CompanyLaw.docx
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CompanyLaw.docx
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CompanyLaw
《CompanyLaw》
Chapter1CompanyIntroduction
Section1TheConceptandFeaturesofCompany
1.Theconceptofcompany
Thecompanyisaparticularformofbusinessorganization.Asthelawineverycountryhasdifferentdefinitonaboutthespecialecnomicform,theconceptsoflawarenotsameamongthem.Therearetwomodellegislationsaboutthedefinitionoftheconceptofcompanyintheworld.Oneiseachtype-defined,thatis,eachtypehasitsowndefinition,butnotthegeneralconceptofthecompany,representedbySwitzerland;Anotherisgeneral-defined,thatis,makingageneraldefinitioninoftheconceptofthecompany,representedbymanycountrysuchasJapan,theUnitedStates,France,Germany.
TheCompanyLawofthePeople'sRepublicofChinahasbeenamendedandadoptedatthe18thsessionoftheStandingCommitteeoftheTenthNationalPeople'sCongressofthePeople'sRepublicofChinaonOctober27,2005.
Article2Theterm"company"asmentionedinthisLawreferstoalimitedliabilitycompanyorajointstockcompanylimitedestablishedwithintheterritoryofthePeople'sRepublicofChinainaccordancewiththeprovisionsofthislaw.
Article3Acompanyisanenterprisejuridicalperson,whichhasindependentjuridicalpersonpropertyandenjoysthepropertyrightofthejuridicalperson.
Academiclly,wecandefinetheconceptofthecompanyasthecorporateenterprisewhichissetupinaccordancewiththeCompanyLawandotherrelevantlawsbylegalpersonsornaturalpersonswhoarejointinvestmentaimingattheprofit,
2.Thefeaturesofcompany
(I)Companyisestablishedinaccordancewiththelaw
Itmeansthecompanyisrequiredtobesetupbycertainconditionsandproceduresinaccordancewiththelawandhavethelegalpersonality.
Inadditiontoapplythecompanylaw,theprovisionsinspeciallawshouldbethefirstlyappliedtoestablishcompany.
Toestablishcompanyinaccordancewiththelawalsomeansthatthecompanymustchoosethelegalformoforganization.Thecompanyisrequiredtochoosetheownformoforganizationinaccordancewiththelawandcannotgobeyondthelaw.
(II)Thecompanyisestablishedonthebasisofshareholders'investment
1.Entitledtoequityshareholders
2.Personificationoftheshares
3.Thecompany'sinvestmentofshareholdersincapitalformationisformedofthecompany'sregisteredcapital.
(III)For-profitcompany
1.For-profitcompanyengagedinbusinessactivities
2.Thecompany'sbusinesscontinuity
3.Company'sdistributionofsurplusproceedstoshareholdersinaccordancewiththelaw
(IV)Thecompanymustbeindependentlegalentities
GENERALPRINCIPLESOFTHECIVILLAWOFTHEPEOPLESREPUBLICOFCHINA
Article37Alegalpersonshallhavethefollowingqualifications:
(1)establishmentinaccordancewiththelaw;
(2)possessionofthenecessarypropertyorfunds;
(3)possessionofitsownname,organizationandpremises;and
(4)abilitytoindependentlybearcivilliability.
Asalegalperson,theconmanyshouldhavetheconditionsmentionedabove;
(1)establishmentinaccordancewiththelaw;
(2)possessionoftheindependentproperty;
(3)possessionofitsownname,organizationandpremises;and
(4)abilitytoindependentlybearcivilliability.
3.Thecomparisonbetweenthecompanyandthepartnership
PartnershipisestablishedbythepartnersonthebasisofapartnershipagreementinaccordancewiththelawinChina,andafor-profitorganizationwhichisjointlyfundedpartnership,sharingtheproceedsofrisk,andpartnershipdebtunlimitedjointandseveralliability.Thereisacertaindegreeofsimilaritybetweenthecompanyandthepartnership:
Botharecommercialinnature,thatisfor-profitenterprise;Botharerequiredtheinvestmentactoftwoormoreinvestors(inapartnershipknownasthepartner;inthecompanyknownasshareholders).Botharerequiredtohaveasharecapital(partnershipsandlimitedliabilitycompaniesarereferredtoasthecapital,JointStockLimitedCompanyarereferredtoasLimitedshares);Thedistributionofprofitsisgenerallyproportionaltothenumberofsharecapital.Inanunlimitedcompany,itsorganizationandresponsibilitiesaresimilarwithpartnership,andsomecountry'sLimitedCompanyisallowedtoapplythethrelevantprovisionsofpartnership(suchasGermany,GreatBritain).
Althoughthesimilaritiesbetweenthecompanyandthepartnership,butthereisstillalotofdifferences:
1.Thedifferenceofthebasisofestablishment
Theestablishmentofthepartnershipisbasedonapartnershipagreementbetweenthepartners,butthecompanyisbasedontheArticlesofAssociation.
2.Thedifferenceofthelegalstatus
Partnershipdoesnothavelegalpersonality.SincethebeginningoftheCompanyLaw,thecompanyhasadmittedthatthecompany'slegalstatus.
