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class="vector-toc-link" href="#Auditing_and_reporting"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Auditing and reporting</span> </div> </a> <ul id="toc-Auditing_and_reporting-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Officers" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Officers"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3</span> <span>Officers</span> </div> </a> <ul id="toc-Officers-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Other_legal_issues" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Other_legal_issues"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Other legal issues</span> </div> </a> <button aria-controls="toc-Other_legal_issues-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon 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class="vector-toc-numb">6</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Footnotes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Footnotes"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Footnotes</span> </div> </a> <ul id="toc-Footnotes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><i>Kabushiki gaisha</i></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 28 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-28" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">28 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D9%83%D8%A7%D8%A8%D9%88%D8%B4%D9%8A%D9%83%D9%8A_%D8%BA%D9%8A%D8%B4%D8%A7" title="كابوشيكي غيشا – Arabic" lang="ar" hreflang="ar" data-title="كابوشيكي غيشا" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-ast mw-list-item"><a href="https://ast.wikipedia.org/wiki/Kabushiki_gaisha" title="Kabushiki gaisha – Asturian" lang="ast" hreflang="ast" data-title="Kabushiki gaisha" data-language-autonym="Asturianu" data-language-local-name="Asturian" class="interlanguage-link-target"><span>Asturianu</span></a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/Tu-sek_h%C5%8De-si%C4%81_(Ji%CC%8Dt-p%C3%BAn)" title="Tu-sek hōe-siā (Ji̍t-pún) – Minnan" lang="nan" hreflang="nan" data-title="Tu-sek hōe-siā (Ji̍t-pún)" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target"><span>閩南語 / Bân-lâm-gú</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%9A%D0%B0%D0%B1%D1%83%D1%88%D0%B8%D0%BA%D0%B8_%D0%B3%D0%B0%D0%B9%D1%88%D0%B0" title="Кабушики гайша – Bulgarian" lang="bg" hreflang="bg" data-title="Кабушики гайша" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Kabu%C5%A1iki_gai%C5%A1a" title="Kabušiki gaiša – Czech" lang="cs" hreflang="cs" data-title="Kabušiki gaiša" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Kabushiki_kaisha" title="Kabushiki kaisha – Danish" lang="da" hreflang="da" data-title="Kabushiki kaisha" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Kabushiki-gaisha" title="Kabushiki-gaisha – German" lang="de" hreflang="de" data-title="Kabushiki-gaisha" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Kabushiki_gaisha" title="Kabushiki gaisha – Spanish" lang="es" hreflang="es" data-title="Kabushiki gaisha" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%DA%A9%D8%A7%D8%A8%D9%88%D8%B4%DB%8C%DA%A9%DB%8C_%DA%AF%D8%A7%DB%8C%D8%B4%D8%A7" title="کابوشیکی گایشا – Persian" lang="fa" hreflang="fa" data-title="کابوشیکی گایشا" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Kabushiki_gaisha" title="Kabushiki gaisha – French" lang="fr" hreflang="fr" data-title="Kabushiki gaisha" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%A3%BC%EC%8B%9D%ED%9A%8C%EC%82%AC_(%EC%9D%BC%EB%B3%B8)" title="주식회사 (일본) – Korean" lang="ko" hreflang="ko" data-title="주식회사 (일본)" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Kabushiki_kaisha" title="Kabushiki kaisha – Indonesian" lang="id" hreflang="id" data-title="Kabushiki kaisha" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Kabushiki-gaisha" title="Kabushiki-gaisha – Italian" lang="it" hreflang="it" data-title="Kabushiki-gaisha" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Kabushiki_gaisha" title="Kabushiki gaisha – Malay" lang="ms" hreflang="ms" data-title="Kabushiki gaisha" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Kabushiki_gaisha" title="Kabushiki gaisha – Dutch" lang="nl" hreflang="nl" data-title="Kabushiki gaisha" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E6%A0%AA%E5%BC%8F%E4%BC%9A%E7%A4%BE_(%E6%97%A5%E6%9C%AC)" title="株式会社 (日本) – Japanese" lang="ja" hreflang="ja" data-title="株式会社 (日本)" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Kabushiki_kaisha" title="Kabushiki kaisha – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Kabushiki kaisha" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-nn mw-list-item"><a href="https://nn.wikipedia.org/wiki/Kabushiki_kaisha" title="Kabushiki kaisha – Norwegian Nynorsk" lang="nn" hreflang="nn" data-title="Kabushiki kaisha" data-language-autonym="Norsk nynorsk" data-language-local-name="Norwegian Nynorsk" class="interlanguage-link-target"><span>Norsk nynorsk</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Kabushiki-gaisha" title="Kabushiki-gaisha – Polish" lang="pl" hreflang="pl" data-title="Kabushiki-gaisha" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Kabushiki_gaisha" title="Kabushiki gaisha – Portuguese" lang="pt" hreflang="pt" data-title="Kabushiki gaisha" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9A%D0%B0%D0%B1%D1%83%D1%81%D0%B8%D0%BA%D0%B8-%D0%B3%D0%B0%D0%B9%D1%81%D1%8F" title="Кабусики-гайся – Russian" lang="ru" hreflang="ru" data-title="Кабусики-гайся" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Kabu%C5%A1iki_gai%C5%A1a" title="Kabušiki gaiša – Slovak" lang="sk" hreflang="sk" data-title="Kabušiki gaiša" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Kabushiki_kaisha" title="Kabushiki kaisha – Swedish" lang="sv" hreflang="sv" data-title="Kabushiki