi\u010dn\u00ed smlouvy stanovuje r\u016fzn\u00e9 klauzule, m\u016f\u017ee b\u00fdt stanovena i klauzule t\u00fdkaj\u00edc\u00ed se provozu spole\u010dnosti. Klauzule t\u00fdkaj\u00edc\u00ed se provozu spole\u010dnosti maj\u00ed z pohledu investora za c\u00edl zajistit, aby spole\u010dnost provozovala zdrav\u00fd podnik a zvy\u0161ovala \u00fa\u010dinnost \u00fasp\u011bchu investice, a tak\u00e9 pochopit spr\u00e1vn\u011b situaci podniku, kter\u00fd je p\u0159edm\u011btem investice, a vytvo\u0159it syst\u00e9m pro spr\u00e1vn\u00e9 jedn\u00e1n\u00ed jako spr\u00e1vce fondu.<\/p>\n\n\n\n<p>Klauzule t\u00fdkaj\u00edc\u00ed se provozu spole\u010dnosti obsahuj\u00ed mnoho d\u016fle\u017eit\u00fdch klauzul\u00ed jak pro startupy a dal\u0161\u00ed podniky, kter\u00e9 p\u0159ij\u00edmaj\u00ed investice, tak pro investory, jako jsou venture kapit\u00e1lov\u00e9 spole\u010dnosti (VC). V tomto \u010dl\u00e1nku vysv\u011btl\u00edme klauzule t\u00fdkaj\u00edc\u00ed se provozu spole\u010dnosti v investi\u010dn\u00ed smlouv\u011b.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/importance-and-necessity-of-investment-contract\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/importance-and-necessity-of-investment-contract[ja]<\/a><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-clause-management-company\/#Dolozky_tykajici_se_provozu_spolecnosti_v_investicni_smlouve\" title=\"Dolo\u017eky t\u00fdkaj\u00edc\u00ed se provozu spole\u010dnosti v investi\u010dn\u00ed smlouv\u011b\">Dolo\u017eky t\u00fdkaj\u00edc\u00ed se provozu spole\u010dnosti v investi\u010dn\u00ed smlouv\u011b<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-clause-management-company\/#Klausa_o_povinnosti_usilovat_se_o_verejne_obchodovani\" title=\"Klausa o povinnosti usilovat se o ve\u0159ejn\u00e9 obchodov\u00e1n\u00ed\">Klausa o povinnosti usilovat se o ve\u0159ejn\u00e9 obchodov\u00e1n\u00ed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-clause-management-company\/#Ustanoveni_o_vyuziti_kapitalu\" title=\"Ustanoven\u00ed o vyu\u017eit\u00ed kapit\u00e1lu\">Ustanoven\u00ed o vyu\u017eit\u00ed kapit\u00e1lu<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-clause-management-company\/#Ustanoveni_o_vysilani_reditelu_a_pozorovatelu\" title=\"Ustanoven\u00ed o vys\u00edl\u00e1n\u00ed \u0159editel\u016f a pozorovatel\u016f\">Ustanoven\u00ed o vys\u00edl\u00e1n\u00ed \u0159editel\u016f a pozorovatel\u016f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-clause-management-company\/#Ustanoveni_tykajici_se_zavazku\" title=\"Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se z\u00e1vazk\u016f\">Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se z\u00e1vazk\u016f<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-clause-management-company\/#Ustanoveni_tykajici_se_udrzovani_spravnosti_ucetnich_knih\" title=\"Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se udr\u017eov\u00e1n\u00ed spr\u00e1vnosti \u00fa\u010detn\u00edch knih\">Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se udr\u017eov\u00e1n\u00ed spr\u00e1vnosti \u00fa\u010detn\u00edch knih<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-clause-management-company\/#Ustanoveni_tykajici_se_udrzovani_spravnosti_transakci_provadenych_vedenim_a_souvisejicimi_stranami\" title=\"Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se udr\u017eov\u00e1n\u00ed spr\u00e1vnosti transakc\u00ed prov\u00e1d\u011bn\u00fdch veden\u00edm a souvisej\u00edc\u00edmi stranami\">Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se udr\u017eov\u00e1n\u00ed spr\u00e1vnosti transakc\u00ed prov\u00e1d\u011bn\u00fdch veden\u00edm