Comparison Of Sole Proprietorship Law

Sole proprietorship has become a major trend under the competition in intemational company laws. The new company law of China in force beginning January 1st 2006 has made a comprehensive amendment to the previous version, formally introducing the legislation of sole proprietorship. This article will compare China's current legal system with overseas legislative examples and studies and the background and concepts of limited sole proprietorship in Macau, Hongkong and Taiwan, so as to improve the protection of sole proprietorship law in China. Because of economic changes and competition, Great Britain, France, Germany, Japan and etc. have amended their company laws significantly. In order to understand the relevance of sole proprietorship laws among various countries, in chapter 3 a collection of analyses on their latest legislations are provided for reference. This chapter also considers overseas legislative examples to discuss the deficiency in the implementation of sole proprietorship laws in China. Chapter 1 presents an overview of sole proprietorship laws, explaining its definition, types, evolution, legislative example, legislative dispute and operating mechanism.Chapter 4 describes the legislative background and concepts of limited sole proprietorship in Macau, Hongkong and Taiwan. It also analyzes nominal and material limited sole proprietorship.Chapter 5 of this text introduces the current status and attitude towards legislation of sole proprietorship, and the legislative disputes.Chapter 6 the suggestion. The operation of sole proprietorship is further analyzed. It also provides advice on the perfection mechanism of sole proprietorship laws in China, including capital contribution responsibility, ensuring creditor's right to access information, strengthening financial monitoring, vicarious liability of shareholder and director, etc..