Research Handbooks in Corporate Law and Governance series
Edited by Robert W. Hillman and Mark J. Loewenstein
Chapter 26: The evolution of non-corporate forms of business in Taiwan—introducing the LLP as an alternative business form
There are several forms of business associations that can be found in Taiwan. The most popular form is the company, particularly the limited liability company and the company limited by shares. As for non-corporate forms of business, most are partnerships and sole proprietorships. Several forms of unincorporated business associations, such as Massachusetts Trusts and limited liability partnerships (LLPs), are not yet available in Taiwan. With the continuing and collaborative efforts in studying alternative forms of business association, a Bill entitled “Limited Liability Partnership Act” was proposed by the Ministry of Economic Affairs and introduced to the Legislative Yuan. Although this Bill has not been passed because several issues remain to be solved, since the LLP has been adopted in many jurisdictions including common law and civil law countries, it is expected that the LLP will be an alternative form of unincorporated business association in Taiwan in the near future.* Taiwan’s Company Act allows the incorporation of four types of companies, i.e., (1) unlimited liability companies, (2) limited liability companies, (3) unlimited liability companies with limited liability shareholders, and (4) companies limited by shares (corporations). As of June 2014, the total number of companies was 630,040 with paid-in capital of NT$21,156 billion (US$705.2 billion). Among the 630,040 companies, the total number of limited liability companies was 469,252 with paid-in capital of NT$2,234 billion (US$74.46 billion).
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