a souvisej\u00edc\u00edmi stranami<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-clause-management-company\/#Ustanoveni_tykajici_se_odpovedi_na_otazky_od_venture_kapitalovych_spolecnosti_a_podobnych_investoru_a_otevrenosti_informaci_od_startupu_a_podobnych_spolecnosti_k_temto_investorum\" title=\"Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se odpov\u011bd\u00ed na ot\u00e1zky od venture kapit\u00e1lov\u00fdch spole\u010dnost\u00ed a podobn\u00fdch investor\u016f a otev\u0159enosti informac\u00ed od startup\u016f a podobn\u00fdch spole\u010dnost\u00ed k t\u011bmto investor\u016fm\">Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se odpov\u011bd\u00ed na ot\u00e1zky od venture kapit\u00e1lov\u00fdch spole\u010dnost\u00ed a podobn\u00fdch investor\u016f a otev\u0159enosti informac\u00ed od startup\u016f a podobn\u00fdch spole\u010dnost\u00ed k t\u011bmto investor\u016fm<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-clause-management-company\/#Ustanoveni_tykajici_se_udrzovani_spravnosti_financnich_vykazu_a_danovych_priznani\" title=\"Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se udr\u017eov\u00e1n\u00ed spr\u00e1vnosti finan\u010dn\u00edch v\u00fdkaz\u016f a da\u0148ov\u00fdch p\u0159izn\u00e1n\u00ed\">Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se udr\u017eov\u00e1n\u00ed spr\u00e1vnosti finan\u010dn\u00edch v\u00fdkaz\u016f a da\u0148ov\u00fdch p\u0159izn\u00e1n\u00ed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-clause-management-company\/#Ustanoveni_tykajici_se_obsahu_a_predlozeni_obchodnich_planu\" title=\"Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se obsahu a p\u0159edlo\u017een\u00ed obchodn\u00edch pl\u00e1n\u016f\">Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se obsahu a p\u0159edlo\u017een\u00ed obchodn\u00edch pl\u00e1n\u016f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-clause-management-company\/#Ustanoveni_tykajici_se_absence_vztahu_s_antisocialnimi_silami\" title=\"Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se absence vztah\u016f s antisoci\u00e1ln\u00edmi silami\">Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se absence vztah\u016f s antisoci\u00e1ln\u00edmi silami<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-clause-management-company\/#Ustanoveni_tykajici_se_dodrzovani_zakonu_stanov_internich_pravidel_a_dalsich_aspektu_compliance\" title=\"Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se dodr\u017eov\u00e1n\u00ed z\u00e1kon\u016f, stanov, intern\u00edch pravidel a dal\u0161\u00edch aspekt\u016f compliance\">Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se dodr\u017eov\u00e1n\u00ed z\u00e1kon\u016f, stanov, intern\u00edch pravidel a dal\u0161\u00edch aspekt\u016f compliance<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-clause-management-company\/#Ustanoveni_o_oznameni_dulezitych_zalezitosti_a_predchozim_schvaleni_investorem\" title=\"Ustanoven\u00ed o ozn\u00e1men\u00ed d\u016fle\u017eit\u00fdch z\u00e1le\u017eitost\u00ed a p\u0159edchoz\u00edm schv\u00e1len\u00ed investorem\">Ustanoven\u00ed o ozn\u00e1men\u00ed d\u016fle\u017eit\u00fdch z\u00e1le\u017eitost\u00ed a p\u0159edchoz\u00edm schv\u00e1len\u00ed investorem<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-clause-management-company\/#Ustanoveni_o_naslednem_oznameni_investorum\" title=\"Ustanoven\u00ed o n\u00e1sledn\u00e9m ozn\u00e1men\u00ed investor\u016fm\">Ustanoven\u00ed o n\u00e1sledn\u00e9m ozn\u00e1men\u00ed investor\u016fm<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-clause-management-company\/#Ustanoveni_o_soustredeni_na_rizeni\" title=\"Ustanoven\u00ed