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Limited liability companies (1998–2018): justice versus common law

Elena Apevalova
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Elena Apevalova: RANEPA

Published Papers from Gaidar Institute for Economic Policy

Abstract: Legal framework of a limited liability company emerged in 1892 in Germany (Gesellschaft mit beschrankter Haftung,GmbH). It did not have any prototypes or models and was artificially created by German Ministry of Justice and approved as a law. Introduction of this legal framework owed largely to strengthening of shareholding legislation, which took place in 1884 as a follow up of a period when shareholding companies popped up using money collected from households in exchange of promise of high interest and accompanied by numerous fraud and abusive practices, taking advantage of liberalism of German shareholding legislation of that time. Small and medium size entrepreneurs needed the opportunity to set up corporations with a low number of participants, relatively small assets and way of secession more complicated than in a shareholding company.

Keywords: Russian economy; llc (search for similar items in EconPapers)
JEL-codes: L22 (search for similar items in EconPapers)
Pages: 15 pages
Date: 2019, Revised 2019
New Economics Papers: this item is included in nep-cis
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Page updated 2020-09-18
Handle: RePEc:gai:ppaper:ppaper-2019-978