!Корпоративное право 2023-2024 / Sukhanov_E_a_Sravnitelnoe_Korporativnoe_Pravo_2014 2

f ɑɵɷɶɵɷɧɽɯɯ ɯ ɶɧɷɹɴɬɷɸɹɩɧ ɩ ɧɴɪɲɵ ɧɳɬɷɯɱɧɴɸɱɵɳ ɶɷɧɩɬ

ӝ ɩɵɮɳɵɭɴɵɸɹʃ ɶɬɷɬɫɧɾɯ ɵɹɾɺɭɫɬɴɯʆ ɫɵɲɯ ɯ ɾɲɬɴɸɹɩɧ ɩ ɱɵɷɶɵ ɷɧɽɯɯ

ɔɧɷʆɫɺ ɸ business corporation ɩ ɧɳɬɷɯɱɧɴɸɱɵɳ ɶɷɧɩɬ ɯɳɬʅɹɸʆ ɯ ɴɬ ɱɵɳɳɬɷɾɬɸɱɯɬ ɱɵɷɶɵɷɧɽɯɯ nonprofit corporation, ɯɲɯ not-for-profit corporation ɧ ɹɧɱɭɬ ɶɺɨɲɯɾɴʂɬ ɱɵɷɶɵɷɧɽɯɯ public corporation ӎ ɧɴɧɲɵɪɯ ɮɧ ɶɧɫɴɵɬɩɷɵɶɬɰɸɱɯɼ ʅɷɯɫɯɾɬɸɱɯɼ ɲɯɽ ɶɺɨɲɯɾɴɵɪɵ ɶɷɧɩɧ ɳɺɴɯɽɯɶɧɲʃ ɴʂɬ ɯ ɷɬɪɯɵɴɧɲʃɴʂɬ ɵɨɷɧɮɵɩɧɴɯʆ ɯ ɴɬɱɵɹɵɷʂɬ ɶɺɨɲɯɾɴʂɬ ɵɷɪɧɴɯɮɧɽɯɯ ɸɵɽɯɧɲʃɴɵɪɵ ɼɧɷɧɱɹɬɷɧ ɱɵɹɵɷʂɬ ɴɬ ɸɲɬɫɺɬɹ ɸɳɬɿɯɩɧɹʃ ɸ ɶɷɬɫɶɷɯɴɯ ɳɧɹɬɲʃɸɱɯɳɯ ɶɺɨɲɯɾɴʂɳɯ ɱɵɷɶɵɷɧɽɯʆɳɯ publicly held business corporation ɏɼ ɸɹɧɹɺɸ ɯ ɱɵɷɶɵɷɧɹɯɩɴʂɬ ɵɹɴɵɿɬɴɯʆ ɸ ɯɼ ɺɾɧɸɹɯɬɳ ɷɧɸɸɳɧ ɹɷɯɩɧʅɹɸʆ ɮɧ ɷɧɳɱɧɳɯ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɶɷɧɩɧ

ɖɷɬɫɶɷɯɴɯɳɧɹɬɲʃɸɱɯɬ ɱɵɷɶɵɷɧɽɯɯ ɮɫɬɸʃ ɹɷɧɫɯɽɯɵɴɴɵ ɷɧɮɫɬɲʆʅɹɸʆ ɴɧ ɶɺɨɲɯɾɴʂɬ publicly held, ɸɵɱɷɧʀɬɴɴɵ public ɯ ɾɧɸɹɴʂɬ ɯɲɯ ɮɧɱɷʂ ɹʂɬ private, ɯɲɯ closely held, ɸɵɱɷɧʀɬɴɴɵ closed ɾɹɵ ɴɬɸɱɵɲʃɱɵ ɴɧɶɵ ɳɯɴɧɬɹ ɬɩɷɵɶɬɰɸɱɵɬ ɫɬɲɬɴɯɬ ɵɨʁɬɫɯɴɬɴɯɰ ɱɧɶɯɹɧɲɵɩ ɴɧ ɧɱɽɯɵɴɬɷɴʂɬ ɵɨʀɬɸɹɩɧ ɯ ɵɨʀɬɸɹɩɧ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ ɼɵɹʆ ɩ ɽɬɲɵɳ

ɯɴɬ ɸɵɵɹɩɬɹɸɹɩɺɬɹ ɬɳɺ ɉ ʄɹɵɳ ɸɳʂɸɲɬ ɶɺɨɲɯɾɴɵɰ ɶɷɯɮɴɧɬɹɸʆ ɱɵɳɶɧ ɴɯʆ ɱɵɹɵɷɧʆ ɩ ɷɬɬɸɹɷɬ ɱɵɳɶɧɴɯɰ ɯ ɩ ɯɳɬʅʀɬɳɸʆ ɺ ɴɬɬ ɸɬɷɹɯɻɯɱɧɹɬ ɵ ɷɬɪɯɸɹɷɧɽɯɯ ɶɷʆɳɵ ɵɨɵɮɴɧɾɬɴɧ ɱɧɱ ɶɺɨɲɯɾɴɧʆ ɱɵɳɶɧɴɯʆ ɯɮɴɧɾɧɲʃ ɴɵ ɶɷɬɫɶɵɲɧɪɧɲɵɸʃ ɾɹɵ ɬɬ ɫɵɲɯ ɯɲɯ ɶɧɯ ӎ share ɳɵɪɺɹ ɸɩɵɨɵɫɴɵ ɵɹɾɺ ɭɫɧɹʃɸʆ ɯ ɶɷɯɵɨɷɬɹɧɹʃɸʆ ɴɧ ɻɵɴɫɵɩʂɼ ɨɯɷɭɧɼ ɩ ɩɯɫɬ ɧɱɽɯɰ ӎ stock

ɉɸɬ ɵɸɹɧɲʃɴʂɬ ɱɵɳɶɧɴɯɯ ɴɬ ɮɧɷɬɪɯɸɹɷɯɷɵɩɧɴɴʂɬ ɩ ʄɹɵɳ ɱɧɾɬɸɹɩɬ ɸɾɯɹɧʅɹɸʆ ɾɧɸɹɴʂɳɯ ɮɧɱɷʂɹʂɳɯ ɱɵɳɶɧɴɯʆɳɯ Ɏɧɱɷʂɹʂɬ ɱɵɷɶɵɷɧ ɽɯɯ ɯɳɬʅɹ ɵɹɴɵɸɯɹɬɲʃɴɵ ɴɬɨɵɲʃɿɵɬ ɱɵɲɯɾɬɸɹɩɵ ɺɾɧɸɹɴɯɱɵɩ ɵɨʂɾɴɵ ɴɬ ɨɵɲɬɬ ɧ ɩ ɑɧɲɯɻɵɷɴɯɯ ӎ ɴɬ ɨɵɲɬɬ ɨɵɲʃɿɯɴɸɹɩɵ ɯɮ ɱɵɹɵɷʂɼ ɴɬɶɵɸɷɬɫɸɹɩɬɴɴɵ ɺɾɧɸɹɩɺɬɹ ɩ ɯɼ ɶɷɬɫɶɷɯɴɯɳɧɹɬɲʃɸɱɵɰ ɫɬʆɹɬɲʃɴɵɸɹɯ

ɯɩ ɺɶɷɧɩɲɬɴɯɯ ɫɬɲɧɳɯ ɖɵʄɹɵɳɺ ɫɲʆ ɮɧɱɷʂɹʂɼ ɱɵɷɶɵɷɧɽɯɰ ɼɧɷɧɱɹɬ ɷɬɴ ɶɷɯɴɽɯɶ jɯɴɹɬɪɷɧɽɯɯ ɸɵɨɸɹɩɬɴɴɵɸɹɯ ɯ ɳɬɴɬɫɭɳɬɴɹɧy integration of ownership and management ɱɵɹɵɷʂɰ ɶɷɧɱɹɯɾɬɸɱɯ ɯɸɱɲʅɾɧɬɹ ɸɩɵɰɸɹɩɬɴ ɴɺʅ ɫɲʆ ɶɺɨɲɯɾɴʂɼ ɱɵɷɶɵɷɧɽɯɰ ɶɷɵɨɲɬɳɺ ɶɷɵɹɯɩɵɸɹɵʆɴɯʆ ɺɾɧɸɹɴɯ ɱɵɩ jɸɵɨɸɹɩɬɴɴɯɱɵɩy ɱɵɷɶɵɷɧɽɯɯ ɯ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɳɬɴɬɫɭɳɬɴɹɧ ɔɵ ɩ ɸɩɵʅ ɵɾɬɷɬɫʃ ɵɴ ɶɵɷɵɭɫɧɬɹ ɳɬɭɫɺ ɺɾɧɸɹɴɯɱɧɳɯ ɮɧɱɷʂɹɵɰ ɱɵɷ

ɶɵɷɧɽɯɯ ɸɩɵɰɸɹɩɬɴɴʂɬ ɵɹɴɵɿɬɴɯʆɳ ɺɾɧɸɹɴɯɱɵɩ ɶɧɷɹɴɬɷɸɹɩ ɧ ɴɬ ɱɵɷ ɶɵɷɧɽɯɰ ɸɹɷɵɪɯɬ ɹɷɬɨɵɩɧɴɯʆ ɩɮɧɯɳɴɵɰ ɫɵɨɷɵɸɵɩɬɸɹɴɵɸɹɯ ɾɬɸɹɴɵɸɹɯ

ɯɲɵʆɲʃɴɵɸɹɯ strict fiduciary duty, utmost good faith and loyalty ɩ ɸɯɲɺ ɱɵ ɹɵɷʂɼ ɳɧɭɵɷɯɹɧɷɴʂɬ ɺɾɧɸɹɴɯɱɯ ɫɵɲɭɴʂ ɺɾɯɹʂɩɧɹʃ ɯɴɹɬɷɬɸʂ ɳɯɴɵ

ɘɳ Merkt H., Göthel S.R. 64 BNFSJLBOJTDIFT (FTFMMTDIBGUTSFDIU 4 ӎ

Ɋɲɧɩɧ ɉɯɫʂ ɱɵɷɶɵɷɧɽɯɰ

ɷɯɹɧɷɯɬɩ ɕɹɾɺɭɫɬɴɯɬ ɫɵɲɬɰ ɺɾɧɸɹɯʆ ɩ ɹɧɱɯɼ ɱɵɷɶɵɷɧɽɯʆɼ ɵɨʂɾɴɵ ɮɧ ɹɷɺɫɴɬɴɵ ɾɧʀɬ ɩɸɬɪɵ ɴɧɲɯɾɯɬɳ ɶɷɬɯɳɺʀɬɸɹɩɬɴɴɵɪɵ ɶɷɧɩɧ ɯɼ ɶɵɱɺɶ ɱɯ ɺ ɫɷɺɪɯɼ ɺɾɧɸɹɴɯɱɵɩ right of first refusal ɯ ɫɷɺɪɯɳɯ ɵɪɷɧɴɯɾɬɴɯʆɳɯ ɗʆɫ ɮɧɱɷʂɹʂɼ ɱɵɷɶɵɷɧɽɯɰ ɸ ɹɵɾɱɯ ɮɷɬɴɯʆ ɴɧɲɵɪɵɩɵɪɵ ɮɧɱɵɴɵɫɧɹɬɲʃ ɸɹɩɧ ɳɵɭɬɹ ɷɧɸɸɳɧɹɷɯɩɧɹʃɸʆ ɩ ɱɧɾɬɸɹɩɬ ɳɧɲʂɼ ɱɵɷɶɵɷɧɽɯɰ small business corporation, S corporation ɾɹɵ ɫɧɬɹ ɯɳ ɶɷɧɩɵ ɶɬɷɬɰɹɯ ɴɧ ɸɯɸɹɬɳɺ ɴɧɲɵɪɵɵɨɲɵɭɬɴɯʆ ɷɧɸɸɾɯɹɧɴɴɺʅ ɴɧ ɶɧɷɹɴɬɷɸɹɩɧ ɶɷɯ ɱɵɹɵɷɵɰ ɴɧɲɵɪ ɴɧ ɶɷɯɨʂɲʃ ɺɶɲɧɾɯɩɧʅɹ ɹɵɲʃɱɵ ɺɾɧɸɹɴɯɱɯ ɱɵɷɶɵɷɧɽɯɯ ɴɵ ɴɬ ɱɵɷɶɵ ɷɧɽɯʆ ɩ ɽɬɲɵɳ ɋɲʆ ʄɹɵɪɵ ɴɬɵɨɼɵɫɯɳɵ ɾɹɵɨʂ ɾɯɸɲɵ ɺɾɧɸɹɴɯɱɵɩ ɹɧ ɱɵɰ ɱɵɷɶɵɷɧɽɯɯ ɴɬ ɶɷɬɩʂɿɧɲɵ ɩɸɬ ɵɴɯ ɨʂɲɯ ɻɯɮɯɾɬɸɱɯɳɯ ɲɯɽɧ ɳɯ ɯɳɬʅʀɯɳɯ ɶɵɸɹɵʆɴɴɵɬ ɭɯɹɬɲʃɸɹɩɵ ɩ ɘɟɇ ɧ ɱɵɷɶɵɷɧɽɯʆ ɶɷɵɯɮ ɩɬɲɧ ɹɵɲʃɱɵ ɵɫɯɴ ɩʂɶɺɸɱ ɧɱɽɯɰ ɫɵɲɬɰ

