A new Law on LLCs

A new draft-law is on examination now in Ukrainian parliament, entitled “On limited liability companies and additional liability companies”. Its adoption will cause further amendments to the Civil Code, Economic Code, Law “On Notary Service” etc.

For example, it is proposed:

–       To abolish the maximum quantity of participants of the LLC (now it is 100 persons);

–       Not to mention the size and amount of statutory capital of the company in the statute. It shall be mentioned only in the Unified Registrar;

–       To fix a 1-year limitation of action: in cases connected with annulment of the decision of company’s shareholders general meeting.