{"id":94,"date":"2026-07-07T13:08:32","date_gmt":"2026-07-07T13:08:32","guid":{"rendered":"https:\/\/inprocjene.com\/?page_id=94"},"modified":"2026-07-07T13:55:38","modified_gmt":"2026-07-07T13:55:38","slug":"procjena-poslovnih-udjela","status":"publish","type":"page","link":"https:\/\/inprocjene.com\/?page_id=94","title":{"rendered":"Procjena poslovnih udjela"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Stru\u010dna procjena vrijednosti poslovnih udjela u Bosni i Hercegovini<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Procjena poslovnih udjela predstavlja postupak utvr\u0111ivanja tr\u017ei\u0161ne vrijednosti udjela koji vlasnik ima u privrednom dru\u0161tvu. Takva procjena potrebna je u brojnim poslovnim i pravnim situacijama \u2013 od kupoprodaje udjela i ulaska novih investitora do naslje\u0111ivanja, sudskih postupaka ili restrukturiranja dru\u0161tva.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">IN Procjene izra\u0111uje nezavisne procjene poslovnih udjela u skladu s me\u0111unarodnim standardima procjene (IVS), me\u0111unarodnim standardima finansijskog izvje\u0161tavanja (MSFI\/MRS) i va\u017ee\u0107im propisima Bosne i Hercegovine.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u0160ta je procjena poslovnog udjela?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Poslovni udio predstavlja vlasni\u010dki dio u dru\u0161tvu s ograni\u010denom odgovorno\u0161\u0107u (d.o.o.) ili drugom privrednom dru\u0161tvu. Vrijednost poslovnog udjela nije uvijek jednaka njegovoj nominalnoj vrijednosti ili knjigovodstvenoj vrijednosti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Na njegovu tr\u017ei\u0161nu vrijednost uti\u010du:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>finansijski rezultati dru\u0161tva<\/li>\n\n\n\n<li>budu\u0107i nov\u010dani tokovi <\/li>\n\n\n\n<li>vrijednost imovine<\/li>\n\n\n\n<li>obaveze<\/li>\n\n\n\n<li>tr\u017ei\u0161ni polo\u017eaj<\/li>\n\n\n\n<li>rizici poslovanja<\/li>\n\n\n\n<li>prava koja proizlaze iz udjela<\/li>\n\n\n\n<li>veli\u010dina udjela (kontrolni ili manjinski)<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Kada je potrebna procjena poslovnog udjela?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Procjena je naj\u010de\u0161\u0107e potrebna u sljede\u0107im situacijama:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>kupovina ili prodaja poslovnog udjela<\/li>\n\n\n\n<li>ulazak novog partnera<\/li>\n\n\n\n<li>izlazak \u010dlana dru\u0161tva<\/li>\n\n\n\n<li>naslje\u0111ivanje poslovnog udjela<\/li>\n\n\n\n<li>razvod bra\u010dne ste\u010devine<\/li>\n\n\n\n<li>sudski sporovi<\/li>\n\n\n\n<li>statusne promjene dru\u0161tva<\/li>\n\n\n\n<li>pove\u0107anje ili smanjenje kapitala<\/li>\n\n\n\n<li>poreske svrhe<\/li>\n\n\n\n<li>finansijsko izvje\u0161tavanje<\/li>\n\n\n\n<li>ste\u010daj i likvidacija<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Kako se procjenjuje vrijednost poslovnog udjela?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">U zavisnosti od karakteristika dru\u0161tva koriste se razli\u010dite metode procjene.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Prinosna metoda (DCF)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Vrijednost se odre\u0111uje na osnovu budu\u0107ih nov\u010danih tokova koje dru\u0161tvo mo\u017ee ostvariti. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Najpogodnija je za profitabilna dru\u0161tva sa stabilnim poslovanjem.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Tr\u017ei\u0161na metoda<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Vrijednost se odre\u0111uje pore\u0111enjem sa sli\u010dnim kompanijama koriste\u0107i pokazatelje poput:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>EBITDA multiplikatora<\/li>\n\n\n\n<li>EV\/EBITDA <\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Imovinska metoda<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Koristi se kada je vrijednost dru\u0161tva prvenstveno zasnovana na njegovoj imovini.Naj\u010de\u0161\u0107e kod:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>holding dru\u0161tava<\/li>\n\n\n\n<li>nekretninskih kompanija<\/li>\n\n\n\n<li>dru\u0161tava sa zna\u010dajnom imovinom<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Faktori koji uti\u010du na vrijednost poslovnog udjela<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Vrijednost poslovnog udjela zavisi od vi\u0161e faktora:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>profitabilnosti dru\u0161tva<\/li>\n\n\n\n<li>budu\u0107ih o\u010dekivanja<\/li>\n\n\n\n<li>kvaliteta menad\u017ementa<\/li>\n\n\n\n<li>strukture kapitala<\/li>\n\n\n\n<li>tr\u017ei\u0161ne pozicije<\/li>\n\n\n\n<li>konkurencije<\/li>\n\n\n\n<li>ekonomskih uslova<\/li>\n\n\n\n<li>kontrolnog ili manjinskog karaktera udjela<\/li>\n\n\n\n<li>mogu\u0107nosti prenosa udjela<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Koja dokumentacija je potrebna?