{"id":1421,"date":"2021-12-14T17:32:01","date_gmt":"2021-12-14T15:32:01","guid":{"rendered":"https:\/\/avocat-buruian-caracas.ro\/?p=1421"},"modified":"2022-02-18T13:51:54","modified_gmt":"2022-02-18T11:51:54","slug":"dividendele-avantaje-si-dezavantaje","status":"publish","type":"post","link":"https:\/\/avocat-buruian-caracas.ro\/ro\/2021\/12\/14\/dividendele-avantaje-si-dezavantaje\/","title":{"rendered":"Dividendele. Avantaje \u0219I dezavantaje"},"content":{"rendered":"<h2>C\u00e2t de bine este s\u0103-\u021bi prime\u0219ti dividendele?<\/h2>\n<p>Obiectivul urm\u0103rit de ac\u021bionari la subscrierea ac\u021biunilor \u0219i v\u0103rsarea aporturilor este acela de a realiza profit din activitatea comercial\u0103 desf\u0103\u0219urat\u0103 \u0219i implicit, de a participa la \u00eemp\u0103r\u021birea beneficiilor prin atribuirea de dividende.<\/p>\n<h2>Ce este un dividend?<\/h2>\n<p>Dividendele sunt distribuite ac\u021bionarilor corelativ cu aportul fiec\u0103rui asociat la capitalul social v\u0103rsat, dac\u0103 prin actul constitutiv nu se dispune altfel. Propor\u021bia dividendelor este determinat\u0103 de c\u0103tre adunarea general\u0103 a ac\u021bionarilor.<\/p>\n<p>Atunci c\u00e2nd o companie ob\u021bine profit, aceasta \u00eel poate folosi pentru:<\/p>\n<ol>\n<li>Re\u00eentregirea sau reducerea capitalului social. Dac\u0103 se constat\u0103 o pierdere a activului net, capitalul social subscris va trebui re\u00eentregit sau redus, mai \u00eenainte de a se putea face vreo repartizare sau distribuire de profit.<\/li>\n<li>Formarea fondului de rezerv\u0103.Din profitul societ\u0103\u021bii se va prelua, \u00een fiecare an, cel pu\u021bin 5% pentru formarea fondului de rezerv\u0103, p\u00e2n\u0103 ce acesta va atinge minimum a cincea parte din capitalul social.<\/li>\n<li>Re\u00eenvestire prin majorarea capitalului social. Ac\u021bionarii pot s\u0103 reinvesteasc\u0103 profitul pentru extinderea companiei: crearea unui nou departament, deschiderea unor noi puncte de lucru, angajarea de personal pentru rela\u021bionarea cu un num\u0103r mai mare de clien\u021bi, achizi\u021bionarea de aparatura performant\u0103 pentru eficientizarea proceselor \u0219i reducerea costurilor, dob\u00e2ndirea unei pozi\u021bii dominante pe pia\u021b\u0103.<\/li>\n<li>Distribuirea dividendelor c\u0103tre ac\u021bionari \u00een mod propor\u021bional cu num\u0103rul de ac\u021biuni pe care le de\u021bine fiecare. Potrivit Codului Civil, prin contractul de societate, dou\u0103 sau mai multe persoane se oblig\u0103 reciproc s\u0103 coopereze pentru desf\u0103\u0219urarea unei activit\u0103\u021bi \u0219i s\u0103 contribuie la aceasta prin aporturi b\u0103ne\u0219ti, \u00een bunuri, \u00een cuno\u0219tin\u021be specifice sau presta\u021bii, cu scopul de a \u00eemp\u0103r\u021bi beneficiile sau de a se folosi de economia ce ar putea rezulta.<\/li>\n<\/ol>\n<p>Dividendele pot fi repartizate ac\u021bionarilor numai c\u00e2nd exist\u0103 un profit real. Realizarea ori nerealizarea de profit poate fi stabilit\u0103 numai la sf\u00e2r\u0219itul exerci\u021biului financiar, prin alc\u0103tuirea situa\u021biei financiare anuale. Dividendele pot fi distribuite numai din profitul determinat, potrivit legii, altfel s-ar aduce atingere capitalului social al societ\u0103\u021bii comerciale \u0219i implicit drepturilor creditorilor acesteia. Aceasta \u00eenseamn\u0103 c\u0103 profitul este distribuibil dac\u0103 \u00eendepline\u0219te cerin\u021bele legii. Prin profit se \u00een\u021belege un c\u00e2\u0219tig evaluabil \u00een bani rezultat din orice activitate economic\u0103 \u0219i pentru a fi distribuibil, acesta trebuie s\u0103 fie real. Deci trebuie s\u0103 se fi \u00eenregistrat un excedent, adic\u0103 o sum\u0103 care s\u0103 fie mai mare dec\u00e2t capitalul social, deoarece nu pot fi distribuite dividende din activ \u00een limita capitalului social. Totodat\u0103, profitul trebuie s\u0103 fie util, adic\u0103 s\u0103 reprezinte profitul r\u0103mas dup\u0103 satisfacerea \u00een prealabil a unor exigen\u021be ale legii.<\/p>\n<p>Profitul va fi repartizat doar \u00een condi\u021biile \u0219i la termenele stabilite prin hot\u0103r\u00e2rea adun\u0103rii generale a ac\u021bionarilor. A\u0219adar, dreptul la dividende este un drept eventual p\u00e2n\u0103 la data hot\u0103r\u00e2rii adun\u0103rii generale a ac\u021bionarilor care decide s\u0103 le distribuie, devenind un drept pur \u0219i simplu, cert, lichid \u0219i exigibil, dup\u0103 data acestei hot\u0103r\u00e2ri. \u00a0Dividendele se pl\u0103tesc \u00een termenul stabilit de c\u0103tre adunarea general\u0103 a asocia\u021bilor sau, dup\u0103 caz, stabilit prin legile speciale<strong>, dar nu mai t\u00e2rziu de 8 luni de la data aprob\u0103rii situa\u021biei financiare anuale aferente exerci\u021biului financiar \u00eencheiat. <\/strong><\/p>\n<p><strong>Distribuirea de dividende, \u00een absen\u021ba unui profit real \u0219i util, reprezint\u0103 o fapt\u0103 ilicit\u0103, care se sanc\u021bioneaz\u0103 ca atare.<\/strong> Fondatorul, administratorul, directorul, directorul executiv sau reprezentatul legal al societ\u0103\u021bii care au \u00eencasat sau pl\u0103tit dividende, sub orice form\u0103, din profituri fictive sau care nu puteau fi distribuite, \u00een lips\u0103 de situa\u021bie financiar\u0103 ori contrarii celor rezultate din aceasta sunt sanc\u021biona\u021bi cu \u00eenchisoarea.<\/p>\n<p>Desf\u0103\u0219ur\u00e2nd activitatea comercial\u0103 \u00een comun, datorit\u0103 leg\u0103turii sociale, care \u00eei une\u0219te, asocia\u021bii trebuie s\u0103 participe \u00eempreun\u0103 at\u00e2t la \u00eemp\u0103r\u021birea c\u00e2\u0219tigurilor, c\u00e2t \u0219i la suportarea pierderi. Aceasta nu \u00eenseamn\u0103 c\u0103 participarea la profit \u0219i pierderi trebuie s\u0103 fie neap\u0103rat egal\u0103. Potrivit principiului libert\u0103\u021bii asocia\u021bilor de a decide, actul constitutiv trebuie s\u0103 prevad\u0103 partea fiec\u0103rui asociat la beneficii \u0219i la pierderi sau modul de distribuire a profitului \u0219i de suportarea a pierderilor. Dac\u0103 \u00een actul constitutiv s-a prev\u0103zut numai partea de c\u00e2\u0219tig, aceea\u0219i propor\u021bie se aplic\u0103 \u0219i \u00een privin\u021ba pierderilor. \u00cen cazul aportului \u00een presta\u021bii sau cuno\u0219tin\u021be specifice, partea asociatului la profit \u0219i pierderi este egal\u0103 cu cea a asociatului care a contribuit cu aportul cel mai mic, dac\u0103 nu s-a convenit altfel. \u00a0Potrivit Codului civil, orice clauz\u0103 a actului constitutiv prin care un asociat este exclus de la \u00eemp\u0103r\u021birea profitului sau de la participarea la pierderi este considerat\u0103 nescris\u0103.