Private limited company the German equivalent. On one hand it is possible to consider it as a kind of "Gesellschaft mit beschränkter Haftung" (GmbH) because it has aspects of a corporation; on the other hand it could be considered to be a kind of "Kommanditgesellschaft" (KG), which is the German equivalent of a limited partnership. Based on the literal translation of the word "company", an LLC should be considered to be a kind of KG without any liable partner. The German equivalent that comes closest to LLC, is GmbH & Co KG, a nested Kommanditgesellschaft (KG) where a Gesellschaft mit beschränkter Haftung (GmbH)
Interest of the company may nonetheless be ratified by the shareholders of the company, and will thereby be binding upon the company, see for example under English law, "Multinational Gas and Petrochemical Co v Multinational Gas and Petrochemical Services Ltd" [1983] Ch 258. The rule is generally seen to be particularly harsh towards both third parties and against directors, who could be regarded as being in breach of their duty merely by acting with what others might regard as common human decency. Where the company's property could not be recovered from the third party, the directors would be personally liable to recompense the company.