The inconsistency of views on the further development of corporate law and the lack of consistent approaches in the legal doctrine to the basic categories of corporate law is an obstacle to solving the problem of ensuring an appropriate level of legal regulation for corporate relations. The issue of a precise definition of the subjects of corporate relations, their legal nature, the essential features remain insufficiently developed and require further scientific research. The aim of the article is to review the existing issues in the legal doctrine on the definition of the subject composition of corporate relations for the development of a well-defined idea about the circle of the main subjects of such relations, features of their legal status and essential attributes, as well as to outline our own vision of directions to improve legislation on these issues.

The key figure commonly associated in the legal literature with the emergence and existence of corporate relations is a corporation. A corporation is an economic organization formed by uniting (compulsory or optional) individuals on the basis of participation (membership) and capitals belonging to them to carry out economic activities. It is suggested to enshrine in the corporate legislation a new term that will designate the concept of “corporation” common in the legal literature, as well as an exhaustive list of organizational and legal forms in which corporations may be created and operate.

The term “owners of corporate rights” is a collective term to denote individuals who have contributed their property to form the authorized (share) capital or mutual fund of corporations and in exchange for their contributions received the ownership of corporate rights. The notions of “founders”, “participants”, “members”, “shareholders”, “depositors”, “full participants” are defined. The peculiarities of the legal status of owners of corporate rights are clarified.

In determining the subject composition of corporate relations arising in connection with the execution of functions by the corporation bodies, it is appropriate to consider not the relationship between the corporation and its bodies, but rather the relationship between the corporation and the subjects that perform the functions of its bodies. Entities performing the functions of the corporation bodies may include participants of the general meeting of the corporation (owners of corporate rights and their representatives), as well as corporation officers.

The Commercial Code of Ukraine should be chosen as the platform for determining the subject composition of corporate relations, and in the case of legislation recodification – the relevant codified act, which will replace it.

Bibliography

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Websites, blogs

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