As of May 2011, the former general obligation to have an elected state authorized or registered auditor has been amended for smaller companies. Audition of the accounts is no longer required provided the operational income of the company is less than NOK 5.000.000, that its total balance amount is less than NOK 20.000.000 and the average number of employees does not exceed 10 full-time employees.

In such cases, the general meeting may authorize the board of directors to decide that the company’s annual account is not to be audited.

The purpose of the changes is to reduce the operational costs of small companies and to simplify the day-to-day activities of such companies. One step in this direction is the changes in the audition requirements.

 

Hans Chr. Steenstrup

The former government proposed in a bill to the Parliament, presented in spring 2005 major amendments to the Worker Protection and Working Environment Act of 1977 with the intention of liberalizing the present regulations. The present government reversed the majority of the proposed amendments in the present Act of 2005.

New legislation coming into force in Norway concerning mandatory pension plans.

Circumstances in which the directors or officers of a company or corporation can be held personally criminally responsible for the activities of their company.

The Parliament of Norway (Stortinget) has late in the spring session passed a new Working Environment and Worker Protection Act. The Act, which mainly maintains the basic principles of the 1977 Act, is aimed to meet the need for flexibility in employment contracts and working hours in periods. The changes have been met with opposition from the trade unions and the labour and socialist parties. Here is a short overview of the amended legislation:

EURO-AMERICAN LAWYERS GROUP - TYPES OF BUSINESS ORGANISATION

A short description of various types of business organisations used in Norway

The first step is to write a formal collection letter in correspondence with our Collection Act of 1988, demanding payment plus costs and interest within 14 days.

 

A short description of the basic principles of employment legislation in Norway.

RETENTION OF TITLE ENFORCEABILITY OF RETENTION OF TITLE (R.O.T.) - CLAUSES UNDER NORWEGIAN LAW