o soust\u0159ed\u011bn\u00ed na \u0159\u00edzen\u00ed\">Ustanoven\u00ed o soust\u0159ed\u011bn\u00ed na \u0159\u00edzen\u00ed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-clause-management-company\/#Shrnuti\" title=\"Shrnut\u00ed\">Shrnut\u00ed<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dolozky_tykajici_se_provozu_spolecnosti_v_investicni_smlouve\"><\/span>Dolo\u017eky t\u00fdkaj\u00edc\u00ed se provozu spole\u010dnosti v investi\u010dn\u00ed smlouv\u011b<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>V investi\u010dn\u00ed smlouv\u011b mohou b\u00fdt zahrnuty n\u00e1sleduj\u00edc\u00ed dolo\u017eky t\u00fdkaj\u00edc\u00ed se provozu spole\u010dnosti:<\/p>\n\n\n\n<ol>\n<li>Dolo\u017eka o povinnosti usilovat o ve\u0159ejn\u00e9 obchodov\u00e1n\u00ed (kotaci)<\/li>\n\n\n\n<li>Dolo\u017eka o vyu\u017eit\u00ed finan\u010dn\u00edch prost\u0159edk\u016f<\/li>\n\n\n\n<li>Dolo\u017eka o jmenov\u00e1n\u00ed \u0159editel\u016f a pozorovatel\u016f<\/li>\n\n\n\n<li>Dolo\u017eka o z\u00e1vazc\u00edch<\/li>\n\n\n\n<li>Dolo\u017eka o ozn\u00e1men\u00ed a p\u0159edchoz\u00edm schv\u00e1len\u00ed investorem v\u00fdznamn\u00fdch z\u00e1le\u017eitost\u00ed<\/li>\n\n\n\n<li>Dolo\u017eka o n\u00e1sledn\u00e9m ozn\u00e1men\u00ed investorovi<\/li>\n\n\n\n<li>Dolo\u017eka o pln\u00e9m v\u011bnov\u00e1n\u00ed se \u0159\u00edzen\u00ed<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Klausa_o_povinnosti_usilovat_se_o_verejne_obchodovani\"><\/span>Klausa o povinnosti usilovat se o ve\u0159ejn\u00e9 obchodov\u00e1n\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2019\/10\/shutterstock_527098861-1024x577.jpg\" alt=\"\" class=\"wp-image-5287\" \/><figcaption class=\"wp-element-caption\">Co znamen\u00e1 klauzule stanoven\u00e1 &#8220;povinnost\u00ed usilovat o ve\u0159ejn\u00e9 obchodov\u00e1n\u00ed&#8221;?<br><\/figcaption><\/figure>\n\n\n\n<p>Investo\u0159i, jako jsou nap\u0159\u00edklad venture kapit\u00e1lov\u00e9 spole\u010dnosti (VC), mus\u00ed p\u0159i investov\u00e1n\u00ed usilovat o n\u00e1vratnost sv\u00fdch investic. Pro VC, kter\u00e9 spravuj\u00ed pen\u00edze jin\u00fdch investor\u016f ve form\u011b fondu, je nezbytn\u00e9 investovat v situac\u00edch, kde je mo\u017en\u00e9 o\u010dek\u00e1vat n\u00e1vratnost.<\/p>\n\n\n\n<p>Proto je mo\u017en\u00e9 stanovit klauzule t\u00fdkaj\u00edc\u00ed se toho, do kdy spole\u010dnost pl\u00e1nuje j\u00edt na burzu, a zda je spole\u010dnost schopna provozovat sv\u00e9 podnik\u00e1n\u00ed tak, aby byla p\u0159ipravena na ve\u0159ejn\u00e9 obchodov\u00e1n\u00ed. V investi\u010dn\u00edch smlouv\u00e1ch se tyto klauzule obvykle stanovuj\u00ed jako &#8220;povinnost usilovat o ve\u0159ejn\u00e9 obchodov\u00e1n\u00ed&#8221;. Tato povinnost usilovat o ve\u0159ejn\u00e9 obchodov\u00e1n\u00ed je obvykle stanovena jako &#8220;povinnost usilovat&#8221;.<\/p>\n\n\n\n<p>Av\u0161ak i kdy\u017e se jedn\u00e1 o &#8220;povinnost usilovat&#8221;, pokud spole\u010dnost zanedb\u00e1 sv\u00e9 \u00fasil\u00ed sm\u011b\u0159uj\u00edc\u00ed k ve\u0159ejn\u00e9mu obchodov\u00e1n\u00ed, m\u016f\u017ee to v\u00e9st k poru\u0161en\u00ed investi\u010dn\u00ed smlouvy, a proto by spole\u010dnost m\u011bla usilovat o ve\u0159ejn\u00e9 obchodov\u00e1n\u00ed s up\u0159\u00edmnost\u00ed. N\u011bkdy je tato povinnost stanovena ne jako povinnost usilovat, ale jako jasn\u00e1 smluvn\u00ed povinnost, a v p\u0159\u00edpad\u011b poru\u0161en\u00ed m\u016f\u017ee vzniknout povinnost odkoupit akcie. Proto je d\u016fle\u017eit\u00e9 pe\u010dliv\u011b zkontrolovat, zda se jedn\u00e1 o povinnost usilovat, nebo zda je jasn\u011b stanovena jako smluvn\u00ed povinnost.