kaisha" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%9A%E0%B8%A3%E0%B8%B4%E0%B8%A9%E0%B8%B1%E0%B8%97%E0%B8%A3%E0%B9%88%E0%B8%A7%E0%B8%A1%E0%B8%97%E0%B8%B8%E0%B8%99_(%E0%B8%8D%E0%B8%B5%E0%B9%88%E0%B8%9B%E0%B8%B8%E0%B9%88%E0%B8%99)" title="บริษัทร่วมทุน (ญี่ปุ่น) – Thai" lang="th" hreflang="th" data-title="บริษัทร่วมทุน (ญี่ปุ่น)" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Kabushiki_gaisha" title="Kabushiki gaisha – Turkish" lang="tr" hreflang="tr" data-title="Kabushiki gaisha" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%9A%D0%B0%D0%B1%D1%83%D1%81%D1%96%D0%BA%D1%96-%D2%91%D0%B0%D0%B9%D1%81%D1%8F" title="Кабусікі-ґайся – Ukrainian" lang="uk" hreflang="uk" data-title="Кабусікі-ґайся" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Kabushiki_gaisha" title="Kabushiki gaisha – Vietnamese" lang="vi" hreflang="vi" data-title="Kabushiki gaisha" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E6%A0%AA%E5%BC%8F%E4%BC%9A%E7%A4%BE" title="株式会社 – Chinese" lang="zh" hreflang="zh" data-title="株式会社" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a 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title="Limited liability partnership">Limited liability</a></li></ul></li> <li><a href="/wiki/Private_limited_company" title="Private limited company">Private limited</a></li> <li><a href="/wiki/Shell_corporation" title="Shell corporation">Shell corporation</a></li> <li><a href="/wiki/Shelf_corporation" title="Shelf corporation">Shelf corporation</a></li> <li><a href="/wiki/Sole_proprietorship" title="Sole proprietorship">Sole proprietorship</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)"><a href="/wiki/List_of_legal_entity_types_by_country" title="List of legal entity types by country">Corporate forms<br />by jurisdiction</a></div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading"> <a href="/wiki/European_corporate_law" class="mw-redirect" title="European corporate law">European Union</a></th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Societas_Europaea" title="Societas Europaea"><i>Societas</i> <span style="font-size:85%;">(SE)</span></a></li> <li><a href="/wiki/Societas_cooperativa_Europaea" title="Societas cooperativa Europaea"><i>Societas cooperativa</i> <span style="font-size:85%;">(SCE)</span></a></li> <li><a href="/wiki/Societas_privata_Europaea" title="Societas privata Europaea"><i>Societas privata</i> <span style="font-size:85%;">(SPE)</span></a></li> <li><a href="/wiki/Societas_unius_personae" title="Societas unius personae"><i>Societas unius personae</i> <span style="font-size:85%;">(SUP)</span></a></li> <li><a href="/wiki/European_economic_interest_grouping" title="European economic interest grouping">Economic interest grouping <span style="font-size:85%;">(EEIG)</span></a></li></ul></td> </tr><tr><th class="sidebar-heading"> <span class="nowrap">UK / Ireland / Commonwealth</span></th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Charitable_incorporated_organisation" title="Charitable incorporated organisation">Charitable incorporated organisation (England and Wales) <span style="font-size:85%;">(CIO)</span></a></li> <li><a href="/wiki/Scottish_charitable_incorporated_organisation" title="Scottish charitable incorporated organisation">Scottish charitable incorporated organisation <span style="font-size:85%;">(SCIO)</span></a></li> <li><a href="/wiki/Community_interest_company" title="Community interest company">Community interest company <span style="font-size:85%;">(CIC)</span></a></li> <li><a href="/wiki/Industrial_and_provident_society" title="Industrial and provident society">Industrial and provident society <span style="font-size:85%;">(IPS)</span></a></li> <li><br /><a href="/wiki/Limited_company" title="Limited company">Limited company <span style="font-size:85%;">(Ltd.)</span></a> <ul><li><a href="/wiki/Private_company_limited_by_guarantee" class="mw-redirect" title="Private company limited by guarantee">by guarantee</a></li> <li><a href="/wiki/Private_company_limited_by_shares" title="Private company limited by shares">by shares</a></li> <li><a href="/wiki/Proprietary_company" title="Proprietary company">proprietary</a></li> <li><a href="/wiki/Public_limited_company" title="Public limited company">public</a></li></ul></li> <li><a href="/wiki/Unlimited_company" title="Unlimited company">Unlimited company</a></li></ul></td> </tr><tr><th class="sidebar-heading"> United States</th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Benefit_corporation" title="Benefit corporation">Benefit corporation</a></li> <li><a href="/wiki/C_corporation" title="C corporation">C corporation</a></li> <li><a href="/wiki/Limited_liability_company" title="Limited liability company">Limited liability company <span style="font-size:85%;">(LLC)</span></a> <ul><li><a href="/wiki/Low-profit_limited_liability_company" title="Low-profit limited liability company">Low-profit LLC</a></li></ul></li> <li><a href="/wiki/Series_LLC" title="Series LLC">Series LLC</a></li> <li><a href="/wiki/Limited_liability_limited_partnership" title="Limited liability limited partnership">Limited liability limited partnership <span style="font-size:85%;">(LLLP)</span></a></li> <li><a href="/wiki/S_corporation" title="S corporation">S corporation</a></li> <li><span class="nowrap"><a href="/wiki/Delaware_General_Corporation_Law" title="Delaware General Corporation Law">Delaware corporation</a> / <a href="/wiki/Delaware_statutory_trust" title="Delaware statutory trust">statutory trust</a></span></li> <li><a href="/wiki/Massachusetts_business_trust" title="Massachusetts business trust">Massachusetts business trust</a></li> <li><a href="/wiki/Nevada_corporation" title="Nevada corporation">Nevada corporation</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Others</th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Aktiebolag" title="Aktiebolag"><i>Aktiebolag</i> <span style="font-size:85%;">(AB)</span></a></li> <li><a href="/wiki/Aktiengesellschaft" title="Aktiengesellschaft"><i>Aktiengesellschaft</i> <span style="font-size:85%;">(AG)</span></a></li> <li><a href="/wiki/Ansvarlig_selskap" title="Ansvarlig selskap"><i>Ansvarlig selskap</i> <span style="font-size:85%;">(ANS)</span></a></li> <li><a href="/wiki/Aktieselskab" title="Aktieselskab"><i>Aktieselskab</i> <span style="font-size:85%;">(A/S)</span></a></li> <li><a href="/wiki/Aksjeselskap" title="Aksjeselskap"><i>Aksjeselskap</i> <span style="font-size:85%;">(AS)</span></a></li> <li><a href="/wiki/Gesellschaft_mit_beschr%C3%A4nkter_Haftung" class="mw-redirect" title="Gesellschaft mit beschränkter Haftung"><i>Gesellschaft mit beschränkter Haftung</i> <span style="font-size:85%;">(GmbH)</span></a></li> <li><a class="mw-selflink selflink"><i>Kabushiki gaisha</i> <span style="font-size:85%;">(K.K.)