ɖɺɨɲɯɾɴʂɬ ɱɵɷɶɵɷɧɽɯɯ ɩ ɸɵɵɹɩɬɹɸɹɩɯɯ ɸ ɖɷɯɴɽɯɶɧɳɯ ɱɵɷɶɵɷɧ ɹɯɩɴɵɪɵ ɺɶɷɧɩɲɬɴɯʆ ɪ ɷɧɮɫɬɲɬɴʂ ɴɧ ɹɷɯ ɱɧɹɬɪɵɷɯɯ

jɨɵɲʃɿɯɬy large publicly held corporation ɯɳɬʅʀɯɬ ɴɬ ɳɬɴɬɬ ɹʂɸ ɺɾɧɸɹɴɯɱɵɩ ɧɱɽɯɵɴɬɷɵɩ ɯ ɯɳɺʀɬɸɹɩɬɴɴʂɬ ɧɱɹɯɩʂ ɳɯɴɯɳɺɳ ɩ ɳɲɴ ɫɵɲɲ ɯɼ ɵɨʀɬɬ ɾɯɸɲɵ ɸɵɸɹɧɩɲʆɬɹ ɩɸɬɪɵ ɵɱɵɲɵ ɹʂɸ

jɳɧɲʂɬy small publicly held corporation ɯɳɬʅʀɯɬ ɴɬ ɳɬɴɬɬɺɾɧɸɹɴɯɱɵɩ ɧɱɽɯɵɴɬɷɵɩ ɯ ɯɳɺʀɬɸɹɩɬɴɴʂɬ ɧɱɹɯɩʂ ɳɯɴɯɳɺɳ

ɩɳɲɴ ɫɵɲɲ ɯɼ ɱɵɲɯɾɬɸɹɩɵ ɶɷɬɩʂɿɧɬɹ ɹʂɸɩɸɬ ɵɸɹɧɲʃɴʂɬ ɶɺɨɲɯɾɴʂɬ ɱɵɷɶɵɷɧɽɯɯ

Ɉɵɲʃɿɯɴɸɹɩɵ ɶɵɲɵɭɬɴɯɰ ɯ ɷɬɱɵɳɬɴɫɧɽɯɰ ɖɷɯɴɽɯɶɵɩ ɱɵɷɶɵɷɧ

ɹɯɩɴɵɪɵ ɺɶɷɧɩɲɬɴɯʆ ɴɧɶɷɧɩɲɬɴɴʂɼ ɴɧ ɶɷɬɫɵɹɩɷɧʀɬɴɯɬ ɱɵɴɻɲɯɱɹɵɩ ɺɾɧɸɹɴɯɱɵɩ ɱɵɷɶɵɷɧɽɯɯ ɸ ɱɵɷɶɵɷɧɹɯɩɴʂɳ ɳɬɴɬɫɭɳɬɴɹɵɳ ɵɹɴɵɸɯɹɸʆ ɱ ɶɬɷɩʂɳ ɫɩɺɳ ɪɷɺɶɶɧɳ ɶɺɨɲɯɾɴʂɼ ɱɵɷɶɵɷɧɽɯɰ ɶɷɯɾɬɳ ɫɲʆ ɶɬɷɩɵɰ ɪɷɺɶɶʂ ɶɷɬɵɨɲɧɫɧʅɹ ɶɷɧɩɯɲɧ ɯ ɶɷɬɫɲɵɭɬɴɯʆ ɯɳɶɬɷɧɹɯɩɴɵɪɵ ɼɧɷɧɱɹɬɷɧ ɑɧɱ ɩ ɶɺɨɲɯɾɴʂɼ ɹɧɱ ɯ ɩ ɾɧɸɹɴʂɼ ɮɧɱɷʂɹʂɼ ɱɵɷɶɵɷɧɽɯʆɼ ɸɹɷɺɱɹɺɷɧ ɺɶɷɧɩɲɬɴɯʆ ɮɴɧɾɯɹɬɲʃɴɵ ɺɶɷɵʀɬɴɧ ɯ ɩɸɬɪɫɧ ɸɹɷɵɯɹɸʆ ɶɵ jɳɵɴɯɸɹɯɾɬɸɱɵɰ ɳɵɫɬɲɯy ɵɹɸɺɹɸɹɩɺɬɹ ɧɴɧɲɵɪɯ ɴɧɨɲʅɫɧɹɬɲʃɴɵɪɵ ɸɵɩɬɹɧ ɑɧɱ ɩ ɾɧɸɹɴʂɼ ɹɧɱ ɯ ɩ ɶɺɨɲɯɾɴʂɼ ɱɵɳɶɧɴɯʆɼ ɩɴɺɹɷɬɴɴʆʆ ɵɷɪɧɴɯɮɧɽɯʆ ɻɵɷɳɯɷɺɬɹɸʆ ɯɼ ɺɾɧɸɹɴɯɱɧɳɯ ɸɩɵɨɵɫɴɵ ɶɵ ɶɷɯɴɽɯɶɺ ɾɧɸɹɴɵɰ ɧɩɹɵɴɵɳɯɯ ɶɷɯ ɻɧɱɹɯ ɾɬɸɱɵɳ ɵɹɸɺɹɸɹɩɯɯ ɯɳɶɬɷɧɹɯɩɴʂɼ ɹɷɬɨɵɩɧɴɯɰ ɮɧɱɵɴɧ ɼɧɷɧɱɹɬɷɴʂɼ ɫɲʆ

ɩɴɺɹɷɬɴɴɬɰ ɵɷɪɧɴɯɮɧɽɯɯ ɱɵɴɹɯɴɬɴɹɧɲʃɴʂɼ ɵɨʁɬɫɯɴɬɴɯɰ ɱɧɶɯɹɧɲɵɩ ɉɳɬɸɹɬ ɸ ɹɬɳ ɩ ɶɵɸɲɬɫɴɯɬ ɫɬɸʆɹɯɲɬɹɯʆ ɵɹɳɬɾɧɬɹɸʆ ɯɮɩɬɸɹɴɵɬ ɺɸɯɲɬɴɯɬ ɷɬɪɺɲʆɹɵɷɴɵɪɵ ɩɳɬɿɧɹɬɲʃɸɹɩɧ ɪɵɸɺɫɧɷɸɹɩɧ ɩ ɱɵɷɶɵɷɧɹɯɩɴʂɬ ɵɹɴɵɿɬɴɯʆ

ɤɹɵɹ ɶɵɫɼɵɫ ɴɬ ɶɷɯɮɴɧɬɹɸʆ ɲɯɿʃ ɉɬɷɼɵɩɴʂɳ ɸɺɫɵɳ ɿɹɧɹɧ ɋɬɲɧɩʄɷ ɸɾɯɹɧʅʀɯɳ ɾɹɵ ɫɲʆ ɴɬɪɵ ɵɹɸɺɹɸɹɩɺʅɹ ɮɧɱɵɴɵɫɧɹɬɲʃɴʂɬ ɵɸɴɵɩɧɴɯʆ ɶɵɫɷɵɨɴɬɬ ɵɨ ʄɹɵɳ ɸɳ ɴɧɶɷɯɳɬɷ Merkt H., Göthel S.R. 64 BNFSJLBOJTDIFT (FTFMMTDIBGUTSFDIU 4 ӎ

f ɑɵɷɶɵɷɧɽɯɯ ɯ ɶɧɷɹɴɬɷɸɹɩɧ ɩ ɧɴɪɲɵ ɧɳɬɷɯɱɧɴɸɱɵɳ ɶɷɧɩɬ

ɉɘɟɇ ʄɹɵ ɯɳɬɬɹ ɳɬɸɹɵ ɩ ɻɬɫɬɷɧɲʃɴɵɳ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɬ ӎ ɩ ɾɧɸɹɴɵ ɸɹɯ ɷɧɮɲɯɾɴʂɳɯ ɶɷɧɩɯɲɧɳɯ ɯ ɫɷɺɪɯɳɯ ɧɱɹɧɳɯ ɑɵɳɯɸɸɯɯ ɶɵ ɽɬɴɴʂɳ ɨɺɳɧɪɧɳ ɯ ɨɯɷɭɧɳ ɺɸɹɧɴɧɩɲɯɩɧʅɹɸʆ ɫɵɶɵɲɴɯɹɬɲʃɴʂɬ ɶɷɧɩɧ ɧɱɽɯɵɴɬ ɷɵɩ ɺɾɧɸɹɴɯɱɵɩ ɱɵɷɶɵɷɧɽɯɰ ӎ ɴɧɶɷɯɳɬɷ ɴɧ ɯɴɻɵɷɳɧɽɯʅ ɵ ɻɧɱɹɧɼ ɯɳɬʅʀɯɼ ɮɴɧɾɬɴɯɬ ɫɲʆ ɶɷɯɴʆɹɯʆ ɱɵɷɶɵɷɧɹɯɩɴʂɼ ɷɬɿɬɴɯɰ ɯɲɯ ɴɧ ɩʂ ɫɩɯɭɬɴɯɬ ɶɷɬɫɲɵɭɬɴɯɰ ɫɲʆ ɵɨɸɺɭɫɬɴɯʆ ɵɨʀɯɳ ɸɵɨɷɧɴɯɬɳ ɱɵɷɶɵɷɧɽɯɯ

ɞɧɸɹɴʂɬ ɯ ɶɺɨɲɯɾɴʂɬ ɱɵɳɶɧɴɯɯ ɩ ɧɴɪɲɯɰɸɱɵɳ ɶɷɧɩɬ ɵɨʂɾɴɵ ɸɾɯ ɹɧʅɹɸʆ ɴɬ ɫɩɺɳʆ ɵɹɫɬɲʃɴʂɳɯ ɩɯɫɧɳɯ ʅɷɯɫɯɾɬɸɱɯɼ ɲɯɽ ɧ ɫɩɺɳʆ ɷɧɮ ɴɵɩɯɫɴɵɸɹʆɳɯ ɵɫɴɵɰ ɯ ɹɵɰ ɭɬ ɵɷɪɧɴɯɮɧɽɯɵɴɴɵ ɶɷɧɩɵɩɵɰ ɻɵɷɳʂ ӎ ɱɵɳɶɧɴɯɯ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ ɸ ɷɧɮɫɬɲɬɴɴʂɳ ɴɧ ɫɵ ɲɯ ɱɧɶɯɹɧɲɵɳ company limited by shares ɖɷɯ ʄɹɵɳ ɾɧɸɹɴʂɬ ɱɵɳɶɧɴɯɯ

ɸɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ private limited company ɳɵɪɺɹ ɨʂɹʃ ɯ ɱɵɳɶɧɴɯʆɳɯ ɵɫɴɵɪɵ ɲɯɽɧ one man company ɉɳɬɸɹɬ ɸ ɹɬɳ ɩ ɇɴɪɲɯɯ ɶɵɫ ɩɲɯʆɴɯɬɳ ɫɯɷɬɱɹɯɩ Ɍɘ ɷɧɮɲɯɾɯɬ ɳɬɭɫɺ ɶɺɨɲɯɾɴʂɳɯ ɯ ɾɧɸɹɴʂɳɯ ɱɵɳɶɧɴɯʆɳɯ ɶɵɸɹɬɶɬɴɴɵ ɩɵɮɷɧɸɹɧɬɹ ɕɴɵ ɴɧɶɷɯɳɬɷ ɱɧɸɧɬɹɸʆ ɵɨʆɮɧ ɹɬɲʃɴɵɸɹɯ ɮɴɧɾɯɹɬɲʃɴɵɪɵ ɳɯɴɯɳɧɲʃɴɵɪɵ ɱɧɶɯɹɧɲɧ ɫɲʆ ɶɺɨɲɯɾɴʂɼ ɱɵɳ ɶɧɴɯɰ ɹʂɸ ɻ ɸɹ ɴɬɵɨɼɵɫɯɳɵɸɹɯ ɯɳɬɹʃ ɩ ɶɺɨɲɯɾɴɵɰ ɱɵɳɶɧɴɯɯ ɳɯɴɯɳɺɳ ɫɩɺɼ ɺɾɷɬɫɯɹɬɲɬɰ ɺɾɧɸɹɴɯɱɵɩ ɫɩɺɼ ɫɯɷɬɱɹɵɷɵɩ ɯ ɸɬɱɷɬɹɧɷʆ