<\/p>\n<p>Drept urmare, pe de o parte, distribuirea integral\u0103 \u0219i rapid\u0103 a dividendelor poate indica lipsa unei strategii investi\u021bionale sau incapacitatea managementului de a le identifica ori evalua corespunz\u0103tor. Astfel, scade capacitatea de autofinan\u021bare \u0219i cre\u0219te gradul de dependen\u021b\u0103 al companiei fa\u021b\u0103 de creditori, f\u0103c\u00e2nd-o mai vulnerabil\u0103 \u00een fa\u021ba unei companii concurente. Pe de alt\u0103 parte, distribuirea dividendelor poate indica o companie \u00eenchegat\u0103, preg\u0103tit\u0103 s\u0103 fac\u0103 fa\u021b\u0103 unor ipoteze negative precum sc\u0103derea veniturilor, ne\u00eencasarea crean\u021belor sau chiar cre\u0219terea unor costuri de finan\u021bare. O companie puternic capitalizata poate genera un randament foarte bun pentru ac\u021bionarii s\u0103i, at\u00e2t prin dividendele pl\u0103tite, c\u00e2t \u0219i prin aprecierea valorii companiei.<\/p>\n<p>&nbsp;<\/p>\n<table width=\"604\">\n<tbody>\n<tr>\n<td width=\"316\"><strong>AVANTAJE<\/strong><\/td>\n<td width=\"288\"><strong>DEZAVANTAJE<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"316\">-ac\u021bionarii beneficiaz\u0103 direct de profitul companiei. Fiecare ac\u021bionar \u00ee\u0219i calculeaz\u0103 dividendele de \u00eencasat \u00eenmul\u021bind dividendul pe ac\u021biune cu num\u0103rul de ac\u021biuni de\u021binute.<\/p>\n<p>&nbsp;<\/td>\n<td width=\"288\">-p\u00e2n\u0103 la distribuirea dividendelor, profitul va trebui s\u0103 fie re\u00eenvestit. Chiar dac\u0103 \u00een primii ani de activitate nu v\u0103 va fi distribuit profit sub form\u0103 de dividende, nu v\u0103 l\u0103sa\u021bi descuraja\u021bi! Avantajele pe termen lung sunt o prioritate pentru parcursul impun\u0103tor al companiei!<\/td>\n<\/tr>\n<tr>\n<td width=\"316\">-banii primi\u021bi sub form\u0103 de dividende vor fi impozita\u021bi. \u00cen Rom\u00e2nia, impozitul este de doar 5%.<\/p>\n<p>&nbsp;<\/td>\n<td width=\"288\">\u00a0&#8211; valoarea ac\u021biunilor unei companii scade, cu o suma care poate fi mai mic\u0103 sau mai mare dec\u00e2t valoarea dividendului.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td width=\"316\">-actul constitutiv prevede partea fiec\u0103rui asociat la beneficii \u0219i la pierderi sau modul de distribuire a profitului \u0219i de suportarea a pierderilor.<\/td>\n<td width=\"288\">-compania trebuie s\u0103 dispun\u0103 \u00een perioada ex-post dividend de un numerar suficient pentru acoperirea nevoilor pe termen foarte scurt. Contractarea unui \u00eemprumut poate deveni o povar\u0103 financiar\u0103.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>A\u0219adar, tu \u0219tii cum trebuei s\u0103 procedezi \u00een privin\u021ba dividendelor?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>C\u00e2t de bine este s\u0103-\u021bi prime\u0219ti dividendele? Obiectivul urm\u0103rit de ac\u021bionari la subscrierea ac\u021biunilor \u0219i v\u0103rsarea aporturilor este acela de a realiza profit din activitatea comercial\u0103 desf\u0103\u0219urat\u0103 \u0219i implicit, de a participa la \u00eemp\u0103r\u021birea beneficiilor prin atribuirea de dividende. Ce este un dividend? Dividendele sunt distribuite ac\u021bionarilor corelativ cu aportul fiec\u0103rui asociat la capitalul social [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dividendele. Avantaje \u0219I dezavantaje - SCPA BURUIAN, CARACA\u0218 \u0218I ASOCIA\u021aII<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/avocat-buruian-caracas.ro\/ro\/2021\/12\/14\/dividendele-avantaje-si-dezavantaje\/\" \/>\n<meta property=\"og:locale\" content=\"ro_RO\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dividendele. 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