</span></a></li> <li><a href="/wiki/Naamloze_vennootschap" title="Naamloze vennootschap"><i>Naamloze vennootschap</i> <span style="font-size:85%;">(N.V.)</span></a></li> <li><a href="/wiki/Osakeyhti%C3%B6" title="Osakeyhtiö"><i>Osakeyhtiö</i> <span style="font-size:85%;">(Oy)</span></a></li> <li><a href="/wiki/S.A._(corporation)" title="S.A. (corporation)">S.A.</a></li> <li><a href="/wiki/Soci%C3%A9t%C3%A9_%C3%A0_responsabilit%C3%A9_limit%C3%A9e" title="Société à responsabilité limitée"><i>Société à responsabilité limitée</i> <span style="font-size:85%;">(SARL)</span></a></li> <li><a href="/wiki/Types_of_business_entity" class="mw-redirect" title="Types of business entity">more...</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">Doctrines</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Business_judgment_rule" title="Business judgment rule">Business judgment rule</a></li> <li><a href="/wiki/Corporate_governance" title="Corporate governance">Corporate governance</a></li> <li><a href="/wiki/De_facto_corporation_and_corporation_by_estoppel" title="De facto corporation and corporation by estoppel"><i>De facto</i> and estoppel corporations</a></li> <li><a href="/wiki/Internal_affairs_doctrine" title="Internal affairs doctrine">Internal affairs doctrine</a></li> <li><a href="/wiki/Limited_liability" title="Limited liability">Limited liability</a></li> <li><a href="/wiki/Tag-along_right" title="Tag-along right">Tag-along right</a></li> <li><a href="/wiki/Drag-along_right" title="Drag-along right">Drag-along right</a></li> <li><a href="/wiki/Piercing_the_corporate_veil" title="Piercing the corporate veil">Piercing the corporate veil</a></li> <li><a href="/wiki/Rochdale_Principles" title="Rochdale Principles">Rochdale Principles</a></li> <li><i><a href="/wiki/Ultra_vires" title="Ultra vires">Ultra vires</a></i></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">Related areas</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Beneficial_ownership" title="Beneficial ownership">Beneficial ownership</a></li> <li><a href="/wiki/Civil_procedure" title="Civil procedure">Civil procedure</a></li> <li><a href="/wiki/Contract" title="Contract">Contract</a></li> <li><a href="/wiki/List_of_company_registers" class="mw-redirect" title="List of company registers">Corporate registers</a></li> <li><a href="/wiki/Registered_agent" title="Registered agent">Registered agent</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><a href="/wiki/Portal:Companies" title="Portal:Companies">Company portal</a></li> <li><a href="/wiki/Portal:Law" title="Portal:Law">Law portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Corporate_law" title="Template:Corporate law"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Corporate_law" title="Template talk:Corporate law"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Corporate_law" title="Special:EditPage/Template:Corporate law"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>A <i><b>kabushiki gaisha</b></i><span style="font-weight: normal"> (<a href="/wiki/Japanese_language" title="Japanese language">Japanese</a>: <span lang="ja"><span lang="ja"><a href="https://en.wiktionary.org/wiki/%E6%A0%AA%E5%BC%8F%E4%BC%9A%E7%A4%BE#Japanese" class="extiw" title="wikt:株式会社">株式会社</a></span></span>, <style data-mw-deduplicate="TemplateStyles:r1177148991">.mw-parser-output .IPA-label-small{font-size:85%}.mw-parser-output .references .IPA-label-small,.mw-parser-output .infobox .IPA-label-small,.mw-parser-output .navbox .IPA-label-small{font-size:100%}</style><span class="IPA-label IPA-label-small">pronounced</span> <span class="IPA nowrap" lang="ja-Latn-fonipa"><a href="/wiki/Help:IPA/Japanese" title="Help:IPA/Japanese">[kabɯɕi̥ki<span class="wrap"> </span>ɡaꜜiɕa]</a></span>; <abbr style="font-size:85%" title="literal translation">lit.</abbr><span style="white-space: nowrap;"> </span><span class="gloss-quot">'</span><span class="gloss-text">share company</span><span class="gloss-quot">'</span>)</span> or <i><b>kabushiki kaisha</b></i>, commonly abbreviated <b>K.K.</b> or <b>KK</b>, is a type of company<span style="font-weight: normal"> (<span title="Japanese-language text"><span lang="ja">会社</span></span>, <span title="Hepburn transliteration"><i lang="ja-Latn">kaisha</i></span>)</span> defined under the <a href="/wiki/Companies_Act_of_Japan" class="mw-redirect" title="Companies Act of Japan">Companies Act of Japan</a>. The term is often translated as "stock company", "<a href="/wiki/Joint-stock_company" title="Joint-stock company">joint-stock company</a>" or "stock corporation". The term <i>kabushiki gaisha</i> in Japan refers to any joint-stock company regardless of country of origin or incorporation; however, outside Japan the term refers specifically to joint-stock companies incorporated in Japan. