The significance of limited liability in Ecuador
DOI:
https://doi.org/10.18272/ulr.v11i2.3358Keywords:
Limited liability, companies’ law, legal personality, separate patrimony, corporate lawAbstract
The principle of limited liability, while essential in the corporate realm, has been insufficiently examined within the Ecuadorian legal framework. Since the enactment of the first Companies Law in 1964, this principle has played a significant role in Ecuador. This article focuses on analyzing the nature of limited liability, its historical evolution, and its importance in the Ecuadorian context. Furthermore, it highlights the distinction between this principle and the separation of legal personality, assessing its relevance in the recent reform of the Companies Law.
The research adopts a qualitative, exploratory, and deductive approach, drawing on both primary and secondary sources. On a global scale, limited liability dictates that partners or shareholders of an entity are only responsible for obligations up to the amount of their contributions. Understanding its historical development and its differentiation from legal personality is essential to comprehending its role in modern corporate practices and its influence on the Amendment to the Company Law for Optimization, Business Promotion, and Enhancement of Corporate Governance.
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