Template-Type: ReDIF-Paper 1.0
Author-Name: Apevalova Elena 
Author-Name-First: Elena
Author-Name-Last: Apevalova
Author-Workplace-Name: RANEPA
Title: Limited liability companies (1998–2018): justice versus common law
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.
Classification-JEL: L22
Keywords: Russian economy, llc
Creation-Date: 2019
Revision-Date: 2019
Length: 15 pages
File-URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2019-978.pdf
File-Format: application/pdf
File-Function: Revised Version, 2019
Handle: RePEc:gai:ppaper:ppaper-2019-978