ɉɵɹɲɯɾɯɬ ɵɹ ʄɹɵɪɵ ɾɧɸɹɴʂɬ ɱɵɳɶɧɴɯɯ ɳɵɪɺɹ ɸɵɮɫɧɩɧɹʃɸʆ ɵɫɴɯɳ ɲɯɽɵɳ ɯ ɯɳɬɹʃ ɵɫɴɵɪɵ ɫɯɷɬɱɹɵɷɧ ɶɷɯɾɬɳ ɫɲʆ ɴɯɼ ɩ ɲʅɨɵɳ ɸɲɺɾɧɬ ɵɹɸɺɹɸɹɩɺ ɬɹ ɹɷɬɨɵɩɧɴɯɬ ɳɯɴɯɳɧɲʃɴɵɪɵ ɺɸɹɧɩɴɵɪɵ ɱɧɶɯɹɧɲɧ ɘɵɪɲɧɿɬɴɯɬɳ ɩɸɬɼ ɺɾɧɸɹɴɯɱɵɩ ɹɧɱɵɰ ɱɵɳɶɧɴɯɯ ɩɵɮɳɵɭɴɵ ɯɸɱɲʅɾɬɴɯɬ ɫɬɰɸɹɩɯʆ ɴɬɱɵɹɵ ɷʂɼ ɮɧɱɵɴɵɫɧɹɬɲʃɴʂɼ ɴɵɷɳ ɷɬɪɺɲɯɷɺʅʀɯɼ ɯɼ ɩɴɺɹɷɬɴɴʅʅ ɵɷɪɧɴɯ ɮɧɽɯʅ ɾɹɵ ɯɸɱɲʅɾɬɴɵ ɫɲʆ ɶɺɨɲɯɾɴʂɼ ɱɵɳɶɧɴɯɰ ɖɷɧɩɵɸɶɵɸɵɨɴɵɸɹʃ ɾɧɸɹɴɵɰ ɱɵɳɶɧɴɯɯ ɩɵɮɴɯɱɧɬɹ ɸɷɧɮɺ ɶɵɸɲɬ ɬɬ ɷɬɪɯɸɹɷɧɽɯɯ ɧ ɶɷɧɩɵɸɶɵ ɸɵɨɴɵɸɹʃ ɶɺɨɲɯɾɴɵɰ ɱɵɳɶɧɴɯɯ ӎ ɹɵɲʃɱɵ ɶɵɸɲɬ ɶɵɫɹɩɬɷɭɫɬɴɯʆ ɵɶɲɧɹʂ ɳɯɴɯɳɧɲʃɴɵɪɵ ɺɸɹɧɩɴɵɪɵ ɱɧɶɯɹɧɲɧ ɹʂɸ ɻ ɸɹ

ɋɬɲɬɴɯɬ ɱɵɷɶɵɷɧɽɯɰ ɴɧ ɶɺɨɲɯɾɴʂɬ ɯ ɾɧɸɹɴʂɬ ɹɬɶɬɷʃ ɶɷʆɳɵ ɮɧ ɱɷɬɶɲɬɴɵ Ɏɧɱɵɴɵɳ ɵ ɱɵɳɶɧɴɯʆɼ ɪ ɤɹɵɹ ɮɧɱɵɴ ɺɸɹɧɴɵɩɯɲ ɯ ɾɬɹ ɱɵɬ ɷɧɮɲɯɾɯɬ ɳɬɭɫɺ ɫɵɲʆɳɯ shares ɩ ɱɧɶɯɹɧɲɬ ɱɵɳɶɧɴɯɯ ɯ ɬɬ ɧɱɽɯʆɳɯ stock ɸɶɵɸɵɨɴʂɳɯ ɱ ɵɨɷɧʀɬɴɯʅ ɴɧ ɨɯɷɭɬ ɧɱɽɯɯ ɳɵɪɺɹ ɨʂɹʃ ɷɧɮɫɬ ɲɬɴʂ ɴɧ ɾɧɸɹɯ ɯ ɮɧɹɬɳ ɵɨɷɧʀɧɹʃɸʆ ɩ ɩɯɫɬ ɫɷɵɨɴʂɼ ɧɱɽɯɰ ɧ ɫɵɲɯ ӎ

ɴɬɹ ɖɵʄɹɵɳɺ ɧɱɽɯɯ stock ɩʂɶɺʀɬɴɴʂɬ ɩ ɸɵɵɹɩɬɹɸɹɩɯɯ ɸ ɶɷɧɩɯɲɧɳɯ ɫɧɴɴɵɪɵ ɮɧɱɵɴɧ ɺɭɬ ɴɬ ɳɵɪɺɹ ɨʂɹʃ ɱɵɴɩɬɷɹɯɷɵɩɧɴʂ ɩ ɫɵɲɯ shares ɯ ɴɧɵɨɵɷɵɹ ɾɹɵ ɸɵɸɹɧɩɲʆɬɹ ɬʀɬ ɵɫɴɵ ɩɧɭɴɵɬ ɷɧɮɲɯɾɯɬ ɾɧɸɹɴʂɼ ɯ ɶɺɨ ɲɯɾɴʂɼ ɱɵɳɶɧɴɯɰ ɩ ɧɴɪɲɯɰɸɱɵɳ ɱɵɷɶɵɷɧɹɯɩɴɵɳ ɶɷɧɩɬ

ɉɽɬɲɵɳ ɳɵɭɴɵ ɵɹɳɬɹɯɹʃ ɯɮɩɬɸɹɴɵɬ ɩɵɮɷɧɸɹɧɴɯɬ ɷɵɲɯ ɯɳɶɬɷɧɹɯɩ ɴɵɰ ɮɧɱɵɴɵɫɧɹɬɲʃɴɵɰ ɷɬɪɲɧɳɬɴɹɧɽɯɯ ɸɹɧɹɺɸɧ ɶɺɨɲɯɾɴʂɼ ɱɵɳɶɧɴɯɰ ɶɷɯ

Ɋɲɧɩɧ ɉɯɫʂ ɱɵɷɶɵɷɧɽɯɰ

ɸɵɼɷɧɴɬɴɯɯ ɩɬɸʃɳɧ ɿɯɷɵɱɵɰ ɸɩɵɨɵɫʂ ɸɵɮɫɧɴɯʆ ɯ ɻɺɴɱɽɯɵɴɯɷɵɩɧɴɯʆ ɾɧɸɹɴʂɼ ɮɧɱɷʂɹʂɼ ɱɵɳɶɧɴɯɰ ɘɵɼɷɧɴʆɬɹɸʆ ɯ ɶɷɯɴɽɯɶɯɧɲʃɴɵɬ экономическое ɷɧɮɲɯɾɯɬ ɶɺɨɲɯɾɴʂɼ ɯ ɮɧɱɷʂɹʂɼ ɱɵɷɶɵɷɧɽɯɰ ɧɱɽɯɯ ɫɵ ɲɯ ɶɬɷɩʂɼ ɫɵɸɹɧɹɵɾɴɵ ɸɩɵɨɵɫɴɵ ɵɨɷɧʀɧʅɹɸʆ ɴɧ ɵɷɪɧɴɯɮɵɩɧɴɴɵɳ ɻɯ ɴɧɴɸɵɩɵɳ ɷʂɴɱɬ ɩ ɹɵɳ ɾɯɸɲɬ ɴɧ ɨɯɷɭɧɼ ɯ ɶɵ ɵɨʀɬɳɺ ɶɷɧɩɯɲɺ ɳɵɪɺɹ ɨʂɹʃ ɵɹɾɺɭɫɬɴʂ ɩ ɶɵɷʆɫɱɬ ɶɺɨɲɯɾɴɵɪɵ ɶɷɬɫɲɵɭɬɴɯʆ ɹɵɪɫɧ ɱɧɱ ɧɴɧ ɲɵɪɯɾɴʂɬ ɶɵ ɸɺɹɯ ɫɵɲɯ ɧɱɽɯɯ ɩɹɵɷʂɼ ɩ ɶɷɯɴɽɯɶɬ ɴɬ ɶɷɬɫɴɧɮɴɧɾɬɴʂ ɫɲʆ ɵɨɷɧʀɬɴɯʆ ɯɼ ɵɹɾɺɭɫɬɴɯɬ ɶɺɹɬɳ ɶɺɨɲɯɾɴɵɪɵ ɶɷɬɫɲɵɭɬɴɯʆ ɮɧɶɷɬ ʀɬɴɵ ɧ ɩ ɺɸɹɧɩɬ ɾɧɸɹɴɵɰ ɱɵɳɶɧɴɯɯ ɫɵɲɭɴʂ ɸɵɫɬɷɭɧɹʃɸʆ ɸɶɬɽɯɧɲʃɴʂɬ ɶɷɧɩɯɲɧ ɵ ɶɵɷʆɫɱɬ ɵɹɾɺɭɫɬɴɯʆ ɬɬ ɫɵɲɬɰ ɺɾɧɸɹɴɯɱɧɳɯ

ɉɧɴɪɲɯɰɸɱɵɳ ɱɵɷɶɵɷɧɹɯɩɴɵɳ ɶɷɧɩɬ ɩʂɫɬɲʆʅɹɸʆ ɹɧɱɭɬ ɱɵɳɶɧɴɯɯ

ɸɴɬɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ unlimited companies ӎ ɶɷɧɩɵɸɺɨʁ ɬɱɹɴʂɬ ɱɵɳɶɧɴɯɯ ɺɾɧɸɹɴɯɱɯ ɱɵɹɵɷʂɼ ɴɬɸɺɹ ɴɬɵɪɷɧɴɯɾɬɴɴɺʅ ɵɹɩɬɹ ɸɹɩɬɴɴɵɸɹʃ ɶɵ ɵɨʀɯɳ ɫɵɲɪɧɳ ɹ ɬ ɩ ʄɹɵɳ ɸɳʂɸɲɬ ʆɩɲʆʅʀɯɬɸʆ ɧɴɧɲɵ ɪɧɳɯ ɬɩɷɵɶɬɰɸɱɯɼ ɶɵɲɴʂɼ ɹɵɩɧɷɯʀɬɸɹɩ ɔɬɸɳɵɹɷʆ ɴɧ ɵɸɩɵɨɵɭɫɬɴɯɬ ɹɧɱɯɼ ɱɵɳɶɧɴɯɰ ɵɹ ɶɺɨɲɯɾɴɵɰ ɵɹɾɬɹɴɵɸɹɯ ɸɵɸɹɧɩɲʆʅʀɬɰ ɯɼ ɵɸɴɵɩɴɵɬ ɶɷɬɯɳɺʀɬɸɹɩɵ ɯɼ ɾɯɸɲɵ ɩɬɸʃɳɧ ɴɬɩɬɲɯɱɵ əɬɳ ɴɬ ɳɬɴɬɬ ɹɬɵɷɬɹɯɾɬɸɱɯ ɵɴɯ ɵɨɵɸɵɨɲʆʅɹɸʆ ɩ ɵɸɵɨʂɰ ɩɯɫ ɱɵɳɶɧɴɯɰ ɶɷɵɹɯɩɵɶɵɸɹɧɩɲʆɬɳʂɰ ɱɵɳ ɶɧɴɯʆɳ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ limited company ɯɲɯ company limited by shares ɵɼɩɧɹʂɩɧʅʀɯɼ ɾɧɸɹɴʂɬ ɯ ɶɺɨɲɯɾɴʂɬ ɱɵɳɶɧɴɯɯ

ɑɷɵɳɬ ɹɵɪɵ ɮɫɬɸʃ ɩʂɫɬɲʆʅɹɸʆ ɱɵɳɶɧɴɯɯ ɸ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ ɵɪɷɧ ɴɯɾɬɴɴɵɰ ɪɧɷɧɴɹɯʆɳɯ ɯ ɸ ɷɧɮɫɬɲɬɴɴʂɳ ɴɧ ɫɵɲɯ ɱɧɶɯɹɧɲɵɳ companies limited by guarantee and having a share capital ɗɬɾʃ ɯɫɬɹ ɵ ɱɵɳɶɧɴɯ ʆɼ ɺɾɧɸɹɴɯɱɯ ɱɵɹɵɷʂɼ ɵɨʆɮʂɩɧʅɹɸʆ ɩ ɵɶɷɬɫɬɲɬɴɴɵɳ ɷɧɮɳɬɷɬ ɵɹɩɬɾɧɹʃ ɶɵ ɫɵɲɪɧɳ ɱɵɳɶɧɴɯɯ ɶɷɯ ɬɬ ɲɯɱɩɯɫɧɽɯɯ ɹ ɬ ɵɨ ɧɴɧɲɵɪɬ ɷɵɸɸɯɰɸɱɯɼ ɵɨʀɬɸɹɩ ɸ ɫɵɶɵɲɴɯɹɬɲʃɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ əɧɱɯɳɯ company limited by guarantee ɩ ɇɴɪɲɯɯ ɸɹɧɴɵɩʆɹɸʆ ɵɨʀɬɸɹɩɧ ɩɮɧɯɳɴɵɪɵ ɸɹɷɧɼɵɩɧɴɯʆ ɯ ɸɹɷɧɼɵɩɧɴɯʆ ɵɹ ɴɬɸɾɧɸɹɴʂɼ ɸɲɺɾɧɬɩ ɸɶɵɷɹɯɩɴʂɬ ɸɵʅɮʂ ɯ ɴɬɱɵɹɵɷʂɬ ɫɷɺɪɯɬ ɶɷɵɻɬɸɸɯɵɴɧɲʃɴʂɬ ɵɨʁɬɫɯɴɬɴɯʆ ɸɵɮɫɧɴɴʂɬ ɫɲʆ ɫɵɸɹɯɭɬɴɯʆ jɯɫɬɧɲʃɴʂɼy ɴɬɱɵɳɳɬɷɾɬɸɱɯɼ ɽɬɲɬɰ

