On Share Repurchase in Limited Liability Companies

The Company Law has explicitly stipulated the scope of share repurchase in stock companies,but as to limited liability companies,there is no corresponding regulations;besides,judicial practice and legal theories have not reached consensus on this issue.The feature of personal bond in limited liability companies generates a particular need for share repurchase.From the perspective of comparative law,many countries have lessened regulation on share repurchase,especially for limited liability companies.So our country should follow the same trend.To ensure fairness among shareholders,protect interest of creditors and justice of corporate governance,a series of pertinent rules should be formulated on procedures,source of finance,and sanctions for violation.