The supreme body of a limited liability company is the General Meeting. All members of the company are members of this body. As a rule, it is a collective body, which is based on the very essence of a private-law corporation, but not without reservation. In a one-person company, the competence of the General Meeting is given to a single member, who, however, does not become a General Meeting.
The General Meeting may also consist of one shareholder who has sufficient votes to take a decision. In this case too, the general meeting as such is made up of several persons, it is undoubtedly a collective body where the other shareholders do not exercise their right to participate in the meeting and one person is also allowed to make decision.
The basic function of the General Meeting consists in deciding on fundamental issues of the life of the company, adjusting the internal conditions of the functioning of the company, imposing binding instructions on other bodies and subsequently checking the fulfillment of these instructions. Although according to § 125 para. 3 of the Commercial Code, the law allows the general meeting to reserve decisions in matters falling within the competence of other company bodies.
The definition of the scope of the General Meeting from the point of view of practice is not disputed. The theory of the general meeting as a body automatically requires formal requirements for the exercise of this competence, whether when convening the meeting, during the meeting or when taking decisions. In the decisions of the General Meeting, from the point of view of legal theory, there is a conflict of legal opinions regarding the legal nature of these decisions, which ultimately has some impact on the protection of the rights of partners and other persons against invalid resolutions of the General Meeting.