OREANDA-NEWS. February 11, 2013. The Government approved the concept of the Law of Ukraine "On Limited Liability Companies and Additional Liability Companies." The corresponding decree developed by the Ministry Economic Development of Ukraine, was adopted by the Cabinet of Ministers of Ukraine.

The main purpose of the document is to improve the regulation of relations connected with the establishment, operation and termination of LLCs and ALCs, bringing the legislation into conformity with the standards and conceptual approaches, which are defined by the legislative acts of the European Union and the countries - members of the EU.

The document will match the best international standards of regulation of companies. Improvement of the legal regulation of LLCs and the adoption of the Law " On Limited Liability Companies and Additional Liability Companies" will improve conditions for the activity of more than 400 000 LLCs registered in Ukraine and create an attractive alternative for many businesses that currently exist in the complex for most of them the legal form of joint-stock companies or non-transparent for foreign investors and for the Ukrainian businessmen legal forms namely "private enterprise", "enterprises with foreign investments" and "foreign company".

Adoption of the document will improve the business climate and attract foreign direct investment, create conditions for the development of new and existing businesses, increase the reliability of the protection of property rights and provide participants with effective mechanisms for prevention and resolving of corporate conflicts.