THE COMPARISON OF LLC, JOINT-STOCK COMPANY AND COOPERATIVES This section of report identifies the differences between Limited Liability Company, Company and Cooperatives. The detailed analysis has been proposed based on Articles 95-121 of the Civil Code of the Republic of Armenia. The Table 11 compares the Limited Liability Company, Joint-Stock Company and Cooperatives. Table 11. The comparison of LLC, Joint-Stock Company and Cooperatives Limited liability company JOINT-STOCK cooperatives COMPANY Article 95. Article 106. Article 117. 1. A limited liability 1. A joint-stock company is a A cooperative is a voluntary company is a company company whose charter amalgamation based on the founded by one or several capital is divided into defined membership of citizens and persons, the charter capital of number of shares of stock. legal persons and is intended which is divided into 2. The issuance of shares of to satisfy the financial and ownership shares of amounts stock is the exclusive right of other needs of the determined by the charter. joint-stock companies participants. The participants in a limited 3. The participants or the The property of cooperative liability company are not stockholders of a joint-stock is based on the combined liable for its obligations; they company are not liable for its property participatory share bear the risk of losses obligations and bear the risk contributions made by connected with the activity of of losses only within the members. the company within the limits of the value of the limits of the value of the shares of stock belonging to contributions made by them. them. 4. One person may create the joint-stock company or it may consist of one person if all the shares of stock of the company are acquired by that person. This information should be contained in the charter of the company, be registered, and be published for general information. Meantime, the business company consisting of one person may not be a sole participant in a joint-stock company. Article 107. 1. Open joint-stock company is a joint-stock company
THE COMPARISON OF LLC, JOINT-STOCK COMPANY AND COOPERATIVES This section of report identifies the differences between Limited Liability Company, Company and Cooperatives. The detailed analysis has been proposed based on Articles 95-121 of the Civil Code of the Republic of Armenia. The Table 11 compares the Limited Liability Company, Joint-Stock Company and Cooperatives. Table 11. The comparison of LLC, Joint-Stock Company and Cooperatives Limited liability company JOINT-STOCK COMPANY cooperatives Article 95. 1. A limited liability company is a company founded by one or several persons, the charter capital of which is divided into ownership shares of amounts determined by the charter. The participants in a limited liability company are not liable for its obligations; they bear the risk of losses connected with the activity of the company within the limits of the value of the contributions made by them. Article 106. 1. A joint-stock company is a company whose charter capital is divided into defined number of shares of stock. 2. The issuance of shares of stock is the exclusive right of joint-stock companies 3. The participants or the stockholders of a joint-stock company are not liable for its obligations and bear the risk of losses only within the limits of the value of the shares of stock belonging to them. 4. One person may create the joint-stock company or it may consist of one person if all the shares of stock of the company are acquired by that person. This information should be contained in the charter of the company, be registered, and be published for general information. Meantime, the business company consisting of one person may not be a sole participant in a joint-stock company. Article 107. 1. Open joint-stock company is a joint-stock company Article 117. A cooperative is a voluntary amalgamation based on the membership of citizens and legal persons and is intended to satisfy the financial and other needs of the participants. The property of cooperative is based on the combined property participatory share contributions made by members.
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