OREANDA-NEWS. July 30, 2014. The new issue presents a review of changes in the legislation as well as the articles of FBK specialists on the topical issues.

Among others, the article of Maria Nosova, the lawyer of FBK Legal, “The epoch of changing: changes in the RF Civil Code and the corporate law reform” dwells on the changes in the Civil Code under Federal Law No. 99-FZ to be effective from 1 September 2014.

The author examines the most relevant of them with reference to the status of legal entities:

All types of legal entities (both commercial and non-commercial) are subdivided into two big groups: unitary and corporate.

A closed list of non-profit legal entities is introduced.

The list of organizational-legal forms of commercial entities was shortened: such forms as ODO and ZAO will not exist any longer.

Besides the organizational-legal forms the changes also covered the constituent documents. The only constituent document of any legal entity is the statute. The exception is made for business partnerships that will act on the basis of shareholder’s agreements.

The article dwells on the range of other novelties and amendments.

“Time will show how such essential changes will affect businesses. We can only hope that the legislator’s good intentions will be put into effect properly,” concludes Maria Nosova.