<\/p>\n\n\n\n<p>Krom\u011b toho, je mo\u017en\u00e9, \u017ee VC z\u00edskaj\u00ed n\u00e1vratnost sv\u00fdch investic prost\u0159ednictv\u00edm f\u00faz\u00ed a akvizic (M&amp;A), a proto m\u016f\u017ee b\u00fdt stanovena klauzule t\u00fdkaj\u00edc\u00ed se doby ukon\u010den\u00ed investice (Exit), v\u010detn\u011b M&amp;A. V takov\u00e9m p\u0159\u00edpad\u011b se do obsahu investi\u010dn\u00ed smlouvy stanov\u00ed klauzule t\u00fdkaj\u00edc\u00ed se dohody o dob\u011b ukon\u010den\u00ed investice a povinnosti usilovat o toto ukon\u010den\u00ed.<\/p>\n\n\n\n<p>N\u00e1sleduje p\u0159\u00edklad klauzule o povinnosti usilovat o ve\u0159ejn\u00e9 obchodov\u00e1n\u00ed.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u010cl\u00e1nek \u25cb (Ve\u0159ejn\u00e9 obchodov\u00e1n\u00ed akci\u00ed)<\/p>\n\n\n\n<p>Druh\u00e1 strana se zavazuje vynalo\u017eit maxim\u00e1ln\u00ed \u00fasil\u00ed k tomu, aby akcie druh\u00e9 strany byly co nejd\u0159\u00edve obchodov\u00e1ny na ve\u0159ejn\u00e9m akciov\u00e9m trhu nebo zaregistrov\u00e1ny v obchodn\u00edm rejst\u0159\u00edku (d\u00e1le jen &#8220;ve\u0159ejn\u00e9 obchodov\u00e1n\u00ed&#8221;) s souhlasem prvn\u00ed strany a podle rad prvn\u00ed strany p\u0159ijmout v\u0161echny rozumn\u00e9 opat\u0159en\u00ed pot\u0159ebn\u00e9 pro ve\u0159ejn\u00e9 obchodov\u00e1n\u00ed.<\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ustanoveni_o_vyuziti_kapitalu\"><\/span>Ustanoven\u00ed o vyu\u017eit\u00ed kapit\u00e1lu<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Kdy\u017e se startupy a podobn\u00e9 firmy rozhodnou z\u00edskat kapit\u00e1l, ned\u011blaj\u00ed to bez konkr\u00e9tn\u00edho \u00fa\u010delu. Z\u00edsk\u00e1vaj\u00ed kapit\u00e1l v souvislosti s konkr\u00e9tn\u00edmi finan\u010dn\u00edmi pot\u0159ebami. Investo\u0159i, jako jsou nap\u0159\u00edklad venture kapit\u00e1lov\u00e9 spole\u010dnosti (VC), posuzuj\u00ed pot\u0159ebu investic a pot\u0159ebnou investi\u010dn\u00ed \u010d\u00e1stku, zat\u00edmco reaguj\u00ed na specifick\u00e9 finan\u010dn\u00ed pot\u0159eby startup\u016f a podobn\u00fdch firem, a pot\u00e9 investuj\u00ed.<\/p>\n\n\n\n<p>Proto m\u016f\u017ee b\u00fdt v obsahu investi\u010dn\u00ed smlouvy stanoveno ustanoven\u00ed o vyu\u017eit\u00ed kapit\u00e1lu. Pokud jde o ustanoven\u00ed o vyu\u017eit\u00ed kapit\u00e1lu, pokud je ur\u010dit\u00fd \u00fa\u010del vyu\u017eit\u00ed kapit\u00e1lu stanoven, ale konkr\u00e9tn\u00ed detaily nejsou, m\u016f\u017ee b\u00fdt stanoveno abstraktn\u011b, nap\u0159\u00edklad jako &#8220;v\u0161eobecn\u00e9 provozn\u00ed n\u00e1klady t\u00fdkaj\u00edc\u00ed se \u25cb\u25cb&#8221;.<\/p>\n\n\n\n<p>Na druhou stranu, pokud je \u00fa\u010del vyu\u017eit\u00ed kapit\u00e1lu konkr\u00e9tn\u011b stanoven a\u017e do detail\u016f, m\u016f\u017ee b\u00fdt stanoveno konkr\u00e9tn\u011b, nap\u0159\u00edklad jako &#8220;zaveden\u00ed syst\u00e9mu pro \u25cb\u25cb&#8221;. Ustanoven\u00ed o vyu\u017eit\u00ed kapit\u00e1lu je t\u0159eba d\u016fkladn\u011b ov\u011b\u0159it mezi investory, jako jsou VC, a startupy a podobn\u00fdmi firmami, a je t\u0159eba je stanovit jako sou\u010d\u00e1st obsahu investi\u010dn\u00ed smlouvy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ustanoveni_o_vysilani_reditelu_a_pozorovatelu\"><\/span>Ustanoven\u00ed o vys\u00edl\u00e1n\u00ed \u0159editel\u016f a pozorovatel\u016f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>VC a podobn\u00e9 subjekty mohou vys\u00edlat sv\u00e9 z\u00e1stupce do pozic \u0159editel\u016f v startupov\u00fdch spole\u010dnostech a podobn\u011b, aby sledovaly a dohl\u00ed\u017eely na rozhodovac\u00ed procesy t\u011bchto spole\u010dnost\u00ed a z\u00edskaly p\u0159\u00edstup k jejich intern\u00edm informac\u00edm. Toto m\u016f\u017ee b\u00fdt provedeno bu\u010f jmenov\u00e1n\u00edm t\u011bchto z\u00e1stupc\u016f do pozic \u0159editel\u016f, nebo jejich vysl\u00e1n\u00edm jako pozorovatel\u016f. Pro v\u00edce informac\u00ed o ustanoven\u00edch t\u00fdkaj\u00edc\u00edch se vys\u00edl\u00e1n\u00ed \u0159editel\u016f a pozorovatel\u016f, pros\u00edm, odkazujte na n\u00e1sleduj\u00edc\u00ed \u010dl\u00e1nek.