2.Партнерства

ɉɧɴɪɲɯɰɸɱɵɳ ɯ ɧɳɬɷɯɱɧɴɸɱɵɳ ɶɷɧɩɬ ɶɧɷɹɴɬɷɸɹɩɧ ɴɬ ɸɾɯɹɧʅɹɸʆ

ɱɵɳɶɧɴɯʆɳɯ ɱɵɷɶɵɷɧɽɯʆɳɯ ɵɫɴɧɱɵ ɸ ɬɩɷɵɶɬɰɸɱɯɼ ɱɵɴɹɯɴɬɴɹɧɲʃ

ɉ ɪ ɯɼ ɱɵɲɯɾɬɸɹɩɵ ɸɵɸɹɧɩɲʆɲɵ ɶɷɯɳɬɷɴɵ ɹʂɸ ɩ ɸɷɧɩɴɬɴɯɯ ɸ ɶɵɾɹɯ ɳɲɴ ɾɧɸɹɴʂɼ ɱɵɳɶɧɴɯɰ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ ɯ ɶɷɯɳɬɷɴɵ ɹʂɸ ɶɺɨɲɯɾɴʂɼ ɱɵɳɶɧɴɯɰ ɸɳ Triebel V., Illmer M., Ringe W.-G., Vogenauer S., Ziegler K. &OHMJTDIFT )BOEFMT VOE 8JSUTDIBGUTSFDIU 4 'O 4 'O

f ɑɵɷɶɵɷɧɽɯɯ ɯ ɶɧɷɹɴɬɷɸɹɩɧ ɩ ɧɴɪɲɵ ɧɳɬɷɯɱɧɴɸɱɵɳ ɶɷɧɩɬ

ɴʂɼ ɶɵɮɯɽɯɰ ɯɼ ɸɹɧɹɺɸ ɴɬ ɳɵɭɬɹ ɨʂɹʃ ɵɸɹɧɩɲɬɴ ɨɬɮ ɩɴɯɳɧɴɯʆ ɉ ɸɯɲɺ ɹɷɧɫɯɽɯɵɴɴɵɪɵ ɵɹɸɺɹɸɹɩɯʆ ɩ ɧɴɪɲɵ ɧɳɬɷɯɱɧɴɸɱɵɰ ɶɷɧɩɵɩɵɰ ɸɯɸɹɬɳɬ ɵɸɵɨɵɪɵ ɹɵɷɪɵɩɵɪɵ ɶɷɧɩɧ ɮɫɬɸʃ ɴɬɹ ɯ ɶɷɯɩʂɾɴʂɼ ɫɲʆ ɳɴɵɪɯɼ ɮɧɶɧɫɴɵ ɬɩɷɵɶɬɰɸɱɯɼ ɶɷɧɩɵɶɵɷʆɫɱɵɩ ɹɵɩɧɷɯʀɬɸɹɩ ɹɵɷɪɵɩɵɪɵ ɶɷɧɩɧ ɧ ɶɧɷɹɴɬɷ ɸɹɩɧ ɩʂɶɵɲɴʆʅɹ ɴɬ ɹɵɲʃɱɵ ɯɼ ɻɺɴɱɽɯɯ ɴɵ ɯ ɻɺɴɱɽɯɯ ɹɵɩɧɷɯʀɬɸɹɩ ɪɷɧɭɫɧɴɸɱɵɪɵ ɶɷɧɩɧ ɹ ɬ ɲʅɨʂɼ ɴɬɶɷɧɩɵɸɺɨʁɬɱɹɴʂɼ ɵɨʁɬɫɯɴɬɴɯɰ ɲɯɽ

ɉ ɧɴɪɲɵ ɧɳɬɷɯɱɧɴɸɱɵɳ ɶɷɧɩɬ ɷɧɮɲɯɾɯɬ ɱɵɷɶɵɷɧɽɯɰ ɯ ɶɧɷɹɴɬɷɸɹɩ ɯɸɹɵɷɯɾɬɸɱɯ ɨʂɲɵ ɸɩʆɮɧɴɵ ɸ ɯɴʂɳɯ ɶɷɯɾɯɴɧɳɯ ɴɬɭɬɲɯ ɶɵʆɩɲɬɴɯɬ

ɩɬɩɷɵɶɬɰɸɱɵɳ ɱɵɴɹɯɴɬɴɹɧɲʃɴɵɳ ɶɷɧɩɬ ɹɵɷɪɵɩʂɼ ɹɵɩɧɷɯʀɬɸɹɩ ɱɧɱ ɵɨʁ ɬɫɯɴɬɴɯɰ ɲɯɽ ɱɺɶɽɵɩ ɯ ɵɨʀɬɸɹɩ ɱɧɱ ɵɨʁɬɫɯɴɬɴɯɰ ɱɧɶɯɹɧɲɵɩ ɇɴ ɪɲɯɰɸɱɯɬ ɱɵɷɶɵɷɧɽɯɯ ɯɮɴɧɾɧɲʃɴɵ ɫɬɰɸɹɩɵɩɧɩɿɯɬ ɶɷɬɭɫɬ ɩɸɬɪɵ ɩ ɸɻɬ ɷɬ ɮɧɳɵɷɸɱɵɰ ɹɵɷɪɵɩɲɯ ɶɵɲɺɾɧɲɯ ʅɷɯɫɯɾɬɸɱɺʅ ɲɯɾɴɵɸɹʃ legal entity ɧɱɹɵɳ ɩʂɸɿɬɰ ɶɺɨɲɯɾɴɵɰ ɩɲɧɸɹɯ ɱɵɷɵɴʂ ɯɲɯ ɶɧɷɲɧɳɬɴɹɧ ɩ ɶɵɷʆɫ ɱɬ ɵɸɵɨɵɰ ɶɷɯɩɯɲɬɪɯɯ ɳɵɴɵɶɵɲɯɯ ɴɧ ɵɶɷɬɫɬɲɬɴɴɵɰ ɹɬɷɷɯɹɵɷɯɯ ɯɲɯ

ɩɵɶɷɬɫɬɲɬɴɴɵɰ ɸɻɬɷɬ ɫɬʆɹɬɲʃɴɵɸɹɯ ɶɵɸɱɵɲʃɱɺ ɴɧɷʆɫɺ ɸ ɾɧɸɹɴʂɳɯ ɱɵɳɳɬɷɾɬɸɱɯɳɯ ɻɺɴɱɽɯʆɳɯ ɩʂɶɵɲɴʆɲɯ ɯ ɴɬɱɵɹɵɷʂɬ ɶɺɨɲɯɾɴɵ ɶɷɧ

ɩɵɩʂɬ ɮɧɫɧɾɯ ɋɵɲɯ ɺɾɧɸɹɯʆ ɩ ɹɧɱɯɼ ɱɵɷɶɵɷɧɽɯʆɼ ɨʂɲɯ ɸɩɵɨɵɫɴɵ ɵɹɾɺ ɭɫɧɬɳʂ ɶɬɷɬɫɧɩɧɬɳʂ ɩ ɸɯɲɺ ɾɬɪɵ ɯɳɺʀɬɸɹɩɬɴɴɧʆ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃ ɯɼ ɶɷɯɵɨɷɬɹɧɹɬɲɬɰ ɩɲɧɫɬɲʃɽɬɩ ɶɵ ɵɨʀɯɳ ɫɵɲɪɧɳ ɵɪɷɧɴɯɾɯɩɧɲɧɸʃ ɸɹɵɯ ɳɵɸɹʃʅ ɯɼ ɫɵɲɯ

ɖɧɷɹɴɬɷɸɹɩɧ ɭɬ ɫɬɰɸɹɩɵɩɧɲɯ ɩ ɷɧɮɲɯɾɴʂɼ ɵɨɲɧɸɹʆɼ ɶɷɬɫɶɷɯɴɯɳɧ ɹɬɲʃɸɹɩɧ ɨɬɮ ɸɶɬɽɯɧɲʃɴɵɪɵ ɷɧɮɷɬɿɬɴɯʆ ɶɺɨɲɯɾɴɵɰ ɩɲɧɸɹɯ ɯ ɸɾɯɹɧɲɯɸʃ ɲɯɿʃ jɸɵɩɵɱɺɶɴɵɸɹʃʅ aggregate ɺɾɧɸɹɴɯɱɵɩy ɴɬ ɵɨɲɧɫɧʆ ɴɯɱɧɱɵɰ ɸɧ ɳɵɸɹɵʆɹɬɲʃɴɵɰ ɶɷɧɩɵɸɺɨʁɬɱɹɴɵɸɹʃʅ ɉɳɬɸɹɬ ɸ ɹɬɳ ɩɵ ɳɴɵɪɯɼ ɯɮ ɴɯɼ ɯɳɬɲɯɸʃ ɵɨʀɴɵɸɹʃ ɯɳɺʀɬɸɹɩɧ ɺɾɧɸɹɴɯɱɵɩ ɯ ɩɵɮɳɵɭɴɵɸɹʃ ɵɹɾɺɭɫɬɴɯʆ ɶɬɷɬɫɧɾɯ ɯɼ ɫɵɲɬɰ ɧ ɹɧɱɭɬ ɸɵɩɳɬɸɹɴɵɬ ɽɬɴɹɷɧɲɯɮɵɩɧɴɴɵɬ ɩɬɫɬɴɯɬ ɵɨʀɯɼ ɫɬɲ ɯ ɬɫɯɴɵɬ ɺɶɷɧɩɲɬɴɯɬ ɫɬʆɹɬɲʃɴɵɸɹʃʅ ɹɧɱɵɰ jɴɬɯɴɱɵɷɶɵɷɯ ɷɵɩɧɴɴɵɰy ɴɬɮɧɷɬɪɯɸɹɷɯɷɵɩɧɴɴɵɰ jɱɵɳɶɧɴɯɯ ɴɧ ɶɧʆɼy joint stock company ɛɵɷɳɧɲʃɴɵ ɺɾɧɸɹɴɯɱɯ ɴɬɮɧɷɬɪɯɸɹɷɯɷɵɩɧɴɴɵɰ ɱɵɳɶɧɴɯɯ ɴɬɸɲɯ ɴɬɵɪɷɧɴɯɾɬɴɴɺʅ ɯɳɺʀɬɸɹɩɬɴɴɺʅ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃ ɶɵ ɬɬ ɫɵɲɪɧɳ ɕɫ ɴɧɱɵ ɯɳɬɴɴɵ ɩ ɸɯɲɺ ɵɹɸɺɹɸɹɩɯʆ ɷɬɪɯɸɹɷɧɽɯɯ ɱɷɬɫɯɹɵɷʂ ɴɬɷɬɫɱɵ ɨʂɲɯ ɴɬ ɩ ɸɵɸɹɵʆɴɯɯ ɺɸɹɧɴɵɩɯɹʃ ʄɹɯɼ ɺɾɧɸɹɴɯɱɵɩ ɯ ɶɵɹɵɳɺ ɵɪɷɧɴɯɾɯɩɧɲɯ

ɩɮʂɸɱɧɴɯɬ ɶɵ ɸɩɵɯɳ ɹɷɬɨɵɩɧɴɯʆɳ ɯɳɺʀɬɸɹɩɵɳ ɱɵɳɶɧɴɯɯ ɺɾɧɸɹɴɯɱɯ ɱɵɹɵɷɵɰ ɹɧɱɯɳ ɵɨɷɧɮɵɳ de facto ɶɵɲɺɾɧɲɯ ɶɷɯɩɯɲɬɪɯʅ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹɯ ɘɺɫɬɨɴɧʆ ɶɷɧɱɹɯɱɧ ɧ ɩɸɲɬɫ ɮɧ ɴɬɰ ɯ ɮɧɱɵɴɵɫɧɹɬɲʃ ɸɹɩɵ ɶɵɸɹɬɶɬɴɴɵ ɲɬɪɧɲɯɮɵɩɧɲɯ ʄɹɺ ɸɯɹɺɧɽɯʅ

ɗɧɮɲɯɾɯɬ ɮɧɷɬɪɯɸɹɷɯɷɵɩɧɴɴʂɼ ɱɵɷɶɵɷɧɽɯɰ ɫɬɰɸɹɩɺʅʀɯɼ ɴɧ ɵɸɴɵ ɩɬ ɸɶɬɽɯɧɲʃɴʂɼ ɷɧɮɷɬɿɬɴɯɰ ɩʂɸɿɬɰ ɶɺɨɲɯɾɴɵɰ ɩɲɧɸɹɯ ɯ ɴɬɮɧɷɬɪɯɸɹ

