THE 2014 LAWONENTERPRISES- INADEQUACIESWHICHNEEDOVERCOMING

Abstract

The paper discusses the noticeable inadequacies of the 2014 Law on enterprises such as: the Law does not clearly define related persons to prevent self-seeking transactions occurring in companies; there are the conflicts among the provisions on the subjects who have the right to capital contribution to multi-member limited liablity companies; the conflicts among the provisions on the asset related responsibilities of contributing partners of partnerships still remain; and some provisions of the Law on valuing the assets for capital contribution and the corporate governance are inappropriate. Based on these discussions, the paper offers some proposals to overcome the above mentioned inadequacies.