National Corporate Law Korean Commercial Law-Company Chapter EnglishINTRODUCTION Details of Enactment and Amendment ● Enactment The Commercial Act is a law that regulates the existence and the relatio

erred to a joosik-hwesa (stock company) or a yuhan-hwesa (limited liability company). ● A hapja-hwesa (limited partnership company) shall have at least one general partner who shall be liable for the debts of the company without limitation and at least one limited partner who shall be liable for the debts of the company only to the extent of his contributions. The powers of the general partner may be limited by the articles of incorporation, and no limited partner may participate in the management of the company. ● A joosik-hwesa (stock company) shall have a board of directors, and its capital shall be divided into shares. The shareholders shall not be liable for the debts of the company beyond the amount of their contributions. The board of directors shall manage the business and affairs of the company, and the general meeting of shareholders shall have the power to make decisions on major matters, such as the amendment of articles of incorporation, the merger or division of the company, the issuance of new shares, and the distribution of dividends. ● A yuhan-hwesa (limited liability company) shall have one or more members, and its members shall not be liable for the debts of the company beyond the amount of their contributions. The company may be managed by its members or by one or more managers appointed by the members. The members may be assigned different rights and obligations according to their contributions. Conclusion The Commercial Act of Korea provides a legal framework for the incorporation and operation of various types of commercial enterprises, including partnership companies, limited partnership companies, stock companies, and limited liability companies. The Act aims to protect the interests of investors and creditors, to promote fair competition, and to enhance the efficiency and transparency of the commercial sector