Historical and legal aspects of corporate governance in LLCs according to the legislation of Poland and Ukraine

The article provides a detailed examination of the evolution of corporate governance in Ukraine and Poland, focusing on the development of legislation in both countries. The author analyzes the historical development of corporate structures, tracing their evolution from antiquity and the Middle Ages to the present day, highlighting key stages and changes in legal norms regulating corporate governance in Poland and Ukraine. The article begins with a review of early forms of corporate structures in ancient civilizations and tracks their development through significant historical periods in Europe. The stages of corporate governance development in Poland and Ukraine during the 19th and 20th centuries are separately examined. In Ukraine, the formation of corporate governance was constrained by the legal norms of the Russian Empire, and only with the transition to a market economy in the 1990s a significant development of corporate forms was noticed, particularly it concerned limited liability companies (LLCs). In contrast, Poland’s development of corporate law was marked by intense changes, especially after the fall of the communist regime and accession to the European Union, which facilitated the eligibility of Polish corporate law according to European standards. The author provides a detailed analysis of the key stages of legal changes in both countries, including the codification of corporate law, adaptation to European norms, and the challenges encountered at each stage. The article also explores the impact of economic and political changes on the development of corporate governance in both countries, emphasizing that although the initial stages of corporate governance development in Ukraine and Poland were somehow similar due to geographical and historical closeness, their further development differed significantly. Poland went through stages of intensive reforming and EU integration, which substantially influenced the modernization of its corporate law. Meanwhile, significant changes in corporate governance in Ukraine began only in the 1990s and continue to modern days, facing certain challenges and obstacles on the way to full integration into European legal standards. The article reveals both common and different features of the evolution of corporate law in these countries. The findings provide a deeper understanding of the impact of historical and political factors on the formation of modern corporate practices and norms in both countries. The author concludes that despite the fact that both countries started moving into corporate governance from similar foundations, their subsequent development was significantly different because of the influence of both internal and external reasons. Poland has managed to successfully adapt its legislation according to European standards, while Ukraine is still in the process of transformation. This highlights the necessity for continued reforms in Ukraine, particularly for integration into the European legal space, which is critical for ensuring the stability and transparency of corporate governance in the country.