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Usage_in_language">Usage in language</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Kabushiki_gaisha&action=edit&section=1" title="Edit section: Usage in language"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In Latin script, <i>kabushiki kaisha</i>, with a <span class="nowrap">⟨k⟩</span>, is often used, but the original Japanese pronunciation is <i>kabushiki gaisha</i>, with a <span class="nowrap">⟨g⟩</span>, owing to <i><a href="/wiki/Rendaku" title="Rendaku">rendaku</a></i>. </p><p>A <i>kabushiki gaisha</i> must include "<span title="Japanese-language text"><span lang="ja">株式会社</span></span>" in its name (Article 6, paragraph 2 of the Companies Act). In a company name, "<span title="Japanese-language text"><span lang="ja">株式会社</span></span>" can be used as a prefix (e.g. <span title="Japanese-language text"><span lang="ja"><em>株式会社</em>電通</span></span>, <i><a href="/wiki/Dentsu" title="Dentsu">kabushiki gaisha Dentsū</a></i>, a style called <span title="Japanese-language text"><span lang="ja">前株</span></span>, <i>mae-kabu</i>) or as a suffix (e.g. <span title="Japanese-language text"><span lang="ja">トヨタ自動車<em>株式会社</em></span></span>, <i><a href="/wiki/Toyota" title="Toyota">Toyota Jidōsha kabushiki gaisha</a></i>, a style called <span title="Japanese-language text"><span lang="ja">後株</span></span>, <i>ato-kabu</i>). </p><p>Many Japanese companies translate the phrase "<span title="Japanese-language text"><span lang="ja">株式会社</span></span>" in their name as "<b>Company, Limited</b>"—this is very often abbreviated as "<b>Co., Ltd.</b>"—but others use the more Americanized translations "Corporation" or "Incorporated". Texts in England often refer to <i>kabushiki kaisha</i> as "<a href="/wiki/Joint-stock_company" title="Joint-stock company">joint stock companies</a>". While that is close to a literal translation of the term, the two are not precisely the same. The Japanese government once endorsed "business corporation" as an official translation<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> but now uses the more literal translation "stock company."<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>Japanese often abbreviate "<span title="Japanese-language text"><span lang="ja">株式会社</span></span>" in a company name on signage (including the sides of their vehicles) to <span title="Japanese-language text"><span lang="ja">株</span></span> in <a href="/wiki/Parentheses" class="mw-redirect" title="Parentheses">parentheses</a>, as, for example, "<span title="Japanese-language text"><span lang="ja" style="font-style: normal;">ABC㈱</span></span>." The full, formal name would then be "<span title="Japanese-language text"><span lang="ja">ABC株式会社</span></span>". <span title="Japanese-language text"><span lang="ja">株式会社</span></span> is also combined into one <a href="/wiki/Unicode_character" class="mw-redirect" title="Unicode character">Unicode character</a> at <a href="/wiki/Code_point" title="Code point">code point</a> <span class="nowrap"><style data-mw-deduplicate="TemplateStyles:r886049734">.mw-parser-output .monospaced{font-family:monospace,monospace}</style><span class="monospaced">U+337F</span> </span><span style="font-size:125%;line-height:1em">㍿</span> <span style="font-variant: small-caps; text-transform: lowercase;">SQUARE CORPORATION</span>, while the parenthesized form can also be represented with a single character, <span class="nowrap"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r886049734"><span class="monospaced">U+3231</span> </span><span style="font-size:125%;line-height:1em">㈱</span> <span style="font-variant: small-caps; text-transform: lowercase;">PARENTHESIZED IDEOGRAPH STOCK</span> as well as parentheses around <span class="nowrap"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r886049734"><span class="monospaced">U+682A</span> </span><span style="font-size:125%;line-height:1em">株</span> <span style="font-variant: small-caps; text-transform: lowercase;">CJK UNIFIED IDEOGRAPH-682A</span><sup id="cite_ref-:0_3-0" class="reference"><a href="#cite_note-:0-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> and its romanization <span class="nowrap"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r886049734"><span class="monospaced">U+33CD</span> </span><span style="font-size:125%;line-height:1em">㏍</span> <span style="font-variant: small-caps; text-transform: lowercase;">SQUARE KK</span>. These forms, however, only exist for <a href="/wiki/Backward_compatibility" title="Backward compatibility">backward compatibility</a> with older Japanese <a href="/wiki/Character_encodings" class="mw-redirect" title="Character encodings">character encodings</a> and Unicode and should be avoided when possible in new text.<sup id="cite_ref-:0_3-1" class="reference"><a href="#cite_note-:0-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Kabushiki_gaisha&action=edit&section=2" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The first <i>kabushiki gaisha</i> was the <a href="/wiki/Dai-Ichi_Bank" title="Dai-Ichi Bank">Dai-Ichi Bank</a>, incorporated in 1873.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>Rules regarding <i>kabushiki gaisha</i> were set out in the <a href="/wiki/Six_Codes" title="Six Codes">Commercial Code of Japan</a>, and was originally based on laws regulating German <span title="German-language text"><i lang="de"><a href="/wiki/Aktiengesellschaft" title="Aktiengesellschaft">Aktiengesellschaft</a></i></span> (which also means share company). However, during the United States-led Allied <a href="/wiki/Occupation_of_Japan" title="Occupation of Japan">Occupation of Japan</a> following World War II, the occupation authorities introduced revisions to the Commercial Code based on the Illinois Business Corporation Act of 1933, giving <i>kabushiki gaisha</i> many traits of <a href="/wiki/United_States_corporate_law" title="United States corporate law">American corporations</a>, and to be more exact, Illinois corporations.