One-person limited liability companies will soon become legal under amendments to China's Corporate Law, a legal expert drawing up the new legislation has said. Zhao Xudong, a member of the experts' panel for the amendment of the Corporate Law, said the revised draft of the law would be submitted to the National People's Congress before the end of the year. Under the current law a limited liability company must consist of no less than two natural or legal persons as shareholders ï¿½ individuals wanting to set up a one-person company are bound to infinite liability, meaning there personal property may be used to pay debts if the assets of their business cannot cover them.
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