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Za kvalitetnu procjenu naj\u010de\u0161\u0107e su potrebni:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>finansijski izvje\u0161taji za posljednje tri do pet godina<\/li>\n\n\n\n<li>bruto bilans<\/li>\n\n\n\n<li>poslovni plan (ako postoji)<\/li>\n\n\n\n<li>podaci o imovini<\/li>\n\n\n\n<li>podaci o obavezama<\/li>\n\n\n\n<li>vlasni\u010dka struktura<\/li>\n\n\n\n<li>ugovor o osnivanju dru\u0161tva<\/li>\n\n\n\n<li>informacije o poslovanju<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Kako izgleda postupak?<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1. Analiza dokumentacije<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Pregled finansijskih i pravnih podataka.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Izbor metode procjene<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Analiza poslovanja, rizika i tr\u017ei\u0161ta.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Finansijska analiza<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Odabir odgovaraju\u0107e metodologije.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Izrada procjene<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Izra\u010dun vrijednosti poslovnog udjela.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. Izvje\u0161taj<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Izrada stru\u010dnog elaborata sa obrazlo\u017eenjem kori\u0161tenih metoda i zaklju\u010dkom o vrijednosti.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Za\u0161to odabrati IN Procjene?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u2714 Stru\u010dnost u procjenama vrijednosti<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2714 Primjena me\u0111unarodnih standarda (IVS)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2714 Nezavisna i objektivna procjena<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2714 Individualan pristup svakom klijentu<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2714 Povjerljivost podataka<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2714 Iskustvo u razli\u010ditim industrijama<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u010cesto postavljana pitanja<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Da li je poslovni udio isto \u0161to i kapital?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ne. Poslovni udio predstavlja vlasni\u010dko pravo \u010dlana dru\u0161tva, dok kapital predstavlja izvor finansiranja dru\u0161tva. Vrijednost poslovnog udjela mo\u017ee biti znatno ve\u0107a ili manja od nominalne vrijednosti kapitala.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Koliko traje procjena?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">U zavisnosti od slo\u017eenosti, naj\u010de\u0161\u0107e izme\u0111u nekoliko radnih dana i nekoliko sedmica.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Da li procjena vrijedi za sud?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ako je izra\u0111ena od ovla\u0161tenog procjenitelja i u skladu s va\u017ee\u0107im standardima, mo\u017ee slu\u017eiti kao stru\u010dna osnova u razli\u010ditim postupcima, uklju\u010duju\u0107i i sudske.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stru\u010dna procjena vrijednosti poslovnih udjela u Bosni i Hercegovini Procjena poslovnih udjela predstavlja postupak utvr\u0111ivanja tr\u017ei\u0161ne vrijednosti udjela koji vlasnik [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-94","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/inprocjene.com\/index.php?rest_route=\/wp\/v2\/pages\/94","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/inprocjene.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/inprocjene.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/inprocjene.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/inprocjene.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=94"}],"version-history":[{"count":2,"href":"https:\/\/inprocjene.com\/index.php?rest_route=\/wp\/v2\/pages\/94\/revisions"}],"predecessor-version":[{"id":98,"href":"https:\/\/inprocjene.com\/index.php?rest_route=\/wp\/v2\/pages\/94\/revisions\/98"}],"wp:attachment":[{"href":"https:\/\/inprocjene.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=94"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}