<sup id="cite_ref-ramseyer1_5-0" class="reference"><a href="#cite_note-ramseyer1-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><span title="What is special about corporate law in Illinois? (October 2021)">further explanation needed</span></a></i>]</sup> </p><p>Over time, Japanese and U.S. corporate law diverged, and K.K. assumed many characteristics not found in U.S. corporations. For instance, a K.K. could not <a href="/wiki/Stock_buyback" class="mw-redirect" title="Stock buyback">repurchase its own stock</a> (a restriction lifted by the amendment of the Commercial Code in 2001),<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> issue stock for a price of less than ¥50,000 per share (effective 1982-2003<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup>), or operate with paid-in capital of less than ¥10 million (effective 1991–2005).<sup id="cite_ref-ramseyer2_8-0" class="reference"><a href="#cite_note-ramseyer2-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>On June 29, 2005, the <a href="/wiki/Diet_of_Japan" class="mw-redirect" title="Diet of Japan">Diet of Japan</a> passed a new Companies Act<span style="font-weight: normal"> (<span title="Japanese-language text"><span lang="ja">会社法</span></span>, <span title="Hepburn transliteration"><i lang="ja-Latn">kaisha-hō</i></span>)</span>, which took effect on May 1, 2006.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Formation">Formation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Kabushiki_gaisha&action=edit&section=3" title="Edit section: Formation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A <i>kabushiki gaisha</i> may be started with capital as low as ¥1, making the total cost of a K.K. incorporation approximately ¥240,000 (about US$2,500) in taxes and <a href="/wiki/Civil_law_notary" title="Civil law notary">notarization</a> fees. Under the old Commercial Code, a K.K. required starting capital of ¥10 million (about US$105,000); a lower capital requirement was later instituted, but corporations with under ¥3 million in assets were barred from issuing <a href="/wiki/Dividend" title="Dividend">dividends</a>, and companies were required to increase their capital to ¥10 million within five years of formation.<sup id="cite_ref-Terrie_10-0" class="reference"><a href="#cite_note-Terrie-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>The main steps in incorporation are the following: </p> <ol><li>Preparation and notarization of <a href="/wiki/Articles_of_incorporation" class="mw-redirect" title="Articles of incorporation">articles of incorporation</a></li> <li>Receipt of <a href="/wiki/Financial_capital" title="Financial capital">capital</a>, either directly or through an offering</li></ol> <p>The incorporation of a K.K. is carried out by one or more <a href="/w/index.php?title=Incorporator&action=edit&redlink=1" class="new" title="Incorporator (page does not exist)">incorporators</a><span style="font-weight: normal"> (<span title="Japanese-language text"><span lang="ja">発起人</span></span>, <span title="Hepburn transliteration"><i lang="ja-Latn">hokkinin</i></span>, sometimes referred to as "promoters")</span>. Although seven incorporators were required as recently as the 1980s, a K.K. now only needs one incorporator, which may be an individual or a corporation. If there are multiple incorporators, they must sign a <a href="/wiki/Partnership" title="Partnership">partnership</a> agreement before incorporating the company.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2015)">citation needed</span></a></i>]</sup> </p> <ol><li>The value or minimum amount of assets received in exchange for the initial issuance of shares</li> <li>The name and address of the incorporator(s)</li></ol> <p>The purpose statement requires some specialized knowledge, as Japan follows an <span title="Latin-language text"><i lang="la"><a href="/wiki/Ultra_vires" title="Ultra vires">ultra vires</a></i></span> doctrine and does not allow a K.K. to act beyond its purposes. <a href="/wiki/Judicial_scrivener" title="Judicial scrivener">Judicial</a> or <a href="/wiki/Administrative_scrivener" title="Administrative scrivener">administrative scriveners</a> are often hired to draft the purposes of a new company.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2015)">citation needed</span></a></i>]</sup> </p><p>Additionally, the articles of incorporation must contain the following if applicable: </p> <ol><li>Any non-cash assets contributed as capital to the company, the name of the contributor and the number of shares issued for such assets</li> <li>Any assets promised to be purchased after the incorporation of the company and the name of the provider</li> <li>Any compensation to be paid to the incorporator(s)</li> <li>Non-routine incorporation expenses that will be borne by the company</li></ol> <p>Other matters may also be included, such as limits on the number of directors and auditors. The Corporation Code allows a K.K. to be formed as a "stock company that is not a public company"<span style="font-weight: normal"> (<span title="Japanese-language text"><span lang="ja">公開会社でない株式会社</span></span>, <span title="Hepburn transliteration"><i lang="ja-Latn">kōkai gaisha denai kabushiki gaisha</i></span>)</span>, or a (so-called) "close company"<span style="font-weight: normal"> (<span title="Japanese-language text"><span lang="ja">非公開会社</span></span>, <span title="Hepburn transliteration"><i lang="ja-Latn">hi-kōkai gaisha</i></span>)</span>, in which case the company (e.g. its board of directors or a shareholders' meeting, as defined in the articles of incorporation) must approve any transfer of shares between shareholders; this designation must be made in the articles of incorporation.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2015)">citation needed</span></a></i>]</sup> </p><p>The articles must be sealed by the incorporator(s) and notarized by a <a href="/wiki/Civil_law_notary" title="Civil law notary">civil law notary</a>, then filed with the Legal Affairs Bureau in the jurisdiction where the company will have its head office.