| Summary: | 61 RIGHTS AND DUTIES OF MEMBERS OF A LIMITED LIABILITY COMPANY The limited liability company is the most popular form of business organizations. The popularity can be found especially in the simplicity of its foundation and in the following not too formalized management of the company (main advantages when compared with the joint stock company). The regulation of rights and duties of members in the Commercial Code is only a partial regulation in the relation towards the regulation of the whole limited liability company. Nevertheless, this regulation, and this is absolutely logical, merges with the regulation of other institutions for the most part and without the knowledge of the other parts it may not be comprehended in the correct way. And so the particular right or duty will usually tell us nothing about the particular position of the member in the company. That is why it is necessary to comprehend all rights and duties in mutual relations. In my work I concentrated on the analysis of the position of the member of a limited liability company which is mostly created by particular rights and duties. Obviously, I focused more on the most basic rights (the right to share the profit, the right to participate in managing the company) and the most basic duties (the duty to pay off the contribution to the...
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