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Since June 17, the requirements for the activities of limited liability companies

  • 23 June 2018
  • 12:46
Since June 17, the requirements for the activities of limited liability companies

The new Law of Ukraine "On Limited Liability Companies" will come into force on June 17 and will completely change the approaches to the creation and operation of LLC and ODL.
The features of the new law were discussed today, June 15, at a meeting of experts with Kharkov lawyers and lawyers who legally serve such societies.

Director of the Registration Department Oleg Drobot noted that already on Monday the requirements for the content of the charters of the LLC or ODL, the requirements for entry or exit of participants from such companies and for changing the data on the enterprise will completely change.

"The registration department of the Kharkov City Council is the subject, which holds the maximum number of registration actions in the area. We are working closely with the Ministry of Justice of Ukraine to get an understanding of the issues that will arise on Monday with all applicants who are involved in such registration, "Oleg Drobot said.

He also explained some of the innovations of the new law. According to him, the law introduces the concept of "corporate contract", which was not previously. This is a contract, which consists in writing between all the founders of the enterprise and in which they fix their rights and duties. The requirements to the composition of data that are mandatory for the charter of the companies will also change. This data composition will be reduced in comparison with the list of data that is valid for today. Such data will be the name of the enterprise, the composition of the management bodies and the procedure for joining or withdrawing from the participants, and all other information will be made at will.

As explained by Oleg Drobot, the law completely changes the approach to the exit of individual participants from the society and the consent of other participants to such an exit. Also, the limit number of participants is abolished: if earlier their maximum number was 100 people, now the number is unlimited.

"This law is aimed at combating abuses in this area, for example, with the illegal acquisition of a share in corporate rights in such enterprises, that is, it is aimed at combating raiding," the director of the Registration Department said.

He also said that, in accordance with the requirements of the new law "On Limited Liability Companies," all operating LLCs and ODLs must bring their charters in line with the requirements of the law within a year from the moment it comes into force. For this period all enterprises will be exempted from the administrative fee for making these changes.

"We urge the applicants not to apply massively in the early days and not create an artificial excitement, because for this there are no prerequisites. I am sure that the professional community will quickly adapt to the requirements of the new law and all procedures will pass quietly, "Oleg Drobot noted.

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