3.Thedifferentnatureoflaw
Partnershipstressthejointofthepartners.Whilethecompanystressthejointcapital.
4.Thedifferentnatureofproperty
Partnershippropertybelongstoatotalofpartners..whilethecompany'spropertybelongtoalltheindependentcompanies.
5.Thedifferenceofexsistenceofthetheorgansofmeaning
Partnershipdoesnothavethetheorgansofmeaning,andpartners'willisacommonwillofthepartnership.Thecompanyisanindependentmeaningorganandimplementationorgans,suchasshareholders,boardofdirectors,boardofsupervisors.
6.Thedifferenceofdegreesoftransferoftherightfreedomly
Undernormalcircumstances,thepartnerofthesharecapitalshallnotbetransferable.Thecompany'ssharesofshareholdersarefreetosell,transferordispose
7.Thedifferenceofpartnerswiththecompany'sshareholderstobeartheresponsibility
Partner-to-businessdebtisunlimitedjointandseveralliability.Thecompany'sshareholdersassumelimitedresponsibilityforthecompanybytheamountoffundsorsharesofshareholders,butnotassumedirectresponsibilityforthedebt.
8.Thesizeandduration
Thesizeofthepartnershipisoftennotbig.Thenumberofpartnersisoftensmall,andtheperiodisgenerallynotlong.Aftertheexpiryofthecontract,thereisanoptiontorenew.Thecompanyhasastakeinthenatureofthecommunity,andthenumberofshareholdersislarger.Thatthecompanycontinuestoexistmaybeprovided,notprovidedaslongastheshareholderswillnotmakeadecisionorthedissolutionofanoffense,thecompanycangoonforeverexistence.
Section2Thetypeofcompany
1.UnlimitedcompanyLimitedLiabilityCompanyKG(Kommanditgesellschaft)and
JointStockLimitedCompany
Unlimitedcompany,alsoknownasunlimitedliabilitycompanies,isinvestedbytwoormoreshareholdersandallshareholdersoftheCompanyarejointlyandseverallyliableforit.However,TheCompanyLawofthePeople'sRepublicofChina(revisedin2005)didnotconfirmtheformofUnlimitedcompany.
LimitedLiabilityCompanywhichisshortforCo.,Ltd.issetupbyacertainnumberofshareholdersaccorddingtolawwhoareresponsibleforthecompanyaccorddingtotheinvestment.Thecompanyareresponsibleforthedebtbyallofitsassets.
Kgissetupbytheshareholdersofunlimitedliabilitywhohaveunlimitedresponsibilityforthecompanyandtheshareholdersoflimitedliabilitywhohavelimitedresponsibilityforthecompany.
2、Co-authorcompany,co-ownedcompanyandco-authorandco-fundedcompany
Co-author,isthecompany'soperationsbasedonpersonalcreditofshareholders.Unlimitedisthemosttypicalonekg.
Co-fundedcompanies,isthecompany'soperationsbasedonthecompany'scapitalofshareholdersratherthanthesizeofindividualcredit.AGisthemosttypicalco-ownedcompanies.
Co-authorandco-fundedcompanies,thecompanyreferstotheestablishmentandoperationoftheshareholdersatthesametimerelyingonpersonalcreditandthesizeofthecompany'scapital,whichhavethecharacteristicsoftheco-authorompanyandco-fundedcompany.Thetypicalrepresentativeisthekg.
3.PrivateCompanyandPublicCompany
Closecompany(BritishknownasPrivateCompany,USAknownasCloseCorporation),alsoknownastheminoritycompany,non-listedcompany,privatecompany,privatecompany,isthatthecompany'scapitalbelongstothecompany'sownshareholderswhosetupthecompany.ItisnotthepublicofferingSharesandthetransferfundingofshareholdersarelimited.Itisthenon-implementationofanopenoperation.
Opencompany(BritishknownasPublicCompany,USAknownasShareCorporation),alsoknownaspubliccompany,,themajoritycompany,alistedcompany,isthatthecompanycanissuesharespublicly.Thesharescanbefreelyboughtandsoldundercertainconditions,andisalsoAllowedtoflowtomarket.
4.ParentcompanyandSubsidiaries
Parentcompany,isthatothercompanyhaveacertainpercentageofsharesthatcancontrolanddominateothers.
Subsidiary,isthatothercompaniescontrollshares.Ithasacertaindependenceinbusiness."CompanyLaw"Article14,paragraph2:
"Thecompanycansetupsubsidiaries,affiliateshavealegalpersonality,independentcivilliabilityinaccordancewiththelaw."
5.Headofficecompanyandbranchcompany
Headofficebranchisunderthejurisdictionofthebranch."CompanyLaw"Article14,paragraph1,states:
"companieshavesetupbranchoffices.Theestablishmentofbranchoffices,thecompanyshouldapplyforregistrationofficetoregisterandreceivetheirbusinesslicenses.Branchdoesnothavealegalpersonalityofitscivilliabilitybythecompany."
Section3Thehistoryofcompany
IThehistoryanddevelopmentofthecompany
ThecompanyoriginatedintheMediterraneancoastalareasofmedievalEuropethetakingshapeintwoeconomicorganizations:
Oneis
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