Ɋɲɧɩɧ ɉɯɫʂ ɱɵɷɶɵɷɧɽɯɰ

ɷɯɷɵɩɧɴɴʂɼ ɶɧɷɹɴɬɷɸɹɩ ɶɬɷɩɵɴɧɾɧɲʃɴɵ ɸɵɼɷɧɴʆɲɵɸʃ ɯ ɩ ɧɳɬɷɯɱɧɴɸɱɵɳ ɶɷɧɩɬ ɕɫɴɧɱɵ ɮɫɬɸʃ ɵɹɴɵɸɯɹɬɲʃɴɵ ɨʂɸɹɷɵ ɺɭɬ ɩ ɱɵɴɽɬ 97*** ɩ ɶɬɷɬ ɿɲɯ ɵɹ ɸɲɵɭɴɵɰ ɯ ɫɵɷɵɪɵɸɹɵʆʀɬɰ ɸɯɸɹɬɳʂ ɩʂɫɧɾɯ ɵɹɫɬɲʃɴʂɼ ɷɧɮɷɬ ɿɬɴɯɰ charter ɱɵɴɱɷɬɹɴʂɳ ɱɵɷɶɵɷɧɽɯʆɳ jɸɶɬɽɯɧɲʃɴɵɰ ɯɴɱɵɷɶɵɷɧ ɽɯɯy ɱ ɸɹɧɴɫɧɷɹɯɮɯɷɵɩɧɴɴɵɰ ɸɯɸɹɬɳɬ jɪɬɴɬɷɧɲʃɴɵɰ ɯɴɱɵɷɶɵɷɧɽɯɯy ɷɬɪɯɸɹɷɧɽɯɯ ɱɵɳɶɧɴɯɰ ɶɵɮɩɵɲʆɩɿɬɰ ɸɵɮɫɧɩɧɹʃ ɯɼ ɨɬɮ ɸɶɬɽɯɧɲʃɴɵɪɵ ɧɱɹɧ ɩʂɸɿɬɰ ɶɺɨɲɯɾɴɵɰ ɩɲɧɸɹɯ ɯ ɶɷɯɹɵɳ ɴɧ ɵɸɴɵɩɧɴɯɯ ɮɧɱɵɴɵɫɧɹɬɲʃ ɴʂɼ ɧɱɹɵɩ ɵɹɫɬɲʃɴʂɼ ɿɹɧɹɵɩ ɧ ɴɬ ɻɬɫɬɷɧɲʃɴɵɪɵ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɧ əɬɳ ɸɧɳʂɳ ɸɵɮɫɧɴɯɬ ɱɵɷɶɵɷɧɽɯɯ ɸɹɧɲɵ ɶɷɧɩɵɳ ɩɸʆɱɵɪɵ ɲɯɽɧ ɧ ɴɬ ɺɸɹɧɴɧɩ ɲɯɩɧɩɿɬɰɸʆ ɩ ɯɸɱɲʅɾɯɹɬɲʃɴʂɼ ɸɲɺɾɧʆɼ ɶɷɯɩɯɲɬɪɯɬɰ ɳɵɴɵɶɵɲɯɬɰ

ɇɴɪɲɯɰɸɱɯɬ ɶɧɷɹɴɬɷɸɹɩɧ partnership ɴɬ ɯɳɬʅɹ ɸɵɨɸɹɩɬɴɴɵɰ ɶɷɧ ɩɵɸɺɨʁɬɱɹɴɵɸɹɯ ɩ ɵɹɲɯɾɯɬ ɴɬ ɹɵɲʃɱɵ ɵɹ ɬɩɷɵɶɬɰɸɱɯɼ ɱɵɴɹɯɴɬɴɹɧɲʃ ɴʂɼ ɹɵɷɪɵɩʂɼ ɹɵɩɧɷɯʀɬɸɹɩ ɴɵ ɯ ɵɹ ɶɧɷɹɴɬɷɸɹɩ ɶɵ ɿɵɹɲɧɴɫɸɱɵɳɺ ɶɷɧ ɩɺ ɧ ɶɵɹɵɳɺ ɯ ɴɬ ɶɵɫɲɬɭɧɹ ɪɵɸɺɫɧɷɸɹɩɬɴɴɵɰ ɷɬɪɯɸɹɷɧɽɯɯ ɩ ɱɧɾɬɸɹɩɬ ɵɸɵɨʂɼ ɸɺɨʁɬɱɹɵɩ ɶɷɧɩɧ ɘ 9*9 ɩ ɵɴɯ ɷɧɸɸɳɧɹɷɯɩɧʅɹɸʆ ɮɧɱɵɴɵɳ ɱɧɱ ɻɵɷɳɧ ɸɵɩɳɬɸɹɴɵɪɵ ɩɬɫɬɴɯʆ ɫɬɲ ɴɬɸɱɵɲʃɱɯɳɯ ɲɯɽɧɳɯ ɸ ɽɬɲʃʅ ɶɵɲɺɾɬ ɴɯʆ ɶɷɯɨʂɲɯ ɹ ɬ ɱɧɱ ɧɴɧɲɵɪ ɱɵɴɹɯɴɬɴɹɧɲʃɴɵɪɵ ɶɷɵɸɹɵɪɵ ɹɵɩɧɷɯʀɬ ɸɹɩɧ ɋɵ ɪ ɱɵɲɯɾɬɸɹɩɵ ɯɼ ɺɾɧɸɹɴɯɱɵɩ ɴɬ ɫɵɲɭɴɵ ɨʂɲɵ ɶɷɬɩʂɿɧɹʃɹɬɶɬɷʃ ʄɹɵ ɵɪɷɧɴɯɾɬɴɯɬ ɵɹɶɧɲɵ

ɚɾɧɸɹɴɯɱɯ ɶɧɷɹɴɬɷɸɹɩɧ ɸɵɲɯɫɧɷɴɵ ɯ ɴɬɵɪɷɧɴɯɾɬɴɴɵ jointly and severally ɵɹɩɬɾɧʅɹ ɲɯɾɴʂɳ ɯɳɺʀɬɸɹɩɵɳ ɶɵ ɵɨʀɯɳ ɫɵɲɪɧɳ ɧ ɷɧɸɶɷɬɫɬɲɬ ɴɯɬ ɶɷɯɨʂɲɬɰ ɯ ɺɨʂɹɱɵɩ ɶɵ ɵɨʀɬɳɺ ɶɷɧɩɯɲɺ ɵɸɺʀɬɸɹɩɲʆɬɹɸʆ ɴɬ ɶɷɵ ɶɵɷɽɯɵɴɧɲʃɴɵ ɯɳɺʀɬɸɹɩɬɴɴʂɳ ɩɱɲɧɫɧɳ ɧ ɷɧɩɴɵɳɬɷɴɵ ӎ ɶɵ ɱɵɲɯɾɬɸɹɩɺ ɺɾɧɸɹɴɯɱɵɩ ɋɵɲʆ ɺɾɧɸɹɴɯɱɧ ɩ ɶɧɷɹɴɬɷɸɹɩɬ ɳɵɭɬɹ ɨʂɹʃ ɯɳ ɵɹɾɺɭɫɬɴɧ ɯ ɯɲɯ ɮɧɲɵɭɬɴɧ ɵɫɴɧɱɵ ɬɸɲɯ ʄɹɵ ɸɫɬɲɧɴɵ ɨɬɮ ɸɵɪɲɧɸɯʆ ɩɸɬɼ ɫɷɺɪɯɼ ɺɾɧɸɹɴɯɱɵɩ ɶɷɯɵɨɷɬɹɧɹɬɲʃ ɫɵɲɯ ɴɬ ɸɹɧɴɵɩɯɹɸʆ ɧɩɹɵɳɧɹɯɾɬɸɱɯ ɺɾɧɸɹ ɴɯɱɵɳ ɶɧɷɹɴɬɷɸɹɩɧ ɧ ɷɧɸɸɳɧɹɷɯɩɧɬɹɸʆ ɩ ɱɧɾɬɸɹɩɬ ɩɲɧɫɬɲʃɽɧ ɹɧɱɵɰ ɫɵ ɲɯ jɶɵ ɶɷɧɩɺ ɸɶɷɧɩɬɫɲɯɩɵɸɹɯy equitable owner

ɕɸɵɨɵɰ ɷɧɮɴɵɩɯɫɴɵɸɹʃʅ ɶɧɷɹɴɬɷɸɹɩɧ ʆɩɲʆɬɹɸʆ ɵɪɷɧɴɯɾɬɴɴɵɬ ɶɧɷɹ ɴɬɷɸɹɩɵ limited partnership ɩ ɱɵɹɵɷɵɳ ɫɵɲɭɬɴ ɨʂɹʃ ɳɯɴɯɳɺɳ ɵɫɯɴ ɴɬ ɵɪɷɧɴɯɾɬɴɴɵ ɵɹɩɬɾɧʅʀɯɰ ɺɾɧɸɹɴɯɱ general partner ɹ ɬ ɱɵɳɶɲɬɳɬɴɹɧ ɷɯɰ ɯ ɬʀɬ ɳɯɴɯɳɺɳ ɵɫɯɴ ɺɾɧɸɹɴɯɱ ɸ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ ɵɪɷɧɴɯɾɬɴ

ɴɵɰ ɷɧɮɳɬɷɵɳ ɬɪɵ ɩɱɲɧɫɧ ɩ ɯɳɺʀɬɸɹɩɵ ɶɧɷɹɴɬɷɸɹɩɧ limited partner ɖɷɯ ʄɹɵɳ ɪɬɴɬɷɧɲʃɴʂɬ ɶɧɷɹɴɬɷʂ ɩɬɫɺɹ ɩɸɬ ɫɬɲɧ ɹɧɱɵɪɵ ɶɧɷɹɴɬɷɸɹɩɧ ɧ ɶɧɷɹɴɬɷʂ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ ɴɧɶɷɵɹɯɩ ɺɸɹɷɧɴɬɴʂ ɵɹ ɩɬɫɬɴɯʆ ɵɨʀɯɼ ɫɬɲ ɧ ɶɷɯ ɺɾɧɸɹɯɯ ɩ ɴɯɼ ɵɴɯ ɴɧɾɯɴɧʅɹ ɵɹɩɬɾɧɹʃ ɶɬ ɷɬɫ ɱɷɬɫɯɹɵɷɧɳɯ ɶɧɷɹɴɬɷɸɹɩɧ ɴɧɷɧɩɴɬ ɸ ɪɬɴɬɷɧɲʃɴʂɳɯ ɶɧɷɹɴɬɷɧɳɯ ɏɴɧɾɬ ɪɵɩɵɷʆ ɷɬɾʃ ɯɫɬɹ ɵ ɶɵɲɴɵɳ ɧɴɧɲɵɪɬ ɬɩɷɵɶɬɰɸɱɵɰ ɱɵɳɳɧɴɫɯɹʂ

f ɑɵɷɶɵɷɧɽɯɯ ɯ ɶɧɷɹɴɬɷɸɹɩɧ ɩ ɧɴɪɲɵ ɧɳɬɷɯɱɧɴɸɱɵɳ ɶɷɧɩɬ

ɹɵɩɧɷɯʀɬɸɹɩɧ ɴɧ ɩɬɷɬ ɉ ɵɹɲɯɾɯɬ ɵɹ ɵɨʂɾɴʂɼ ɶɧɷɹɴɬɷɸɹɩ ɵɪɷɧɴɯɾɬɴ ɴʂɬ ɶɧɷɹɴɬɷɸɹɩɧ ɶɵɫɲɬɭɧɹ ɷɬɪɯɸɹɷɧɽɯɯ ɩ ɷɬɬɸɹɷɬ ɱɵɳɶɧɴɯɰ ɯ ɫɬɰɸɹɩɺ ʅɹ ɶɵɫ ɵɨʀɬɰ ɻɯɷɳɵɰ ɹ ɬ ɯɳɬʅɹ ɸɵɨɸɹɩɬɴɴɺʅ ɶɷɧɩɵɸɺɨʁɬɱɹɴɵɸɹʃ ɕɫ ɴɧɱɵ ɩ ɵɹɲɯɾɯɬ ɵɹ ɬɩɷɵɶɬɰɸɱɵɪɵ ɱɵɴɹɯɴɬɴɹɧɲʃɴɵɪɵ ɶɷɧɩɧ ɩ ɇɴɪɲɯɯ ɯ ɚʄɲʃɸɬ ɵɴɯ ɴɬ ɶɵɲɺɾɯɲɯ ɨɵɲʃɿɵɪɵ ɶɷɧɱɹɯɾɬɸɱɵɪɵ ɷɧɸɶɷɵɸɹɷɧɴɬɴɯʆ

