Limited liability company – comparison of existing legislation with the legislation pursuant to the Act on Commercial Corporations

Due to the recodification of private law new act governing commercial companies shall apply from January 1, 2014 in the territory of the Czech Republic. The aim of this thesis is to compare existing legislation of limited liability company with the legislation pursuant to the Act on Commercial Corporations. The legislation of limited liability company should be significantly changed with many practical implications. Examples are removal of the minimal registered capital's concept, reduction of minimal investment contribution to CZK 1, the possibility to issue securities on business share, permission of more types of shares, permission of withdrawal of shareholder out of the company, new methods of voting at a general meeting including the cumulative voting, removal of the duty to create a reserve fund, the removal of the prohibition to create more companies in a row, changes in regulation of an association's agreement and many others. Major changes are not only presented, but also partially evaluated. Also many legislative deficiencies, new (and wrong) formulations in the legislation and other factors which should not appear in the legislation are pointed out. Evaluated are also relevant temporary provisions and also the impact of new legislation on limited liability companies founded pursuant to the Commercial Code