The "Company Law" Limited Liability Company By Repealing

Limited liability company was created by Germany, and regarded as the pride ofGermany’s law makers. As Germans say "limited liability company came from nowherebut the hand of the law makers of Germany". Therefore, limited liability company didnot came into existence until the limited liability company law came into effectivenessin1892. Close after Japan, the countries all over the world learned from Germany andcreated their own limited liability company laws. As the time went on, limited liabilitycompanies were found to have many defects with them. For example, it was hard to tellthe differences between the conceptions of limited liability company and Closed jointstock company, which caused unfair practices in supervision. In2005, Japan amendedcompany laws by merging limited liability company laws and joint stock company laws.The practices of legislation in many countries prove that limited liability company isgetting more and more attention. Though our countries has carried out many reforms ofthe limited liability company laws, but they still have many defects. On basis ofintroducing the representative limited liability company laws in the world and analyzingthe benefits and drawbacks of the limited liability company laws practice in China, thisarticle is aiming at explaining what we should learn from the advanced experience ofother countries and how to improve the company laws in China.