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/clause-dispatching-of-company-executives\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/clause-dispatching-of-company-executives[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ustanoveni_tykajici_se_zavazku\"><\/span>Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se z\u00e1vazk\u016f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2019\/10\/shutterstock_362165066-1024x512.jpg\" alt=\"\" class=\"wp-image-5306\" \/><figcaption class=\"wp-element-caption\">Jak\u00e9 jsou ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se z\u00e1vazk\u016f v investi\u010dn\u00edch smlouv\u00e1ch?<\/figcaption><\/figure>\n\n\n\n<p>V obsahu investi\u010dn\u00ed smlouvy mohou b\u00fdt stanovena ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se z\u00e1vazk\u016f. Hlavn\u00edm \u00fa\u010delem t\u011bchto ustanoven\u00ed je zajistit, aby spole\u010dnosti mohly prov\u00e1d\u011bt spr\u00e1vn\u00e9 podnikatelsk\u00e9 operace, jako je nap\u0159\u00edklad vstup na burzu, a aby venture kapit\u00e1lov\u00e9 spole\u010dnosti a podobn\u00e9 subjekty m\u011bly mo\u017enost shroma\u017e\u010fovat spr\u00e1vn\u00e9 informace. Konkr\u00e9tn\u011b mohou b\u00fdt v investi\u010dn\u00ed smlouv\u011b stanovena n\u00e1sleduj\u00edc\u00ed ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se z\u00e1vazk\u016f:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ustanoveni_tykajici_se_udrzovani_spravnosti_ucetnich_knih\"><\/span>Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se udr\u017eov\u00e1n\u00ed spr\u00e1vnosti \u00fa\u010detn\u00edch knih<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Pokud se startupy a podobn\u00e9 spole\u010dnosti sna\u017e\u00ed vstoupit na burzu, je nutn\u00e9, aby jejich \u00fa\u010detn\u00ed knihy byly spr\u00e1vn\u00e9. Proto m\u016f\u017ee b\u00fdt stanoveno ustanoven\u00ed, kter\u00e9 vy\u017eaduje, aby tyto spole\u010dnosti udr\u017eovaly spr\u00e1vnost sv\u00fdch \u00fa\u010detn\u00edch knih.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ustanoveni_tykajici_se_udrzovani_spravnosti_transakci_provadenych_vedenim_a_souvisejicimi_stranami\"><\/span>Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se udr\u017eov\u00e1n\u00ed spr\u00e1vnosti transakc\u00ed prov\u00e1d\u011bn\u00fdch veden\u00edm a souvisej\u00edc\u00edmi stranami<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>P\u0159i hodnocen\u00ed vstupu na burzu startup\u016f a podobn\u00fdch spole\u010dnost\u00ed se transakce prov\u00e1d\u011bn\u00e9 souvisej\u00edc\u00edmi stranami obvykle st\u00e1vaj\u00ed p\u0159edm\u011btem zve\u0159ejn\u011bn\u00ed a jejich spr\u00e1vnost je p\u0159edm\u011btem hodnocen\u00ed. Proto m\u016f\u017ee b\u00fdt stanoveno ustanoven\u00ed, kter\u00e9 vy\u017eaduje, aby veden\u00ed a souvisej\u00edc\u00ed strany udr\u017eovaly spr\u00e1vnost sv\u00fdch transakc\u00ed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ustanoveni_tykajici_se_odpovedi_na_otazky_od_venture_kapitalovych_spolecnosti_a_podobnych_investoru_a_otevrenosti_informaci_od_startupu_a_podobnych_spolecnosti_k_temto_investorum\"><\/span>Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se