Formulate the guiding elements and draft the rules that would help to introduce single member companies in Ethiopia
(Sprache: Englisch)
Since Liechtenstein, as the first country in the world, acknowledged the legal position of Single Member Liability Companies by statute law, this type of company has been legally recognized in an increasing number of countries. But in practice, England is...
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Since Liechtenstein, as the first country in the world, acknowledged the legal position of Single Member Liability Companies by statute law, this type of company has been legally recognized in an increasing number of countries. But in practice, England is the first country which paved the way to one man company practice with the Solomon case. Single Member Company emerged and developed rapidly in recent years, for the reason of their strong economic, political and legal theoretical basis. As a result, we can dig into their emergence and development from a social and historical point of view. It is helpful to encourage investment, develop economy and facilitate employment, and more freedom to the owner of the company. When compared with ordinary types of companies, Single Member Companies' legal character lies in the singularity of shareholder and the particularity of its corporate governance structure. Thus it increases the possibility for the single shareholder to abuse the rights and damage the interests of companies' creditors and tax authority. In order to protect the company's creditors, it is necessary to regulate single member company strictly and set up integrated creditors protection rules. Therefore, the legal status for Single Person Companies should be authorized and as well positively standardized in order to seek advantages and avoid disadvantages. Ethiopia has suitable conditions when we analyse the factual situation of a country to introduce and to benefit from the advantage of one man companies.
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Text sample:Chapter two:
Basic factors for upcoming of one Man Company in general and Basis of legal regime:
2.1. Basic factors for upcoming of one man company in Ethiopia:
The factual situation of the country palatable/suitable condition for introduction one man company since the people want to work alone in small business because the people has individualistic mentality (i.e. kewisk mentality or jabelo mentality) since the desire of the people in business is individualistic in nature not collective stand in mega corporation. This is because of the fear of being cheat and also the business people need limited liability (they fear risk).
Therefore, individualistic nature of Ethiopian people can be ground for introduction of one Man Company because the introduction has advantage of corporate existences and limited corporate liability.
Many entrepreneurs are "refugees" from the large corporate world (not common in Ethiopia), while others choose to be self-employed in a "one-person company" as a change from a traditional-based small business with employees and increased management responsibilities. Being unemployed after another wave of outsourcing to Ethiopia can also trigger the desire in people to become self-employed and especially to stay a "one-person company" if the law allows single member company in Ethiopia. Especially the political games played in larger corporations increase the desire to completely get away from the same. Being flexible and able to implement decisions without having to worry about the "internal political players" is a driving force to work alone. our people does not want to engage in company politics in addition to fear of loss on their investment that why the prefer sole proprietorships (which is heights in number since people does not want to invest their money to gather in huge corporation rather they prefer sole entrepreneurship or small business alone).
2.2. Legal regime for one Man Company:
The FDRE constitution provided
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that "every Ethiopian has the right to engage freely in economic activity and to pursue a livelihood..." at basis of this article the economic activities in include all forms of business activities; hence, one man company is one form of business activities. Due to this, an individual has constitutional base to engage freely in one Man Company to pursue a livelihood and 'an individual has right to ownership of the private property' in the form of business activities like by establishing one man company since it is one form of private ownership of property. Therefore, the FDRE constitution allows the formation of one man company since it is one form of economic activities or business activities. But, there is no recognition of one Man Company in the commercial cod of Ethiopia.
However, Article 510 of the Draft stipulates that there can be a single-member private limited company. But no additional rules are provided as to how the concept can be integrated in this part of the Code. Based on a study on the ramifications and implications of introducing such a company, additional rules need to be incorporated.
So, same may wonder why anyone would choose to register as a sole proprietary company rather than as a single proprietorship. Well, there are some real advantages to being registered as a sole shareholder/director company. Some of the reasons people choose one man company over a proprietorship are:
Legal personality of company:-Once a company is registered with the ASIC and a CAN (commercial registrar in Ethiopia) has been is issued, the company becomes a legal entity with a personality that is independent and separate from ist shareholder.
This distinct personality has important legal effects: A single member company can enter into contracts in ist own name and it can also sue, and be sued. When a one man company is in debt, the money owed does not automatically become the debt of the shareholder. As a result, a civil lawsuit for the collection of a sum of money ag
However, Article 510 of the Draft stipulates that there can be a single-member private limited company. But no additional rules are provided as to how the concept can be integrated in this part of the Code. Based on a study on the ramifications and implications of introducing such a company, additional rules need to be incorporated.
So, same may wonder why anyone would choose to register as a sole proprietary company rather than as a single proprietorship. Well, there are some real advantages to being registered as a sole shareholder/director company. Some of the reasons people choose one man company over a proprietorship are:
Legal personality of company:-Once a company is registered with the ASIC and a CAN (commercial registrar in Ethiopia) has been is issued, the company becomes a legal entity with a personality that is independent and separate from ist shareholder.
This distinct personality has important legal effects: A single member company can enter into contracts in ist own name and it can also sue, and be sued. When a one man company is in debt, the money owed does not automatically become the debt of the shareholder. As a result, a civil lawsuit for the collection of a sum of money ag
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Autoren-Porträt von Ermias Birhanu Alaro
Ermias Birhanu Alaro has a LL.B in Laws From University Of Gonder (UoG) and a LL.M In Commercial and Investment Laws from Jimma University (JU) in College Of Law And Governance. Moreover, he has a Higher Diploma Program (HDP) from Dilla University (DU) and a Post graduates Certificate from Justice Organ Professional Training and Research Center (JOTIC). He has five-year work experience and currently, he is lecturer and researcher In DU Law School in the area of economic laws and investment laws.
Bibliographische Angaben
- Autor: Ermias Birhanu Alaro
- 2016, 56 Seiten, Masse: 15,5 x 22 cm, Kartoniert (TB), Englisch
- Verlag: Anchor Academic Publishing
- ISBN-10: 3954894491
- ISBN-13: 9783954894499
Sprache:
Englisch
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