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Legal System Change on Business Establishment and Management in Digital Era

디지털시대에 있어서 창업경영에 관한 법제도의 변화

  • 송인방 (충남대학교 법과대학 기금부)
  • Received : 2013.01.15
  • Accepted : 2013.03.20
  • Published : 2013.03.31

Abstract

In Korea, middle and small-sized company takes up an absolute majority of all businesses, and most of them are founded as a limited company. Yet, it is a type of business that fits a company of certain size, and its establishment process is complicated due to various reasons such as investor protection. It is also required to have strict organization structure based on the principle of separation of ownership and management. Accordingly, as the principles may undermine entrepreneur's will to start business, there has been dramatic change in legal system on business establishment and management since 2010. The changes include streamlined process at the foundation stage and digitalization of many regulations on business establishment and operation for more convenience in starting business. Also, new business types for small-sized companies were adopted, and freedom to select business name has been enhanced. The issue of non-par value stock has been allowed, and various types of stock have been adopted for more convenient financing, defense against hostile M&A, and easier business succession.

Keywords

Small-sized company;Establishment process;Change in legal system;Convenient financing;M&A