Practice

Corporate

What we do:

  • We provide legal services on a broad spectrum of corporate matters, including but not limited to providing guidelines for Korean company’s operation of board of directors and shareholders’ meeting, negotiating and drafting commercial contracts as well as corporate management documents, protecting minority shareholders’ interests, advising on cross-border corporate activities, and representing a company in commercial litigations.

Brief Overview of
Corporate Matters
in Korea

Operation of a company

  • The Korean Commercial Act requires certain procedures to take in order to make valid resolutions through the Shareholders’ meeting or the Board of Directors meeting
  • The Korean Commercial Act also regulates the rights and liabilities of shareholders and board members. Meanwhile, the ways to protect shareholders’ interests by cancelling or nullifying company’s resolutions are regulated under the Korean Commercial Act in order to stop reckless management by the board members.

Commercial Contracts

  • In order to invest in a Korean company, contracts for purchasing shares and/or bonds are required, i.e., Share/Bond Purchase Agreement, Share Subscription Agreement, Shareholders’ agreement, etc.
  • Company needs to execute the following business contracts with other commercial entities: Distribution Agreement, License Agreement, ODM Agreement, OEM Agreement, Loan Agreement, Asset Purchase Agreement, etc.
  • The Korean Commercial Act provides special provisions for commercial entities and regulates the procedure to validate each contract depending on the character of each commercial transaction.

Commercial Litigation

  • Company’s litigation against its customers: monetary claim against its customers based on account receivables.
  • Company’s litigation against its shareholders or directors: Suspension of Performance of Duties and Appointment of Acting Directors, Representative Suits by Shareholders, Lawsuit for Revocation of Resolutions, Lawsuit Seeking Confirmation of Non-Validity or Non-Existence of Resolution, Removing or appointing directors.