Limited liability company according to the new Act on commercial corporations

Abstract

Act No. 90/2012 Coll., on commercial corporations, is one of the legal norms which arose in connection to the re-codification of the Private law. Along with the new Civil Code and Act on International private law, it brings about fundamental changes in the field of the regulation of commercial companies. It is an act which partially replaced the current Act No. 513/1991 Coll., Commercial Code. Its content predominantly consists of the regulation of commercial companies and cooperatives, while other relations regarding commercial relations will be covered by the new Civil code. The Chamber of Deputies approved the bill on 16th December and the Act should take effect on 1st January 2014.Since the new legislative norm brings as well many changes in the field of regulations of the limited liability company, which is currently the most used company form, the purpose of this article is to provide complete information about prepared changes in this field, while focusing on risks related to these changes for the limited liability company. According to a hypothesis determined by Pearson chi-quadrate, it should prove to the readers whether or not the changes in the field of the limited liability company will have, as a consequence, the transformation of the legal form used by persons conducting business based on the Trade Act. Further, it will be researched whether these changes will have an impact on the current form for business conduct.

Keywords

• Commercial Code
• Act on commercial corporations
• limited liability company
• registered capital
• re-codification
• private law