General assembly
In one sentenceThe meeting of shareholders or partners that holds the major decisions in the company, such as approving the financial statements, distributing profits, and appointing the auditor.
Simply put
In a joint stock company there are two types: the ordinary assembly for the year's matters, such as approving the statements, electing the board, and appointing the external auditor, and the extraordinary assembly for bigger decisions, such as amending the bylaws and increasing or reducing capital.
In a limited liability company these decisions are made by partners' resolutions. The meeting quorum and the required majority are in the law and the company's contract.
Example
After closing the year, a joint stock company's board of directors called the ordinary general assembly, which approved the financial statements, agreed to distribute cash dividends, and appointed the external auditor for the following year.
Don't confuse it with
Board of directorsThe board manages and proposes, while the general assembly is the shareholders themselves, who decide on major matters and hold the board accountable.