Abstract

Limited liability companies constitute a legal solution which appeared at the end of the 19th century as a response to the requirements of the fast developing business life. As opposed to the joint-stock company, which had been developing for at least 200 years, the LLC was elaborated by scholars and practicians and introduced to legal regulations and later to commercial practice first in Germany and subsequently throughout the European continent and beyond (e.g. in the countries of Central and South America). The LLC structure, which had been perfected over the past 100 years, turned out to be a very efficient and popular vehicle for conducting business activities.