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2015)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Receipt_of_capital">Receipt of capital</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Kabushiki_gaisha&action=edit&section=4" title="Edit section: Receipt of capital"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In a direct incorporation, each incorporator receives a specified amount of stock as designated in the articles of incorporation. Each incorporator must then promptly pay its share of the starting capital of the company, and if no directors have been designated in the articles of incorporation, meet to determine the initial directors and other officers.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2015)">citation needed</span></a></i>]</sup> </p><p>The other method is an "incorporation by offering," in which each incorporator becomes the <a href="/w/index.php?title=Stock_underwriter&action=edit&redlink=1" class="new" title="Stock underwriter (page does not exist)">stock underwriter</a> of a specified number of shares (at least one each), and the other shares are offered to other investors. As in a direct incorporation, the incorporators must then hold an organizational meeting to appoint the initial directors and other officers. Any person wishing to receive shares must submit an application to the incorporator, and then make payment for his or her shares by a date specified by the incorporator(s).<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2015)">citation needed</span></a></i>]</sup> </p><p>Capital must be received in a <a href="/wiki/Commercial_bank" title="Commercial bank">commercial bank</a> account designated by the incorporator(s), and the bank must provide certification that payment has been made. Once the capital has been received and certified, the incorporation may be registered at the Legal Affairs Bureau.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2015)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Structure">Structure</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Kabushiki_gaisha&action=edit&section=5" title="Edit section: Structure"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Corporate_title#Japan_and_South_Korea" title="Corporate title">Corporate title § Japan and South Korea</a></div> <div class="mw-heading mw-heading3"><h3 id="Board_of_directors">Board of directors</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Kabushiki_gaisha&action=edit&section=6" title="Edit section: Board of directors"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Under present law, a K.K. must have a board of directors<span style="font-weight: normal"> (<span title="Japanese-language text"><span lang="ja">取締役会</span></span>, <span title="Hepburn transliteration"><i lang="ja-Latn">torishimariyaku kai</i></span><span style="margin-left:.09em">)</span></span> consisting of at least three individuals. Directors have a statutory term of office of two years, and auditors have a term of four years.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2015)">citation needed</span></a></i>]</sup> </p><p>Small companies can exist with only one or two directors, with no statutory term of office, and without a board of directors<span style="font-weight: normal"> (<span title="Japanese-language text"><span lang="ja">取締役会非設置会社</span></span>, <span title="Hepburn transliteration"><i lang="ja-Latn">torishimariyaku-kai hi-setchi-gaisha</i></span>)</span>. In such companies, decisions are made via shareholder meeting and the decision-making power of the directors is relatively limited. As soon as a third director is designated such companies must form a board.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2017)">citation needed</span></a></i>]</sup> </p><p>At least one director is designated as a <a href="/wiki/Representative_Director_(Japan)" class="mw-redirect" title="Representative Director (Japan)">Representative Director</a><span style="font-weight: normal"> (<span title="Japanese-language text"><span lang="ja">代表取締役</span></span>, <span title="Hepburn transliteration"><i lang="ja-Latn">daihyō-torishimariyaku</i></span>)</span>, holds the corporate seal and is empowered to represent the company in transactions. The Representative Director must "report" to the board of directors every three months; the exact meaning of this statutory provision is unclear, but some legal scholars interpret it to mean that the board must meet every three months. In 2015, the requirement that at least one director and one Representative Director must be a resident of Japan was changed. It is not required to have a resident Representative Director although it can be convenient to do so.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>Directors are mandatories (<a href="/wiki/Agency_(law)" class="mw-redirect" title="Agency (law)">agents</a>) of the shareholders, and the Representative Director is a mandatory of the board. Any action outside of these mandates is considered a breach of mandatory duty.<sup id="cite_ref-Yamazaki_12-0" class="reference"><a href="#cite_note-Yamazaki-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Auditing_and_reporting">Auditing and reporting</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Kabushiki_gaisha&action=edit&section=7" title="Edit section: Auditing and reporting"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Every K.K. with multiple directors must have at least one statutory auditor<span style="font-weight: normal"> (<span title="Japanese-language text"><span lang="ja">監査役</span></span>, <span title="Hepburn transliteration"><i lang="ja-Latn">kansayaku</i></span>)</span>. Statutory auditors report to the shareholders, and are empowered to demand financial and operational reports from the directors. </p><p>K.K.s with capital of over ¥500m, liabilities of over ¥2bn and/or publicly traded securities are required to have three statutory auditors, and must also have an annual audit performed by an outside <a href="/wiki/Certified_public_accountant" class="mw-redirect" title="Certified public accountant">CPA</a>. Public K.K.s must also file securities law reports with the Ministry of Finance.