The limited company (yugen kaisha) was a form of incorporation available in Japan for smaller closely held companies. It was provided for in the Commercial Code (Yugen Gaisha Hou). The number of shareholders in a limited company could not exceed fifty, unless the court had granted permission based on a finding of special circumstances in which more than fifty shareholders were required or in which inheriting from deceased shareholders resulted in a greater number. The minimum capital of a limited company was 3,000,000 yen. The par value of each share was required to be 50,000 yen or more.
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