odpov\u011bd\u00ed na ot\u00e1zky od venture kapit\u00e1lov\u00fdch spole\u010dnost\u00ed a podobn\u00fdch investor\u016f a otev\u0159enosti informac\u00ed od startup\u016f a podobn\u00fdch spole\u010dnost\u00ed k t\u011bmto investor\u016fm<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Z vn\u011bj\u0161\u00edho hlediska investor\u016f nen\u00ed v\u017edy snadn\u00e9 pln\u011b pochopit vnit\u0159n\u00ed fungov\u00e1n\u00ed startup\u016f a podobn\u00fdch spole\u010dnost\u00ed. Proto m\u016f\u017ee b\u00fdt stanoveno ustanoven\u00ed, kter\u00e9 vy\u017eaduje, aby tyto spole\u010dnosti odpov\u00eddaly na ot\u00e1zky od investor\u016f. Rovn\u011b\u017e m\u016f\u017ee b\u00fdt stanoveno ustanoven\u00ed, kter\u00e9 vy\u017eaduje, aby tyto spole\u010dnosti byly otev\u0159en\u00e9 a poskytovaly informace investor\u016fm.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ustanoveni_tykajici_se_udrzovani_spravnosti_financnich_vykazu_a_danovych_priznani\"><\/span>Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se udr\u017eov\u00e1n\u00ed spr\u00e1vnosti finan\u010dn\u00edch v\u00fdkaz\u016f a da\u0148ov\u00fdch p\u0159izn\u00e1n\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Pokud se startupy a podobn\u00e9 spole\u010dnosti sna\u017e\u00ed vstoupit na burzu, je nutn\u00e9, aby jejich finan\u010dn\u00ed v\u00fdkazy a da\u0148ov\u00e1 p\u0159izn\u00e1n\u00ed byla spr\u00e1vn\u00e1. Proto m\u016f\u017ee b\u00fdt stanoveno ustanoven\u00ed, kter\u00e9 vy\u017eaduje, aby tyto spole\u010dnosti udr\u017eovaly spr\u00e1vnost sv\u00fdch finan\u010dn\u00edch v\u00fdkaz\u016f a da\u0148ov\u00fdch p\u0159izn\u00e1n\u00ed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ustanoveni_tykajici_se_obsahu_a_predlozeni_obchodnich_planu\"><\/span>Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se obsahu a p\u0159edlo\u017een\u00ed obchodn\u00edch pl\u00e1n\u016f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Spole\u010dnosti prov\u00e1d\u011bj\u00ed sv\u00e9 operace na z\u00e1klad\u011b obchodn\u00edch pl\u00e1n\u016f, tak\u017ee je samoz\u0159ejm\u011b nutn\u00e9, aby byly tyto pl\u00e1ny pe\u010dliv\u011b vypracov\u00e1ny a aby byly operace prov\u00e1d\u011bny v souladu s nimi. Proto m\u016f\u017ee b\u00fdt stanoveno ustanoven\u00ed, kter\u00e9 vy\u017eaduje, aby obchodn\u00ed pl\u00e1ny byly spr\u00e1vn\u00e9, a ustanoven\u00ed, kter\u00e9 vy\u017eaduje, aby startupy a podobn\u00e9 spole\u010dnosti p\u0159edkl\u00e1daly sv\u00e9 obchodn\u00ed pl\u00e1ny investor\u016fm.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ustanoveni_tykajici_se_absence_vztahu_s_antisocialnimi_silami\"><\/span>Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se absence vztah\u016f s antisoci\u00e1ln\u00edmi silami<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Pokud existuje vztah s antisoci\u00e1ln\u00edmi silami, spole\u010dnost nem\u016f\u017ee vstoupit na burzu, a nav\u00edc existuje riziko reputa\u010dn\u00edho rizika a mo\u017enosti zapojen\u00ed do neleg\u00e1ln\u00edch aktivit, co\u017e by pro startupy a podobn\u00e9 spole\u010dnosti bylo fat\u00e1ln\u00ed. Proto m\u016f\u017ee b\u00fdt stanoveno ustanoven\u00ed, kter\u00e9 vy\u017eaduje, aby tyto spole\u010dnosti nem\u011bly \u017e\u00e1dn\u00e9 vztahy s antisoci\u00e1ln\u00edmi silami.