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1、INTRODUCTIONDetailsofEnactmentandAmendment●Enactment:TheCommercialActisalawthatregulatestheexistenceandtherelationshipsoftheenterprisesthathavethepurposeofprofit-making,iscomposedoffiveparts,suchasGeneralProvisions,CommercialActivities,Companies,Insurance,andM
2、aritimeCommerce,wasenactedonJanuary20,1962asActNo.1000,andenteredintoforceonJanuary1,1963.●Amendment:ThisActhasarrivedatitspresentformastheresultofbeingamendedeleventimes,andthelatestamendmentwasonDecember29,2001.MainContents●Companiesaregroupedintofourcategor
3、ies:hapmyong-hwesa(partnershipcompanies),hapja-hwesa(limitedpartnershipcompanies),joosik-hwesa(stockcompanies)andyuhan-hwesa(limitedliabilitycompanies).●Ahapmyong-hwesa(partnershipcompany)shallbeincorporatedjointlybyatleasttwomembers,andnomemberofahapmyong-hwe
4、samay,withouttheconsentoftheothermembers,transferhissharestootherpersons,effectanytransactionwhichfallswithintheclassofbusinesscarriedbythecompany,orbecomeamemberwithunlimitedliabilityat,oradirectorof,anothercompanywhosebusinesspurposeisthesamekindofbusinessas
5、thecompany.Ifnomanagingmemberisdesignated,eachmembershallrepresentthecompany,andiftheassetsofthecompanyareinsufficienttofullysatisfyallitsobligations,eachmembershallbejointlyandseverallyliabletodischargetheobligations.Withtheconsentofallofthemembersthecompanym
6、aybetransformedintoahapja-hwesa(limitedpartnershipcompany).●Ahapja-hwesa(limitedpartnershipcompany)shallbecomposedofmemberswithlimitedliabilityandmemberswithunlimitedliability.Memberswithlimitedliabilitymaynotprovidepersonalservicesorcreditsasaformofcontributi
7、ons,andeverymemberwithunlimitedliabilityshallhavetheresponsibilityanddutytomanagetheaffairsofthecompanyunlessotherwiseprovidedinthearticlesofincorporation.Amemberwithlimitedliabilitymay,withouttheconsentoftheothermembers,effectatransactionwhichfallswithinthecl
8、assofbusinesscarriedonbythecompanyand,withtheconsentofallofthememberswithunlimitedliability,transfersharestootherpersons.Withtheconsentofallofthemembersthecompanymaybetransformedin
