
Recibido el 22/03/2021 Aceptado el 15/06/2021
ISSN 0798- 1406 ~ De pó si to le gal pp 198502ZU132
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Vol. 39, Nº 70 (2021), 119-138
IEPDP-Facultad de Ciencias Jurídicas y Políticas - LUZ
Legal Aspects of Dividend Payment in a
Limited Liability Company
DOI: https://doi.org/10.46398/cuestpol.3970.07
Oleksandra S. Yavorska *
Pylyp D. Pylypenko **
Svitlana M. Synchuk ***
Iryna I. Shpuhanych ****
Yustuna Y. Samagalska *****
Abstract
The objective of the study was to identify forms, main objectives
and regulatory measures that can improve the development of
the legal regulation of dividend payments in a limited liability
company. The study involved three methods: direct observation,
comparison, and analysis of the content of documents that
provide legal regulation of dividend payments at the state and
interstate levels. Eight important factors inuencing dividend
policy are presented. The success of business activity depends directly
on the regularity of prots and the amount of capital of the company,
while it is inversely dependent on the regularity and size of dividends. It
is concluded that the type and form of dividend policy is partly governed
by the rule of law and partly determined by non-legal business factors. An
optimal dividend policy means that there must be an appropriate balance
between the payment of current dividends and the future growth of the
company’s prots. In this case, the procedure established by law and the
sequence of shares preceding the payment of dividends indicates the partial
entrepreneurial freedom of the participants in this case.
Keywords: determining factors; dividends; dividend payments
procedure; dividend policy; limited liability company.
* Doctor of Law, Professor, Intellectual Property, Information and Corporate Law Department, Law
Faculty, Ivan Franko National University of Lviv, Lviv, Ukraine. ORCID: https://orcid.org/0000-
0002-6938-2057. E-mail: matviichukolexander8@gmail.com
** Doctor of Law, Professor, Social Law Department, Law Faculty, Ivan Franko National University of
Lviv, Lviv, Ukraine. ORCID: https://orcid.org/0000-0002-3382-3033. E-mail: pylypenko@lnu.edu.
ua
*** Doctor of Law, Professor, Social Law Department, Law Faculty, Ivan Franko National University of
Lviv, Lviv, Ukraine. ORCID: https://orcid.org/0000-0003-2711-5919. E-mail: synchuk@lnu.edu.ua
**** PhD in Law, Associate Professor, Intellectual Property, Information and Corporate Law Department,
Law Faculty, Ivan Franko National University of Lviv, Lviv, Ukraine. ORCID: https://orcid.org/0000-
0002-4149-8939. E-mail: farber.1r1@gmail.com
***** PhD in Law, Associate Professor, Intellectual Property, Information and Corporate Law Department,
Law Faculty, Ivan Franko National University of Lviv, 79000, Lviv, Ukraine. ORCID: https://orcid.
org/0000-0001-7313-8623. E-mail: t21535673@gmail.com