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ustanoveni_tykajici_se_dodrzovani_zakonu_stanov_internich_pravidel_a_dalsich_aspektu_compliance\"><\/span>Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se dodr\u017eov\u00e1n\u00ed z\u00e1kon\u016f, stanov, intern\u00edch pravidel a dal\u0161\u00edch aspekt\u016f compliance<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Pokud startupy a podobn\u00e9 spole\u010dnosti poru\u0161uj\u00ed compliance, venture kapit\u00e1lov\u00e9 spole\u010dnosti a podobn\u00e9 subjekty mohou po\u017eadovat od\u0161kodn\u011bn\u00ed, i kdy\u017e v investi\u010dn\u00ed smlouv\u011b nejsou \u017e\u00e1dn\u00e1 ustanoven\u00ed. Nicm\u00e9n\u011b, aby bylo mo\u017en\u00e9 po\u017eadovat odkup akci\u00ed od t\u011bchto spole\u010dnost\u00ed na z\u00e1klad\u011b poru\u0161en\u00ed smlouvy, je nutn\u00e9 m\u00edt toto stanoveno v obsahu investi\u010dn\u00ed smlouvy. Proto je nutn\u00e9 stanovit ustanoven\u00ed v investi\u010dn\u00ed smlouv\u011b, kter\u00e9 vy\u017eaduje dodr\u017eov\u00e1n\u00ed z\u00e1kon\u016f, stanov a intern\u00edch pravidel, i kdy\u017e je compliance samoz\u0159ejmost\u00ed i bez investi\u010dn\u00ed smlouvy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ustanoveni_o_oznameni_dulezitych_zalezitosti_a_predchozim_schvaleni_investorem\"><\/span>Ustanoven\u00ed o ozn\u00e1men\u00ed d\u016fle\u017eit\u00fdch z\u00e1le\u017eitost\u00ed a p\u0159edchoz\u00edm schv\u00e1len\u00ed investorem<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Jak jsou prov\u00e1d\u011bny d\u016fle\u017eit\u00e9 z\u00e1le\u017eitosti v r\u00e1mci provozu spole\u010dnosti, je pro investory, jako jsou nap\u0159\u00edklad venture kapit\u00e1lov\u00e9 spole\u010dnosti (VC), d\u016fle\u017eitou ot\u00e1zkou. Nap\u0159\u00edklad, pokud startupy a podobn\u00e9 spole\u010dnosti prov\u00e1d\u011bj\u00ed d\u016fle\u017eit\u00e9 kroky, jako jsou zm\u011bny stanov, reorganizace nebo vyd\u00e1n\u00ed nov\u00fdch akci\u00ed, mohou VC a dal\u0161\u00ed utrp\u011bt neo\u010dek\u00e1van\u00e9 ztr\u00e1ty. Proto m\u016f\u017ee b\u00fdt v obsahu investi\u010dn\u00ed smlouvy stanoveno ustanoven\u00ed o ozn\u00e1men\u00ed d\u016fle\u017eit\u00fdch z\u00e1le\u017eitost\u00ed a p\u0159edchoz\u00edm schv\u00e1len\u00ed investorem. Toto ustanoven\u00ed m\u016f\u017ee z pohledu startup\u016f a podobn\u00fdch spole\u010dnost\u00ed omezit jejich podnikatelskou svobodu, a proto je t\u0159eba pe\u010dliv\u011b projednat, jak\u00e9 z\u00e1le\u017eitosti budou zahrnuty, kter\u00fdm investor\u016fm bude t\u0159eba ozn\u00e1mit a kter\u00fdm investor\u016fm bude ud\u011bleno pr\u00e1vo na p\u0159edchoz\u00ed schv\u00e1len\u00ed, mezi spole\u010dnost\u00ed a investory.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ustanoveni_o_naslednem_oznameni_investorum\"><\/span>Ustanoven\u00ed o n\u00e1sledn\u00e9m ozn\u00e1men\u00ed investor\u016fm<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>M\u016f\u017ee b\u00fdt stanoveno ustanoven\u00ed, podle kter\u00e9ho by m\u011bly startupy a podobn\u00e9 spole\u010dnosti informovat venture kapit\u00e1lov\u00e9 spole\u010dnosti a podobn\u00e9 subjekty o ur\u010dit\u00fdch d\u016fle\u017eit\u00fdch z\u00e1le\u017eitostech po jejich v\u00fdskytu. Podle tohoto ustanoven\u00ed, pokud se startupy a podobn\u00e9 spole\u010dnosti zapletou do soudn\u00edch spor\u016f nebo jin\u00fdch konflikt\u016f, pokud je pod\u00e1na \u017e\u00e1dost o bankrot, pokud vzniknou n\u011bjak\u00e9 probl\u00e9my ve spole\u010dnosti a je provedeno administrativn\u00ed opat\u0159en\u00ed jako je zastaven\u00ed \u010dinnosti, nebo pokud dojde k velk\u00fdm \u0161kod\u00e1m na spole\u010dnosti v d\u016fsledku katastrofy, bude se od startup\u016f a podobn\u00fdch spole\u010dnost\u00ed vy\u017eadovat, aby o tom po skute\u010dnosti informovaly venture kapit\u00e1lov\u00e9 spole\u010dnosti a podobn\u00e9 subjekty.