ɇɳɬɷɯɱɧɴɸɱɯɬ ɶɧɷɹɴɬɷɸɹɩɧ ɹɧɱɭɬ ɶɷɯɴʆɹɵ ɷɧɮɫɬɲʆɹʃ ɴɧ ɵɨʀɯɬ ɶɧɷɹ ɴɬɷɸɹɩɧ general partnership ɯ ɵɪɷɧɴɯɾɬɴɴʂɬ ɶɧɷɹɴɬɷɸɹɩɧ limited partnership ɖɬɷɩʂɬ ɶɷɬɫɸɹɧɩɲʆʅɹ ɸɵɨɵɰ ɶɵɾɹɯ ɶɵɲɴʂɰ ɧɴɧɲɵɪ jɵɹɱɷʂ ɹʂɼy ɶɵɲɴʂɼ ɹɵɩɧɷɯʀɬɸɹɩ ɬɩɷɵɶɬɰɸɱɵɪɵ ɶɷɧɩɧ ɴɬɸɳɵɹɷʆ ɴɧ ɩɵɮɳɵɭ ɴɵɸɹʃ ɸɵɩɬɷɿɧɹʃ ɸɫɬɲɱɯ ɵɹ ɸɩɵɬɪɵ ɯɳɬɴɯ ɯ ɨʂɹʃ ɸɹɵɷɵɴɵɰ ɩ ɸɺɫɬɨɴɵɳ ɶɷɵɽɬɸɸɬ ɻɵɷɳɧɲʃɴɵ ɵɴɯ ɴɬ ɵɨɲɧɫɧʅɹ ɶɷɧɩɧɳɯ ʅɷɯɫɯɾɬɸɱɵɪɵ ɲɯɽɧ ɧ ɩɸɬ ɯɼ ɺɾɧɸɹɴɯɱɯ ɴɬɸɺɹ ɴɬɵɪɷɧɴɯɾɬɴɴɺʅ ɸɵɲɯɫɧɷɴɺʅ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃ ɲɯɾɴʂɳ ɯɳɺʀɬɸɹɩɵɳ ɶɵ ɵɨʀɯɳ ɫɵɲɪɧɳ ɯ ɩɶɷɧɩɬ ɩʂɸɹɺɶɧɹʃ ɵɹ ɯɳɬɴɯ ɶɧɷɹɴɬɷɸɹɩɧ ɕɴɯ ɸɵɮɫɧʅɹɸʆ ɴɧ ɵɸɴɵɩɧɴɯɯ ɶɷɵɸɹɵɪɵ ɶɯɸʃɳɬɴɴɵɪɵ ɸɵ ɪɲɧɿɬɴɯʆ ɺɾɧɸɹɴɯɱɵɩ ɼɵɹʆ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɵ ɩɵɵɨʀɬ ɴɬ ɹɷɬɨɺɬɹ ɫɲʆ ʄɹɵɪɵ ɱɧɱɵɰ ɲɯɨɵ ɸɶɬɽɯɧɲʃɴɵɰ ɻɵɷɳʂ ɯ ɴɬ ɶɵɫɲɬɭɧɹ ɷɬɪɯɸɹɷɧɽɯɯ ɖɷɯ ɵɹɸɺɹɸɹɩɯɯ ɸɶɬɽɯɧɲʃɴɵɪɵ ɸɵɪɲɧɿɬɴɯʆ ɺɾɧɸɹɴɯɱɵɩ ɹɧɱɵɪɵ ɶɧɷɹ ɴɬɷɸɹɩɧ ɷɧɸɶɷɬɫɬɲɬɴɯɬ ɳɬɭɫɺ ɴɯɳɯ ɶɷɯɨʂɲɬɰ ɯ ɺɨʂɹɱɵɩ ɶɷɵɯɸɼɵɫɯɹ ɶɷɵɶɵɷɽɯɵɴɧɲʃɴɵ ɯɼ ɱɵɲɯɾɬɸɹɩɺ jɶɵ ɪɵɲɵɩɧɳy ɧ ɴɬ ɩɱɲɧɫɧɳ ɯ ɱɧɭ ɫʂɰ ɺɾɧɸɹɴɯɱ ɵɨɲɧɫɧɬɹ ɵɫɴɯɳ ɪɵɲɵɸɵɳ ɶɷɯ ɷɬɿɬɴɯɯ ɵɨʀɯɼ ɩɵɶɷɵɸɵɩ ɘɳɬɴɧ ɺɾɧɸɹɴɯɱɧ ɶɧɷɹɴɬɷɸɹɩɧ ɹɷɬɨɺɬɹ ɬɫɯɴɵɪɲɧɸɴɵɪɵ ɷɬɿɬɴɯʆ ɩɸɬɼ ɵɸɹɧɲʃɴʂɼ ɺɾɧɸɹɴɯɱɵɩ

ɉɹɵɷɵɰ ɩɯɫ ɶɧɷɹɴɬɷɸɹɩ ɩ ɵɸɴɵɩɴɵɳ ɸɵɵɹɩɬɹɸɹɩɺʅɹ ɬɩɷɵɶɬɰɸɱɵɰ ɱɵɴ ɸɹɷɺɱɽɯɯ ɱɵɳɳɧɴɫɯɹɴɵɪɵ ɹɵɩɧɷɯʀɬɸɹɩɧ ɯɳɬʆ ɩ ɱɧɾɬɸɹɩɬ ɯɸɹɵɷɯɾɬɸɱɵ ɪɵ ɶɷɵɹɵɹɯɶɧ ɻɷɧɴɽɺɮɸɱɵɬ ɶɷɵɸɹɵɬ ɱɵɳɳɧɴɫɯɹɴɵɬ ɵɨʀɬɸɹɩɵ société en commanditee simple, SCS ɉ ɵɪɷɧɴɯɾɬɴɴʂɼ ɶɧɷɹɴɬɷɸɹɩɧɼ ɫɵɲɭɬɴ ɨʂɹʃ ɳɯɴɯɳɺɳ ɵɫɯɴ ɺɾɧɸɹɴɯɱ ɸ ɶɵɲɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ general partner ɺɶɷɧɩɲʆʅʀɯɰ ɩɸɬɰ ɫɬʆɹɬɲʃɴɵɸɹʃʅ ɶɧɷɹɴɬɷɸɹɩɧ ɩ ɱɧɾɬɸɹɩɬ ɱɵɹɵɷɵɪɵ ɳɵɭɬɹ ɩʂɸɹɺɶɧɹʃ ʅɷɯɫɯɾɬɸɱɵɬ ɲɯɽɵ ӎ ɱɵɷɶɵɷɧɽɯʆ ɾɹɵ ɴɧɶɵɳɯɴɧʅɹ ɷɧɸɸɳɵɹɷɬɴɴɵɬ ɷɧɴɬɬ ɪɬɷɳɧɴɸɱɵɬ GmbH & Co., KG ɯ ɳɯɴɯɳɺɳ ɵɫɯɴ ɺɾɧɸɹɴɯɱ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ limited partner ɱɵɹɵɷʂɰ ɴɬ ɩɶɷɧɩɬ ɺɾɧɸɹɩɵɩɧɹʃ ɩ ɩɬɫɬɴɯɯ ɵɨʀɯɼ ɫɬɲ ɶɧɷɹɴɬɷɸɹɩɧ ɖɷɯɨʂɲɯ

ɯ ɺɨʂɹɱɯ ɵɪɷɧɴɯɾɬɴɴɵɪɵ ɶɧɷɹɴɬɷɸɹɩɧ ɷɧɸɶɷɬɫɬɲʆʅɹɸʆ ɳɬɭɫɺ ɬɪɵ ɺɾɧɸɹ ɴɯɱɧɳɯ ɶɷɵɶɵɷɽɯɵɴɧɲʃɴɵ ɷɧɮɳɬɷɧɳ ɯɼ ɩɱɲɧɫɵɩ ɩ ɵɨʀɬɬ ɯɳɺʀɬɸɹɩɵ əɧɱɯɬ ɶɧɷɹɴɬɷɸɹɩɧ ɵɨʆɮɧɴʂ ɯɳɬɹʃ ɫɩɧ ɺɾɷɬɫɯɹɬɲʃɴʂɼ ɫɵɱɺɳɬɴɹɧ ɮɧɷɬ ɪɯɸɹɷɯɷɵɩɧɴɴʂɰ ɩ ɵɷɪɧɴɧɼ ɶɺɨɲɯɾɴɵɰ ɩɲɧɸɹɯ ɸɵɵɹɩɬɹɸɹɩɺʅʀɬɪɵ ɿɹɧɹɧ ɸɬɷɹɯɻɯɱɧɹ sworn certificate ɹ ɬ ɶɵ ɸɺɹɯ ɺɸɹɧɩ ɩ ɱɵɹɵɷɵɳ ɺɱɧɮʂɩɧʅɹɸʆ ɻɯɷɳɬɴɴɵɬ ɴɧɯɳɬɴɵɩɧɴɯɬ ɱɵɳɳɬɷɾɬɸɱɯɰ ʅɷɯɫɯɾɬɸɱɯɰ ɧɫɷɬɸ ɯɳɬ

Ɋɲɧɩɧ ɉɯɫʂ ɱɵɷɶɵɷɧɽɯɰ

ɴɧ ɶɷɬɫɸɹɧɩɯɹɬɲɬɰ ɯ ɴɬɵɪɷɧɴɯɾɬɴɴɵ ɵɹɩɬɾɧʅʀɯɼ ɶɧɷɹɴɬɷɵɩ ɯ ɶɯɸʃ ɳɬɴɴɵɬ ɸɵɪɲɧɿɬɴɯɬ ɺɾɧɸɹɴɯɱɵɩ limited partnership agreement ɷɬɪɺɲɯ ɷɺʅʀɬɬ ɯɼ ɩɴɺɹɷɬɴɴɯɬ ɩɮɧɯɳɵɵɹɴɵɿɬɴɯʆ

ɖɧɷɹɴɬɷɸɹɩɧ ɩɬɸʃɳɧ ɿɯɷɵɱɵ ɷɧɸɶɷɵɸɹɷɧɴɬɴʂ ɩ ɧɳɬɷɯɱɧɴɸɱɵɳ ɶɷɧɩɬ ɩ ɽɬɲɵɳ ɯɼ ɴɧɸɾɯɹʂɩɧɬɹɸʆ ɸɩʂɿɬ ɳɲɴ ɶɬɷɬɭɯɩɧʆ ɸɩɵʅ jɩɹɵɷɺʅ ɩɬɸɴɺy ɶɷɬɭɫɬ ɩɸɬɪɵ ɶɵ ɶɷɯɾɯɴɧɳ ɴɧɲɵɪɵɩɵɪɵ ɼɧɷɧɱɹɬɷɧ ɧ ɯɼ ɫɬʆɹɬɲʃ ɴɵɸɹʃ ɵɼɩɧɹʂɩɧɬɹ ɸɻɬɷɺ ɸɧɳʂɼ ɷɧɮɴʂɼ ɺɸɲɺɪ ɩɱɲʅɾɧʆ ɫɧɭɬ ɨɧɴɱɵɩɸɱɯɰ ɯ ɸɹɷɧɼɵɩɵɰ ɨɯɮɴɬɸ ɧ ɹɧɱɭɬ ɩɷɧɾɬɨɴɺʅ ɯ ɧɫɩɵɱɧɹɸɱɺʅ ɫɬʆɹɬɲʃɴɵɸɹʃ ɹɷɬɨɺʅʀɺʅ ɲɯɽɬɴɮɯɷɵɩɧɴɯʆ ɬɬ ɺɾɧɸɹɴɯɱɵɩ ɴɵ ɴɬ ɯɼ ɵɨʁɬɫɯɴɬɴɯɰ ɑɧɱ ɯ ɩ ɮɧɶɧɫɴɵɬɩɷɵɶɬɰɸɱɯɼ ɶɷɧɩɵɶɵɷʆɫɱɧɼ ɵɸɵɨɬɴɴɵ ɶɷɯɩɲɬɱɧɹɬɲʃ ɴʂɳɯ ʆɩɲʆʅɹɸʆ ɵɪɷɧɴɯɾɬɴɴʂɬ ɶɧɷɹɴɬɷɸɹɩɧ ɹ ɬ ɶɵ ɸɺɹɯ ɱɵɳɳɧɴɫɯɹ ɴʂɬ ɹɵɩɧɷɯʀɬɸɹɩɧ ɴɬɷɬɫɱɵ ɵɼɩɧɹʂɩɧʅʀɯɬ ɸɵɹɴɯ ɵɪɷɧɴɯɾɬɴɴɵ ɵɹɩɬ ɾɧʅʀɯɼ ɺɾɧɸɹɴɯɱɵɩ limited partners ɴɬ ɺɾɧɸɹɩɺʅʀɯɼ ɩ ɺɶɷɧɩɲɬɴɯɯ ɵɨ ʀɯɳɯ ɫɬɲɧɳɯ ɱɵɹɵɷɵɬ ɵɨʂɾɴɵ ɵɸɺʀɬɸɹɩɲʆɬɹ ɬɫɯɴɸɹɩɬɴɴʂɰ ɺɾɧɸɹɴɯɱ ɸ ɶɵɲɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ ɶɷɯɹɵɳ ɯɳɬʅʀɯɰ ɳɬɴɬɬ ɵɫɴɵɪɵ ɶɷɵɽɬɴ ɹɧ ɩ ɱɧɶɯɹɧɲɬ ɹɧɱɵɪɵ ɶɧɷɹɴɬɷɸɹɩɧ ɩ ɬɪɵ ɷɵɲɯ ɳɵɭɬɹ ɩʂɸɹɺɶɧɹʃ ɯ ʅɷɯ ɫɯɾɬɸɱɵɬ ɲɯɽɵ ɉ ɹɧɱɵɰ ɻɵɷɳɬ ɴɬɷɬɫɱɵ ɵɸɺʀɬɸɹɩɲʆʅɹɸʆ ɩʂɸɵɱɵɷɯ ɸɱɵɩɧɴɴʂɬ jɩɬɴɾɺɷɴʂɬy ɯɴɩɬɸɹɯɽɯɯ ɯ ɸɶɬɱɺɲʆɽɯɯ ɷɧɮɲɯɾɴʂɳɯ ɨɯɷ ɭɬɩʂɳɯ ɧɱɹɯɩɧɳɯ

