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Master's Dissertation
DOI
https://doi.org/10.11606/D.2.2018.tde-16102020-144952
Document
Author
Full name
Leonardo Mäder Furtado dos Santos
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2018
Supervisor
Committee
Mendes, Rodrigo Octávio Broglia (President)
Adamek, Marcelo Vieira von
Nunes, Marcelo Guedes
Souza Júnior, Francisco Satiro de
Title in Portuguese
Apuração de haveres e balanço de determinação: uma análise da jurisprudência brasileira
Keywords in Portuguese
Dissolução de sociedade -- Brasil
Enriquecimento ilícito -- Brasil
Fundo de comércio -- Brasil
Jurisprudência -- Brasil
Sociedade comercial -- Brasil
Abstract in Portuguese
O Direito brasileiro prevê que a participação do sócio que se retira de sociedade limitada será paga com base no valor do patrimônio da sociedade, avaliado a preço de mercado, apurado em um instrumento denominado de balanço de determinação. De acordo com esse critério, os ativos e passivos da sociedade são avaliados individualmente em uma simulação de liquidação da sociedade. Essa regra impede, por consequência, que os haveres sejam avaliados por metodologia que se denomina de fluxo de caixa descontado, haja vista que se trata de metodologia que avalia o negócio em vez de avaliar os ativos e passivos da sociedade individualmente a preço de liquidação. Além disso, a regra de apuração de haveres no direito brasileiro, descrita acima, não admite a inclusão do que a jurisprudência tem denominado de "fundo de comércio", haja vista que não se trata de um ativo. A análise dos laudos periciais e das decisões judiciais que homologam tais laudos em processos de apuração de haveres demonstra que os critérios de apuração de haveres previstos no sistema legal brasileiro não têm sido respeitados.
Title in English
Determination of assets and balance of determination: an analysis of Brazilian jurisprudence
Keywords in English
Balance of determination
Equity valuation
Partial dissolution of partnership
Valuation of the assets of the partnership
Abstract in English
Brazilian law provides that the equity of the partner that leaves the limited liability partnership will be paid according to the value of the assets of the partnership, valued on a market base, recorded in a document named balance of determination. According to this criterion, the assets and liabilities of the partnership are valued separately simulating a liquidation of the partnership. This rule impedes, by consequence, that the equity is valued by the methodology named discounted cash flow, since it concerns a methodology that values the business instead of valuing the assets and liabilities of the partnership individually on a liquidation basis. Moreover, the rule for equity valuation under Brazilian law, described above, does not admit the inclusion of what the case law has named as "fundo de comércio", considering it is not an asset. The analysis of the expert opinions and the decisions that recognize such opinions in the equity valuation legal proceedings demonstrates that the criteria of equity valuation provided in Brazilian law are not being regarded.
 
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Release Date
2022-10-16
Publishing Date
2021-05-07
 
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