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ustanoveni_o_soustredeni_na_rizeni\"><\/span>Ustanoven\u00ed o soust\u0159ed\u011bn\u00ed na \u0159\u00edzen\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>V p\u0159\u00edpad\u011b, \u017ee velikost spole\u010dnosti, jako je nap\u0159\u00edklad startup, nen\u00ed p\u0159\u00edli\u0161 velk\u00e1, z\u00e1vis\u00ed \u00fasp\u011bch \u0159\u00edzen\u00ed spole\u010dnosti v\u00fdrazn\u011b na jej\u00edm \u0159editeli. V takov\u00e9m p\u0159\u00edpad\u011b se pro investory, jako jsou nap\u0159\u00edklad venture kapit\u00e1lov\u00e9 spole\u010dnosti (VC), st\u00e1v\u00e1 d\u016fle\u017eit\u00fdm z\u00e1jmem, kdo je \u0159editelem a jak pe\u010dliv\u011b \u0159\u00edd\u00ed spole\u010dnost. Proto m\u016f\u017ee b\u00fdt v obsahu investi\u010dn\u00ed smlouvy ustanovena klauzule o soust\u0159ed\u011bn\u00ed na \u0159\u00edzen\u00ed.<\/p>\n\n\n\n<p>Konkr\u00e9tn\u011b mohou b\u00fdt stanoveny n\u00e1sleduj\u00edc\u00ed body:<\/p>\n\n\n\n<ol>\n<li>Ustanoven\u00ed o rezignaci \u0159editele a o jeho op\u011btovn\u00e9 volb\u011b<\/li>\n\n\n\n<li>Ustanoven\u00ed o sou\u010dasn\u00e9m v\u00fdkonu v\u00edce funkc\u00ed nebo zam\u011bstn\u00e1n\u00ed<\/li>\n\n\n\n<li>Ustanoven\u00ed o zamezen\u00ed konkurence<\/li>\n<\/ol>\n\n\n\n<p>Stanoven\u00edm takov\u00fdch ustanoven\u00ed v investi\u010dn\u00ed smlouv\u011b lze o\u010dek\u00e1vat, \u017ee \u0159editel se bude pln\u011b v\u011bnovat \u0159\u00edzen\u00ed startupu nebo podobn\u00e9 spole\u010dnosti.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Shrnuti\"><\/span>Shrnut\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>V\u00fd\u0161e jsme vysv\u011btlili klauzule t\u00fdkaj\u00edc\u00ed se provozu spole\u010dnosti v investi\u010dn\u00edch smlouv\u00e1ch. Klauzule t\u00fdkaj\u00edc\u00ed se provozu spole\u010dnosti jsou d\u016fle\u017eit\u00e9 jak pro startupy, tak pro investory, jako jsou nap\u0159\u00edklad venture kapit\u00e1lov\u00e9 spole\u010dnosti (VC). Aby spole\u010dnost mohla \u00fasp\u011b\u0161n\u011b r\u016fst a aby byly v\u00fdsledky prosp\u011b\u0161n\u00e9 jak pro spole\u010dnost, tak pro investory, je nezbytn\u00e9 tyto klauzule pe\u010dliv\u011b zv\u00e1\u017eit. Vzhledem k d\u016fle\u017eitosti t\u011bchto klauzul\u00ed v investi\u010dn\u00edch smlouv\u00e1ch je vhodn\u00e9 nechat smlouvu vypracovat odborn\u00edkem, nap\u0159\u00edklad pr\u00e1vn\u00edkem, nebo z\u00edskat pr\u00e1vn\u00ed radu.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Obsah investi\u010dn\u00ed smlouvy stanovuje r\u016fzn\u00e9 klauzule, m\u016f\u017ee b\u00fdt stanovena i klauzule t\u00fdkaj\u00edc\u00ed se provozu spole\u010dnosti. Klauzule t\u00fdkaj\u00edc\u00ed se provozu spole\u010dnosti maj\u00ed z pohledu investora za c\u00edl zajistit, aby [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":63155,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,28],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61420"}],"collection":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/comments?post=61420"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61420\/revisions"}],"predecessor-version":[{"id":63156,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61420\/revisions\/63156"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media\/63155"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media?parent=61420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/categories?post=61420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/tags?post=61420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}