The Limited Liability Company as a Universal Legal Form of Business

The new legislation increased flexibility of the Limited Liability Company and removed limitations that presented a barrier to establishing a company and its activities. The most important changes include waiving the statutory limit of registered capital and decreasing the minimum amount of the deposit, the option of creating various types of shares and the option of expressing the share by a security. It thus expands the practical use of this form of company, which can approach a Public Business Company and even a Joint-stock Company, but retains limited liability of partners towards company obligations and a simple internal structure. (C) 2014 Elsevier B.V.