3. Иные виды корпораций в англо-американском праве

Ɉɲɯɮɱɯɳɯ ɱ ɶɧɷɹɴɬɷɸɹɩɧɳ ɵɷɪɧɴɯɮɧɽɯɵɴɴɵ ɶɷɧɩɵɩʂɳɯ ɻɵɷɳɧɳɯ ɩ ɧɳɬɷɯɱɧɴɸɱɵɳ ɶɷɧɩɬ ʆɩɲʆʅɹɸʆ ɸɵɩɳɬɸɹɴʂɬ ɧɸɸɵɽɯɧɽɯɯ ɯɲɯ ɸɵɩɳɬɸɹ ɴʂɬ ɱɵɳɶɧɴɯɯ ӎ Joint Stock Association, Joint Stock Company ɑɧɱ ɯ ɶɷɵ ɸɹʂɬ ɫɵɪɵɩɵɷɴʂɬ ɹɵɩɧɷɯʀɬɸɹɩɧ ӎ ɸɵɩɳɬɸɹɴʂɬ ɶɷɬɫɶɷɯʆɹɯʆ Joint Venture ɸɵɩɳɬɸɹɴʂɬ ɧɸɸɵɽɯɧɽɯɯ ɻɵɷɳɧɲʃɴɵ ɴɬ ɵɨɲɧɫɧʅɹ ɸɵɨɸɹɩɬɴɴɵɰ ɶɷɧɩɵɸɺɨʁɬɱɹɴɵɸɹʃʅ ɴɵ ɩɵ ɳɴɵɪɯɼ ɶɷɧɩɵɵɹɴɵɿɬɴɯʆɼ ɫɬɰɸɹɩɺʅɹ ɩ ɱɧ ɾɬɸɹɩɬ ʅɷɯɫɯɾɬɸɱɯɼ ɲɯɽ ɧ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɵ ɵɹɫɬɲʃɴʂɼ ɿɹɧɹɵɩ ɶɷɬɫ ɺɸɳɧɹɷɯɩɧɬɹ ɯɼ ɪɵɸɺɫɧɷɸɹɩɬɴɴɺʅ ɷɬɪɯɸɹɷɧɽɯʅ

ɚɶɷɧɩɲɬɴɯɬ ɯɼ ɫɬʆɹɬɲʃɴɵɸɹʃʅ ɵɨʂɾɴɵ ɵɸɺʀɬɸɹɩɲʆɬɹɸʆ ɴɬ ɴɬɶɵ ɸɷɬɫɸɹɩɬɴɴɵ ɯɼ ɺɾɧɸɹɴɯɱɧɳɯ ɧ ɩʂɨɵɷɴʂɳ ɸɵɩɬɹɵɳ ɫɯɷɬɱɹɵɷɵɩ ɯ ɷɺ

ɱɵɩɵɫʆʀɯɳɯ ɸɲɺɭɧʀɯɳɯ o cers ɱɵɹɵɷʂɬ ɶɷɬɫɸɹɧɩɲʆʅɹ ɹɧɱɺʅ ɱɵɳ ɶɧɴɯʅ ɩ ɵɹɴɵɿɬɴɯʆɼ ɸ ɹɷɬɹʃɯɳɯ ɲɯɽɧɳɯ ɲɯɿɧʆ ʄɹɵɰ ɩɵɮɳɵɭɴɵɸɹɯ ɬɬ ɺɾɧɸɹɴɯɱɵɩ ɖɷɯ ʄɹɵɳ ɺɾɧɸɹɴɯɱɯ ɱɵɳɶɧɴɯɯ ɴɬɵɪɷɧɴɯɾɬɴɴɵ ɵɹɩɬɾɧ ʅɹ ɶɵ ɵɨʀɯɳ ɫɵɲɪɧɳ ɯ ɷɧɸɶɷɬɫɬɲʆʅɹ ɳɬɭɫɺ ɸɵɨɵɰ ɬɬ ɶɷɯɨʂɲɯ ɯ ɺɨʂɹ ɱɯ ɶɷɵɶɵɷɽɯɵɴɧɲʃɴɵ ɸɩɵɯɳ ɫɵɲʆɳ ɩɱɲɧɫɧɳ ɋɵɲɯ ɩ ɱɧɶɯɹɧɲɬ ɹɧɱɵɰ

ɘɳ Merkt H., Göthel S.R. 64 BNFSJLBOJTDIFT (FTFMMTDIBGUTSFDIU 4 ӎ

f ɑɵɷɶɵɷɧɽɯɯ ɯ ɶɧɷɹɴɬɷɸɹɩɧ ɩ ɧɴɪɲɵ ɧɳɬɷɯɱɧɴɸɱɵɳ ɶɷɧɩɬ

ɱɵɳɶɧɴɯɯ shares of stock ɩʂɷɧɭɬɴʂ ɸɬɷɹɯɻɯɱɧɹɧɳɯ ɯ ɸɩɵɨɵɫɴɵ ɵɹɾɺ ɭɫɧʅɹɸʆ ɨɬɮ ɸɵɪɲɧɸɯʆ ɫɷɺɪɯɼ ɺɾɧɸɹɴɯɱɵɩ ɉ ɴɧɲɵɪɵɩɵɳ ɵɹɴɵɿɬɴɯɯ ɸɵ ɩɳɬɸɹɴʂɬ ɱɵɳɶɧɴɯɯ ɶɷɯɷɧɩɴɬɴʂ ɱ ɱɵɷɶɵɷɧɽɯʆɳ ɹ ɬ ɯɸɱɲʅɾɧʅɹ ɱɧ ɱɯɬ ɲɯɨɵ ɲʃɪɵɹʂ ɤɹɯɳ ɴɬ ɩ ɶɵɸɲɬɫɴʅʅ ɵɾɬɷɬɫʃ ɵɨɺɸɲɵɩɲɬɴɧ ɴɬɮɴɧɾɯ ɹɬɲʃɴɧʆ ɷɵɲʃ Joint Stock Company ɩ ɸɵɩɷɬɳɬɴɴɵɳ ɧɳɬɷɯɱɧɴɸɱɵɳ ɶɷɧɩɬ

ɕɸɵɨɵɰ ɻɵɷɳɵɰ ɩɬɫɬɴɯʆ ɨɯɮɴɬɸɧ ɩ ɧɴɪɲɵ ɧɳɬɷɯɱɧɴɸɱɵɳ ɶɷɧɩɬ ʆɩ ɲʆɬɹɸʆ ɹɷɧɸɹ ӎ ɹɵɷɪɵɩʂɰ ɹɷɧɸɹ trading trust ɩ ɇɴɪɲɯɯ ɯ ɶɷɬɫɶɷɯɴɯɳɧ ɹɬɲʃɸɱɯɰ ɹɷɧɸɹ business trust ɩ ɘɟɇ ɖɵɸɱɵɲʃɱɺ ɶɵɸɲɬɫɴɯɰ ɶɬɷɩɵɴɧ ɾɧɲʃɴɵ ɷɧɮɩɯɩɧɲɸʆ ɩ ɶɷɧɩɬ ɿɹɧɹɧ ɓɧɸɸɧɾɺɸɬɹɸ ɬɪɵ ɴɬɷɬɫɱɵ ɴɧɮʂɩɧ ʅɹ ɹɧɱɭɬ jɳɧɸɸɧɾɺɸɬɹɸɱɯɳ ɹɷɧɸɹɵɳy Massachusetts Trust ɼɵɹʆ ɹɬɶɬɷʃ ɵɴ ɻɧɱɹɯɾɬɸɱɯ ɯɸɶɵɲʃɮɺɬɹɸʆ ɩ ɨɵɲʃɿɯɴɸɹɩɬ ɧɳɬɷɯɱɧɴɸɱɯɼ ɿɹɧɹɵɩ ɖɵ ɸɩɵɬɰ ʅɷɯɫɯɾɬɸɱɵɰ ɶɷɯɷɵɫɬ ɶɷɬɫɶɷɯɴɯɳɧɹɬɲʃɸɱɯɰ ɹɷɧɸɹ ɨɲɯɮɵɱ ɱ ɶɷɵɸɹɵɳɺ ɹɵɩɧɷɯʀɬɸɹɩɺ ɬɩɷɵɶɬɰɸɱɵɳɺ ɹɵɩɧɷɯʀɬɸɹɩɺ ɪɷɧɭɫɧɴɸɱɵɪɵ ɶɷɧɩɧ ɯɨɵ ɴɬ ɵɨɲɧɫɧɬɹ ɴɯɱɧɱɵɰ ɸɧɳɵɸɹɵʆɹɬɲʃɴɵɰ ɶɷɧɩɵɸɺɨʁɬɱɹɴɵɸɹʃʅ ɲɯɿʃ ɸ ɹɵɾɱɯ ɮɷɬɴɯʆ ɴɧɲɵɪɵɵɨɲɵɭɬɴɯʆ ɵɴ ɶɷɯɷɧɩɴɯɩɧɬɹɸʆ ɱ ɱɵɷɶɵɷɧ ɽɯɯ ɉ ɵɹɲɯɾɯɬ ɵɹ ʄɹɵɪɵ ɧɴɪɲɯɰɸɱɯɰ trading trust ɵɨɲɧɫɧɬɹ ɸɵɨɸɹɩɬɴɴɵɰ ɶɷɧɩɵɸɺɨʁɬɱɹɴɵɸɹʃʅ ɴɧɶɵɳɯɴɧʅʀɬɰ ɶɷɧɩɵɸɺɨʁɬɱɹɴɵɸɹʃ ɬɩɷɵɶɬɰɸɱɯɼ ɹɵɩɧɷɯʀɬɸɹɩ ɹɵɷɪɵɩɵɪɵ ɶɷɧɩɧ ɴɧɶɷɯɳɬɷ ɱ ɴɬɳɺ ɳɵɭɬɹ ɨʂɹʃ ɶɷɬɫʁʆɩ ɲɬɴ ɸɺɫɬɨɴʂɰ ɯɸɱ ɧ ɯɴɩɬɸɹɯɽɯɵɴɴʂɬ ɹɷɧɸɹʂ investment trusts ɵɸɺ ʀɬɸɹɩɲʆʅʀɯɬ ɫɵɩɬɷɯɹɬɲʃɴɵɬ ɺɶɷɧɩɲɬɴɯɬ ɻɯɴɧɴɸɵɩʂɳɯ ɯɴɸɹɷɺɳɬɴɹɧ ɳɯ ɸɧɳɵɸɹɵʆɹɬɲʃɴɵ ɷɬɪɯɸɹɷɯɷɺʅɹɸʆ ɴɧ ɒɵɴɫɵɴɸɱɵɰ ɻɵɴɫɵɩɵɰ ɨɯɷɭɬ

ɇɳɬɷɯɱɧɴɸɱɯɰ ɶɷɬɫɶɷɯɴɯɳɧɹɬɲʃɸɱɯɰ ɹɷɧɸɹ ɸɵɮɫɧɬɹɸʆ ɩ ɶɷɯɴɽɯɶɬ ɨɬɸɸɷɵɾɴɵ ɴɧ ɵɸɴɵɩɬ ɶɯɸʃɳɬɴɴɵɰ ɫɬɱɲɧɷɧɽɯɯ declaration of trust ɯɲɯ ɸɵɪɲɧɿɬɴɯʆ trust agreement ɱɵɹɵɷʂɬ ɯ ɵɶɷɬɫɬɲʆʅɹ ɩɸɬ ɶɷɧɩɧ ɯ ɵɨʆ ɮɧɴɴɵɸɹɯ ɬɪɵ ɺɾɧɸɹɴɯɱɵɩ ɉ ɴɬɱɵɹɵɷʂɼ ɿɹɧɹɧɼ ɫɲʆ ɸɵɮɫɧɴɯʆ ɶɷɬɫɶɷɯ ɴɯɳɧɹɬɲʃɸɱɵɪɵ ɹɷɧɸɹɧ ɹɷɬɨɺɬɹɸʆ ɹɧɱɭɬ ɺɾɷɬɫɯɹɬɲʃɴʂɰ ɫɵɱɺɳɬɴɹ ӎ ɸɬɷ ɹɯɻɯɱɧɹ ɹɷɧɸɹɧ certificate of trust Ɍɪɵ ɸɲɬɫɺɬɹ ɵɹɲɯɾɧɹʃ ɵɹ ɸɬɷɹɯɻɯɱɧ ɹɧ ɺɾɧɸɹɯʆ ɱɵɹɵɷʂɰ ɺɫɵɸɹɵɩɬɷʆɬɹ ɫɵɲʅ ɨɬɴɬɻɯɽɯɧɷɧ ɩ ɴɧɼɵɫʆʀɬɳɸʆ ɩ ɹɷɧɸɹɬ ɯɳɺʀɬɸɹɩɬ ɯ ɸɩɵɨɵɫɴɵ ɵɹɾɺɭɫɧɬɹɸʆ ɹɷɬɹʃɯɳ ɲɯɽɧɳ