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2015)">citation needed</span></a></i>]</sup> </p><p>Under the new Company Law, public and other non-close K.K.s may either have a statutory auditor, or a <a href="/wiki/Nominating_committee" class="mw-redirect" title="Nominating committee">nominating committee</a><span style="font-weight: normal"> (<span title="Japanese-language text"><span lang="ja">指名委員会</span></span>, <span title="Hepburn transliteration"><i lang="ja-Latn">shimei-iin-kai</i></span><span style="margin-left:.09em">)</span></span>, <a href="/w/index.php?title=Auditing_committee&action=edit&redlink=1" class="new" title="Auditing committee (page does not exist)">auditing committee</a><span style="font-weight: normal"> (<span title="Japanese-language text"><span lang="ja">監査委員会</span></span>, <span title="Hepburn transliteration"><i lang="ja-Latn">kansa-iin-kai</i></span><span style="margin-left:.09em">)</span></span> and <a href="/wiki/Compensation_committee" class="mw-redirect" title="Compensation committee">compensation committee</a><span style="font-weight: normal"> (<span title="Japanese-language text"><span lang="ja">報酬委員会</span></span>, <span title="Hepburn transliteration"><i lang="ja-Latn">hōshū-iin kai</i></span><span style="margin-left:.09em">)</span></span> structure similar to that of American public corporations.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2015)">citation needed</span></a></i>]</sup> If the company has an auditing committee, it is referred to as a <a href="/wiki/Statutory_auditor" title="Statutory auditor">company with a board of statutory auditors</a><span style="font-weight: normal"> (<span title="Japanese-language text"><span lang="ja"><a href="https://ja.wikipedia.org/wiki/%E7%9B%A3%E6%9F%BB%E5%BD%B9%E4%BC%9A%E8%A8%AD%E7%BD%AE%E4%BC%9A%E7%A4%BE" class="extiw" title="ja:監査役会設置会社">監査役会設置会社</a></span></span>, <span title="Hepburn transliteration"><i lang="ja-Latn">kansayaku-kai setchi-gaisha</i></span>)</span>.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>Close K.K.s may also have a single person serving as director and statutory auditor, regardless of capital or liabilities. </p><p>A statutory auditor may be any person who is not an employee or director of the company. In practice, the position is often filled by a very senior employee close to retirement, or by an outside attorney or accountant.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2015)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Officers">Officers</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Kabushiki_gaisha&action=edit&section=8" title="Edit section: Officers"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Japanese law does not designate any corporate officer positions. Most Japanese-owned kabushiki gaisha do not have "officers" <i>per se</i>, but are directly managed by the directors, one of whom generally has the title of president<span style="font-weight: normal"> (<span title="Japanese-language text"><span lang="ja">社長</span></span>, <span title="Hepburn transliteration"><i lang="ja-Latn">sha-chō</i></span>)</span>. The Japanese equivalent of a corporate <a href="/wiki/Vice_president" title="Vice president">vice president</a> is a department chief<span style="font-weight: normal"> (<span title="Japanese-language text"><span lang="ja">部長</span></span>, <span title="Hepburn transliteration"><i lang="ja-Latn">bu-chō</i></span>)</span>. Traditionally, under the <a href="/wiki/Lifetime_employment" class="mw-redirect" title="Lifetime employment">lifetime employment</a> system, directors and department chiefs begin their careers as line employees of the company and work their way up the management hierarchy over time. This is not the case in most foreign-owned companies in Japan, and some native companies<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Avoid_weasel_words" class="mw-redirect" title="Wikipedia:Avoid weasel words"><span title="The material near this tag possibly uses too vague attribution or weasel words. (January 2015)">which?</span></a></i>]</sup> have also abandoned this system in recent years in favor of encouraging more lateral movement in management.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2015)">citation needed</span></a></i>]</sup> </p><p>Corporate officers often have the legal title of <a href="/wiki/Shihainin" title="Shihainin">shihainin</a>, which makes them authorized representatives of the corporation at a particular place of business, in addition to a common-use title.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2015)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Other_legal_issues">Other legal issues</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Kabushiki_gaisha&action=edit&section=9" title="Edit section: Other legal issues"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Taxation">Taxation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Kabushiki_gaisha&action=edit&section=10" title="Edit section: Taxation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Kabushiki gaisha are subject to <a href="/wiki/Double_taxation" title="Double taxation">double taxation</a> of profits and dividends, as are corporations in most countries. In contrast to many other countries, however, Japan also levies double taxes on close corporations (<a href="/wiki/Yugen_gaisha" class="mw-redirect" title="Yugen gaisha">yugen gaisha</a> and <a href="/wiki/G%C5%8Dd%C5%8D_gaisha" title="Gōdō gaisha">gōdō gaisha</a>). This makes taxation a minor issue when deciding how to structure a business in Japan. As all publicly traded companies follow the K.K. structure, smaller businesses often choose to incorporate as a K.K. simply to appear more prestigious.