A study on the Legal Characteristics of a Farming Association Corporation and the Rights and Liabilities of its Members in South Korea

Haejin Lee

Journal of Rural Development/Nongchon-Gyeongje, 2021, vol. 44, issue 3

Abstract: A farming association corporation is a form of an agricultural corporation established by the Act on Fostering and Supporting Agricultural and Fisheries Business Entities. Except as provided in this Act, the provisions of the basic rules of the Korean Civil Act regarding partnership shall apply mutatis mutandis to farming association corporations. A farming association corporation differs from a partnership in several respects, such as the presence or absence of the legal entity, establishment requirements, and scope of liability. This study focuses on the characteristics of a farming association corporation and the rights and liabilities of its members—specifically, how it differs from similar legal entities such as partnership, agricultural company and how much it should bear corporate debts when it closes due to insolvency, liabilities for its CEO’s conflict of interest, or the liabilities of its members in the case of organizational change.

Keywords: Agribusiness (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:ags:jordng:330826

DOI: 10.22004/ag.econ.330826

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