ɉɸɬ ɫɬɲɧ ɶɷɬɫɶɷɯɴɯɳɧɹɬɲʃɸɱɵɪɵ ɹɷɧɸɹɧ ɩɬɫɺɹ ɬɪɵ ɫɵɩɬɷɯɹɬɲʃɴʂɬ ɺɶɷɧɩɲʆʅʀɯɬ ӎ ɹɷɧɸɹɯ trustee ɱɵɹɵɷʂɬ ɻɵɷɳɧɲʃɴɵ ɴɬɸɺɹ ɴɬɵɪɷɧɴɯ ɾɬɴɴɺʅ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃ ɶɵ ɵɨʀɯɳ ɫɵɲɪɧɳ ɛɧɱɹɯɾɬɸɱɯ ɵɫɴɧɱɵ ɯɼ ɵɹ

ɩɬɹɸɹɩɬɴɴɵɸɹʃ ɵɪɷɧɴɯɾɯɩɧɬɹɸʆ ɷɧɮɳɬɷɵɳ ɶɬɷɬɫɧɴɴɵɪɵ ɩ ɹɷɧɸɹ ɯɳɺʀɬ ɸɹɩɧ ɯɨɵ ɵɴɯ ɵɹɩɬɾɧʅɹ ɶɬɷɬɫ ɹɷɬɹʃɯɳɯ ɲɯɽɧɳɯ ɹɵɲʃɱɵ ɱɧɱ jɯɸɶɵɲ ɴʆʅʀɯɬ ɻɺɴɱɽɯɯ ɹɷɧɸɹɯy ɧ ɴɬ ɩ ɲɯɾɴɵɳ ɱɧɾɬɸɹɩɬ ɚɾɷɬɫɯɹɬɲɯ ɹɧɱɵɪɵ ɹɷɧɸɹɧ ɯ ɨɬɴɬɻɯɽɯɧɷʂ ɴɬ ɺɾɧɸɹɩɺʅɹ ɩ ɺɶɷɧɩɲɬɴɯɯ ɬɪɵ ɫɬɲɧɳɯ ɯ ɶɵɹɵɳɺ ɯɼ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃ ɶɬɷɬɫ ɹɷɬɹʃɯɳɯ ɲɯɽɧɳɯ ɹɧɱɭɬ ɵɪɷɧɴɯɾɬɴɧ ɷɧɮɳɬ ɷɧɳɯ ɯɼ ɩɱɲɧɫɵɩ ɩ ɯɳɺʀɬɸɹɩɵ ɹɷɧɸɹɧ ɕɫɴɧɱɵ ɩ ɸɲɺɾɧɬ ɬɸɲɯ ɵɴɯ ɶɷɯ

Ɋɲɧɩɧ ɉɯɫʂ ɱɵɷɶɵɷɧɽɯɰ

ɴɯɳɧʅɹ ɺɾɧɸɹɯɬ ɩ ɩɬɫɬɴɯɯ ɵɨʀɯɼ ɫɬɲ ɯɼ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃ ɸɹɧɴɵɩɯɹ ɸʆ ɴɬɵɪɷɧɴɯɾɬɴɴɵɰ ɯ ɷɧɸɶɷɵɸɹɷɧɴʆɬɹɸʆ ɴɧ ɩɸɬ ɯɼ ɲɯɾɴɵɬ ɯɳɺʀɬɸɹɩɵ əɧɱɯɳ ɵɨɷɧɮɵɳ ɧɴɪɲɵ ɧɳɬɷɯɱɧɴɸɱɵɬ ɱɵɷɶɵɷɧɹɯɩɴɵɬ ɶɷɧɩɵ ɻɧɱ ɹɯɾɬɸɱɯ ɶɷɯɮɴɧɬɹ ɸɩɵɯɳɯ ɸɺɨʁɬɱɹɧɳɯ ɴɬ ɹɵɲʃɱɵ ʅɷɯɫɯɾɬɸɱɯɬ ɲɯɽɧ ӎ ɱɵɷɶɵɷɧɽɯɯ ɴɵ ɯ ɴɧɮɩɧɴɴʂɬ ɩʂɿɬ ɷɧɮɴɵɩɯɫɴɵɸɹɯ ɹɷɧɸɹɵɩ ɧ ɹɧɱɭɬ ɸɵɩɳɬɸɹɴʂɬ ɱɵɳɶɧɴɯɯ ʆɩɲʆʅʀɯɬɸʆ ɴɬɶɷɧɩɵɸɺɨʁɬɱɹɴʂɳɯ ɯɲɯ jɶɵɲɺ ɶɷɧɩɵɸɺɨʁɬɱɹɴʂɳɯy ɵɨɷɧɮɵɩɧɴɯʆɳɯ ɤɹɵ ɵɾɬɩɯɫɴɵ ɴɧɶɵɳɯɴɧɬɹ ɬɩ ɷɵɶɬɰɸɱɵɬ ɱɵɴɹɯɴɬɴɹɧɲʃɴɵɬ ɱɵɷɶɵɷɧɹɯɩɴɵɬ ɶɷɧɩɵ ɸ ɬɪɵ jɶɵɲɺɶɷɧɩɵ ɸɺɨʁɬɱɹɴʂɳɯy ɹɵɩɧɷɯʀɬɸɹɩɧɳɯ ɹɵɷɪɵɩɵɪɵ ɶɷɧɩɧ ɯ ɲɯɿɬɴɴʂɳɯ ɶɷɧɩɵ

ɸɺɨʁɬɱɹɴɵɸɹɯ ɹɵɩɧɷɯʀɬɸɹɩɧɳɯ ɪɷɧɭɫɧɴɸɱɵɪɵ ɶɷɧɩɧ ɇɴɪɲɵ ɧɳɬɷɯɱɧɴɸɱɵɬ ɱɵɷɶɵɷɧɹɯɩɴɵɬ ɶɷɧɩɵ ɻɵɷɳɧɲʃɴɵ ɴɬ ɶɷɯɮɴɧɬɹ

ɸɳɬɿɧɴɴʂɼ ɻɵɷɳ ɱɵɷɶɵɷɧɽɯɰ ɵɫɴɧɱɵ ɻɧɱɹɯɾɬɸɱɯ ɹɧɱɯɬ ɻɵɷɳʂ ɩ ɴɧ ɸɹɵʆʀɬɬ ɩɷɬɳʆ ɯɳɬʅɹɸʆ ɯ ɮɫɬɸʃ ɏɼ ʆɷɱɯɳ ɶɷɯɳɬɷɵɳ ɸɹɧɲɵ ɶɵʆɩɯɩ ɿɬɬɸʆ ɩ ɧɳɬɷɯɱɧɴɸɱɵɳ ɶɷɧɩɬ ɸ ɪ ɧ ɩ ɧɴɪɲɯɰɸɱɵɳ ɶɷɧɩɬ ӎ ɸ ɪ ɮɧɷɬɪɯɸɹɷɯɷɵɩɧɴɴɵɬ ɶɧɷɹɴɬɷɸɹɩɵ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ registered limited liability partnership ɴɬɷɬɫɱɵ ɴɧɮʂɩɧɬɳɵɬ ɶɷɵɸɹɵ ɶɧɷɹ ɴɬɷɸɹɩɵɳ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ limited liability partnership, LLP ɕɴɵ ɿɯɷɵɱɵ ɯɸɶɵɲʃɮɺɬɹɸʆ ɫɲʆ ɲɯɽ ɸɩɵɨɵɫɴʂɼ ɶɷɵɻɬɸɸɯɰ ɩ ɹɵɳ ɾɯɸɲɬ ɧɫɩɵɱɧɹɵɩ ɩɷɧɾɬɰ ɧɺɫɯɹɵɷɵɩ

LLP ɶɵɫɲɬɭɯɹ ɪɵɸɺɫɧɷɸɹɩɬɴɴɵɰ ɷɬɪɯɸɹɷɧɽɯɯ ɯ ɵɨɲɧɫɧɬɹ ɸɧɳɵɸɹɵʆ ɹɬɲʃɴɵɰ ɶɷɧɩɵɸɺɨʁɬɱɹɴɵɸɹʃʅ ɑɷɵɳɬ ɹɵɪɵ ɩ ɵɹɲɯɾɯɬ ɵɹ ɵɨʂɾɴɵɪɵ ɶɧɷɹ ɴɬɷɸɹɩɧ ɹɵɩɧɷɯʀɬɸɹɩɧ ɺɾɧɸɹɴɯɱɯ LLP ɴɬ ɴɬɸɺɹ ɲɯɾɴɵɰ ɯɳɺʀɬɸɹɩɬɴ ɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹɯ ɮɧ ɫɬɰɸɹɩɯʆ ɫɷɺɪɯɼ ɶɧɷɹɴɬɷɵɩ ɴɵ ɸɵɼɷɧɴʆʅɹ ɸɵɲɯ ɫɧɷɴɺʅ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃ ɶɵ ɵɨʀɯɳ ɫɵɪɵɩɵɷɴʂɳ ɵɨʆɮɧɹɬɲʃɸɹɩɧɳ ɉ ʄɹɵɳ ɸɳʂɸɲɬ ɸɹɧɹɺɸ ɹɧɱɵɪɵ ɶɧɷɹɴɬɷɸɹɩɧ ɨɲɯɮɵɱ ɱ ɸɹɧɹɺɸɺ limited partnership ɴɧɶɵɳɯɴɧʅʀɬɪɵ ɬɩɷɵɶɬɰɸɱɺʅ ɱɵɳɳɧɴɫɯɹɺ ɵɫɴɧɱɵ ɮɫɬɸʃ ɵɹɸɺɹɸɹɩɺʅɹ ɴɬɸɺʀɯɬ ɶɵɲɴɺʅ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃ general partner ӎ ɧɴɧɲɵɪ ɬɩɷɵɶɬɰɸɱɯɼ ɱɵɳɶɲɬɳɬɴɹɧɷɯɬɩ ɖɵʄɹɵɳɺ ɸ ɬɩɷɵɶɬɰɸɱɵɰ ɹɵɾɱɯ ɮɷɬɴɯʆ LLP ɶɷɬɫɸɹɧɩ ɲʆɬɹ ɸɵɨɵɰ ɴɬɱɯɰ ɪɯɨɷɯɫ ɶɧɷɹɴɬɷɸɹɩɧ ɹɵɩɧɷɯʀɬɸɹɩɧ ɯ ɱɵɷɶɵɷɧɽɯɯ ɵɨʀɬɸɹɩɧ ӎ ɵɨʁɬɫɯɴɬɴɯʆ ɱɧɶɯɹɧɲɵɩ Ɍɪɵ ɷɧɸɶɷɵɸɹɷɧɴɬɴɯɬ ɩ ɮɴɧɾɯ ɹɬɲʃɴɵɰ ɳɬɷɬ ɵɨɺɸɲɵɩɲɬɴɵ ɹɬɳ ɾɹɵ ɹɧɱɯɬ ɶɧɷɹɴɬɷɸɹɩɧ ɶɵɫɵɨɴɵ ɬɩɷɵ ɶɬɰɸɱɯɳ ɹɵɩɧɷɯʀɬɸɹɩɧɳ ɶɷɯɵɨɷɬɹɧʅɹ ɴɧɲɵɪɵɩʂɬ ɲʃɪɵɹʂ

ɖɷɯ ʄɹɵɳ ɮɧɱɵɴʂ ɵɹɫɬɲʃɴʂɼ ɿɹɧɹɵɩ ɶɵ ɷɧɮɴɵɳɺ ɷɬɪɺɲɯɷɺʅɹ ɵɪɷɧ ɴɯɾɬɴɯɬ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹɯ ɺɾɧɸɹɴɯɱɵɩ ɶɧɷɹɴɬɷɸɹɩɧ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹ ɩɬɹɸɹɩɬɴɴɵɸɹʃʅ LLP ɖɬɷɩɵɴɧɾɧɲʃɴɵ ɨʂɲɧ ɯɸɱɲʅɾɬɴɧ ɹɵɲʃɱɵ ɵɹɩɬɹ ɸɹɩɬɴɴɵɸɹʃ ɶɧɷɹɴɬɷɧ ɶɵ ɹɷɬɨɵɩɧɴɯʆɳ ɹɷɬɹʃɯɼ ɲɯɽ ɵɸɴɵɩɧɴɴʂɳ ɴɧ ɶɷɯ ɾɯɴɬɴɯɯ ɯɳ ɺɨʂɹɱɵɩ ɫɬɰɸɹɩɯʆɳɯ ɫɷɺɪɯɼ ɶɧɷɹɴɬɷɵɩ ɹ ɬ ɸɵɲɯɫɧɷɴɧʆ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃ ɶɵ ɫɵɲɪɧɳ ɩʂɮɩɧɴɴʂɳ ɫɬɲɯɱɹɧɳɯ ɫɷɺɪɯɼ ɺɾɧɸɹɴɯɱɵɩ