The issue of legal personality may be considered on many levels. What is of significant
importance in terms of business activity is determining the point of time since which
the established subject has been able to engage in trading. A specific example in this regard
is illustrated by the formation of a joint stock company in accordance with the provisions
of the Commercial Companies Code. The formation of a joint stock company is a complex
process which involves different steps preceding the acquisition of legal personality by
a joint stock company. Owing to the decision of the legislature, at the stage of forming a joint
stock company we are dealing with two distinct phases. The first phase is the foundation
period, in which the company does not have legal capacity. The second phase is the period of
building up the organisation of the company, when the company already has legal capacity
and may perform legal actions on its own behalf. As soon as the joint stock company has
been signed into the Register of Entrepreneurs in the State Register Court, it becomes a legal
person. The question is whether the moment of the acquisition of legal capacity by a joint
stock company was adequately determined by the legislature. It should be also considered
how the created joint stock company should be treated in the period in which it still does
not have legal capacity. Interpretative doubts arising in connection with the legal nature
of a joint‑stock
company in the different phases of its establishing prior to the registration,
prompted to begin deliberations regarding the status of a joint‑stock
company prior to the
registration
