Limited Liability Company (LLC) is the most popular organizational legal form of doing business in Ukraine. The creation of such companies mainly as associations of two or more people with the division of authorized capital into shares in practice raises issues related to the transfer of a share (part of a share) of a participant in the authorized capital of the LLC, including through its sale. The relevance of the chosen topic is due to the uncertainty of some legal norms, the lack of an established judicial practice for resolving corporate disputes, which leads to a significant number of litigations regarding the transfer of a share (part of a share) in the authorized capital of an LLC through its sale.

The purpose of the article is to clarify the legal nature of the share (part of the share) in the authorized capital of an LLC; determining the moment when the third party’s ownership right to a share (part of a share) in the authorized capital of an LLC arises; highlighting the features characterizing the share (part of the share) in the authorized capital of an LLC as a commodity and the formulation of the concept “turnover capacity of the share (part of the share) in the authorized capital of the LLC”.

Two approaches of scientists are considered in relation to understanding the question of whether a share (part of a share) in the authorized capital of an LLC or corporate rights are an object of ownership and, accordingly, whether they can be the subject of a purchase and sale contract, exchange contract, etc. The points of view of the legislator and the positions of judicial practice on the above issue are analyzed. It has been substantiated that it is the share (part of the share) in the authorized capital of an LLC that is the object of ownership and, accordingly, can be the subject of a purchase and sale contract, exchange contract, etc.

 It was established that the third party’s ownership right to a share (part of a share) in the authorized capital of an LLC arises from the moment of the conclusion of the contract, unless otherwise established by agreement of the parties. The features characterizing the share (part of the share) in the authorized capital of the LLC as a commodity are highlighted, and the concept of “the turnover capacity of the share (part of the share) in the authorized capital of the LLC” is formulated. Changes are proposed to the legislation governing the procedure for alienating a share (part of a share) in the authorized capital of an LLC with the aim of improving it, in particular, Part 3 of Art. 20, Part 4 of Art. 21 of the Law of Ukraine “On Limited Liability Companies and Additional Liability Companies”, Part 1 of Art. 226, Part 6 of Art. 238 of the Economic Procedural Code of Ukraine.

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Edited book

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Theses

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