Main Legal Forms of Commercial Cooperation with Personal Characteristic

This work analyzes the background, conception and main features of closely held business forms that are most frequently used in small and medium-sized business with the evaluation of peculiarities of the Lithuanian law. The closely held business forms mean members’ cooperation which is based on intuitus personae principle and therefore include partnership, closely held limited liability company (corporation) and hybrid partnership-type business forms. Selection of investors‘ cooperation form is also examined with the view of civil member’s liability for its company’s debts. There are analyzed aspects of member’s liability for its company’s debts, such as relation between par. 3 and 4 Art. 2.50 of the Lithuanian Civil Code, influence of intuitus personae principle to members’ liability for its company’s debts, dogmatic underpinning for such member’s liability as well as interpretation and application of the legal regulations for the other members’ liability-related aspects. The author of the work presents motivated suggestions whether hybrid partnership-type business forms should be introduced in Lithuania as well as regarding possible solutions to the legal problems identified in the area of members‘ liability for its company’s debts