Legal Imperatives Regarding on Single Member Company (Legal Field Required for Adoption of Single Member Company in Iranian Law)

Document Type : Research Article

Authors

1 Associate Professor, Faculty of Law, College of Farabi, University of Tehran, Qom, Iran

2 PhD, Faculty of Law, College of Farabi, University of Tehran, Qom, Iran

Abstract

Analysis the legal nature of company as an entity composed of contractual and institutional components, leads to the view that at least two persons are required to form any company under Iranian law. This type of company (single member company has been accepted in European and American Countries for several years. Establishment of such company can be effective for organization of commercial activities of commercials who are not keen to have partnership with others. In this article, the required legal basis for effective function of such company has been analyzed. Furthermore, with regard to lack of theoretical and legal barriers in official acceptance of such company, we examine the legal requirements for establishment of such company under Iranian law.   The legal capacity of ‘maintenance of capital theory’ in this purpose and its relation with ‘limited liability theory’ and ‘piercing of the veil doctrine’ is to be considered. In addition, possibility of such company’s establishment in form of Limited Liability and Private Joint Stock has been examined in Commercial Code amendments.   

Keywords

References

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Acts and Regulations

23. Companies (single member privet limited companies) Act 1992.

24. Directive 2009/102/EC of the Europia Parliament and of the Council of 16 September 2009 in the Area of Company Law on Single-Member Private Limited Liability Companies.

25. Document A/RES/64/136 - Official Document - United Nations.

26. England Company Act 2006.

27. Federal Law Gazette I 721, Italian Decree 88 of 3.3, French Law 66-537

28. Federal Law (Gazette I 721), The Law of 14 July 1987 modified Art.

29. French Commercial Cod.march 2006.

30. Germany Act on Limited Liability Companies, April 1892 (Legal Gazette 477), last amended in May 1989.

31. Twelfth Council Company Law Directive 89/667/EEC Of 21 1989 On Single-Member,Private Limited Liability Companies.

Private Law
Volume 16, Issue 1
Spring & Summer
April 2019
Pages 43-65

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