Limited Liability Company in Historical Perspective

Abstract

The limited liability company is a kind of corporation that is gained by the German legislator into the universal legal system. Although it was thought that it would be preferred only by small-scale companies due to its similarity to family companies, it was not as expected. It has become a kind of company most preferred by medium-sized corporations over time. In this study, first of all, the concept of the company in Roman Law system with the entity of a limited liability company was scrutinized, and then progress and entity of limited liability company in today’s legal systems have been discussed. At this point, the subject of the study is composed of the process of acceptance of limited liability companies, notably into German legal system and then British, Swiss, American legal systems and legal issues that cause limited liability companies to evolve within the European Union. Since the contents of aforementioned acts do not constitute a matter of study, they are widely out of scope, there only have been addressed within the context of the impact on the progress of the limited liability company.