Status of LLC Shareholder and Forms of Obtaining It (Comparative-legal Analysis)

Abstract

The status of the LLC shareholder characterizes the legal status of the shareholder, its legal relationship with other shareholders, the LLC itself, management of the LLC, and third parties. Although the legal status of LLC shareholder (its rights and obligations) is prescribed under Georgian law, issues related to its definition are still relevant, as Georgian legislation is limited to general regulation only, and Georgian case law and legal literature are also characterized by the scarcity of consideration of shareholder status. The purpose of this article is to use comparative legal analysis to determine the essence of the status of the LLC shareholder, the grounds for its origin, and legal consequences. The article analyzes the concept of the status of the LLC shareholder, subjects of the status of the LLC shareholder, LLC share concept, the rights, and obligations connected to the status of the LLC shareholder, forms of receiving the status of the LLC shareholder and its period. Since the regulatory norms of Georgian LLC are the institute of logical synthesis created as a result of the reception of the norms of German law and the norms of US law, the article mainly provides a comparative analysis of the Georgian and German legal norms on the status of the LLC shareholder, as well as, to some extent, the US regulations.