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2015)">citation needed</span></a></i>]</sup> </p><p>In addition to income taxes, K.K.s must also pay registration taxes to the national government and may be subject to local taxes.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2015)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Derivative_litigation">Derivative litigation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Kabushiki_gaisha&action=edit&section=11" title="Edit section: Derivative litigation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Generally, the power to bring actions against the directors on the corporation's behalf is granted to the statutory auditor.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2015)">citation needed</span></a></i>]</sup> </p><p>Historically, <a href="/wiki/Derivative_suit" title="Derivative suit">derivative suits</a> by shareholders were rare in Japan. Shareholders have been permitted to sue on the corporation's behalf since the postwar Americanization of the Commercial Code; however, this power was severely limited by the nature of court costs in Japan. Because the cost to file a civil action is proportional to the amount of damages being claimed, shareholders rarely had the motivation to sue on the company's behalf.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2015)">citation needed</span></a></i>]</sup> </p><p>In 1993, the Commercial Code was amended to reduce the filing fee for all shareholder derivative suits to ¥8,200 per claim. This led to a rise in the number of derivative suits heard by Japanese courts, from 31 pending cases in 1992 to 286 in 1999, and to a number of very high-profile shareholder actions, such as those against <a href="/wiki/Daiwa_Bank" class="mw-redirect" title="Daiwa Bank">Daiwa Bank</a> and <a href="/wiki/Nomura_Securities" title="Nomura Securities">Nomura Securities</a><sup id="cite_ref-West_14-0" class="reference"><a href="#cite_note-West-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Kabushiki_gaisha&action=edit&section=12" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239009302">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output .portalbox-link{display:table-cell;padding:0.2em 0.2em 0.2em 0.3em;vertical-align:middle}@media(min-width:720px){.mw-parser-output .portalleft{clear:left;float:left;margin:0.5em 1em 0.5em 0}.mw-parser-output .portalright{clear:right;float:right;margin:0.5em 0 0.5em 1em}}</style><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><span class="portalbox-image"><span class="mw-image-border noviewer" typeof="mw:File"><span><img alt="flag" src="//upload.wikimedia.org/wikipedia/en/thumb/9/9e/Flag_of_Japan.svg/32px-Flag_of_Japan.svg.png" decoding="async" width="32" height="21" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/9e/Flag_of_Japan.svg/48px-Flag_of_Japan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/9e/Flag_of_Japan.svg/64px-Flag_of_Japan.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span></span><span class="portalbox-link"><a href="/wiki/Portal:Japan" title="Portal:Japan">Japan portal</a></span></li><li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2a/Industry5.svg/28px-Industry5.svg.png" decoding="async" width="28" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2a/Industry5.svg/42px-Industry5.svg.png 1.5x, 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data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text">"<span title="Japanese-language text"><span lang="ja">法令用語「日英対訳辞書」まとまる　政府検討委</span></span>", <i>朝日新聞(<a href="/wiki/Asahi_Shimbun" class="mw-redirect" title="Asahi Shimbun">Asahi Shimbun</a>)</i>, March 18, 2006. 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March 2020. pp. 877–878. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-936213-26-9" title="Special:BookSources/978-1-936213-26-9"><bdi>978-1-936213-26-9</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200311192828/http://www.unicode.org/versions/Unicode13.0.0/UnicodeStandard-13.0.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on March 11, 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=22.10+Enclosed+Square%2C+%C2%A7+CJK+Compatibility&rft.btitle=The+Unicode%C2%AE+Standard+Core+Specification&rft.place=Mountain+View%2C+California&rft.pages=877-878&rft.edition=13th&rft.pub=Unicode+Consortium&rft.date=2020-03&rft.isbn=978-1-936213-26-9&rft_id=http%3A%2F%2Fwww.unicode.org%2Fversions%2FUnicode13.0.0%2FUnicodeStandard-13.0.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKabushiki+gaisha" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1"><a rel="nofollow" class="external text" href="https://books.google.com/books?id=230dSQYIhocC&q=The+first+kabushiki+gaisha+was+the+First+National+Bank+of+Japan%2C+incorporated+in+1873&pg=PA29"><i>Japan Company Laws and Regulations Handbook</i></a>. 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"Why Shareholders Sue: The Evidence from Japan," <i>Journal of Legal Studies</i> 30:351 (2001). <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1086%2F322056">10.1086/322056</a></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Kabushiki_gaisha&action=edit&section=14" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://www.nomuraholdings.com/investor/cg/difference.html">"Difference between Corporate Governance Practices in Japan and in U.S."</a> – <a href="/wiki/Nomura_Group" class="mw-redirect" title="Nomura Group">Nomura Group</a></li></ul>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; 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