Anna Babich: the Introduction of the concept of “corporate contract” – one of the most important innovations of the Law on LLC

Law of Ukraine No. 2275-VIII “About societies with limited and additional liability”, which came into force on 17 June 2018, is aimed at simplifying and liberalising the regulation of activities of companies, protect the rights of minority shareholders and creditors, improving corporate governance and transparency activities, – reported in the media and social networks.
“The new law will change the rules of the game for more than 500 thousands of limited liability companies in Ukraine, – said the head of UBA Committee on corporate law and stock market, partner at Aequo Anna Babych, who took an active part in the work on the draft of this law.
The law abolishes the quantitative limitation of shareholders (previously was allowed to participate up to 100 people). As one of the most important navedeni it is possible to note the introduction of the concept of “corporate contract”. This also reduces the list of information that must be contained in the LLC Charter.
The law also stipulates a General rule according to which the participants to contribute within 6 months from the date of the state registration of the LLC, unless otherwise provided by the Charter (first established a period of one year).

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