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MOSCOW, April 2 (Itar-Tass) —— Open joint stock companies will cease to exist in Russia as a form of ownership soon and will be replaced with public and non-public commercial organisations, according to amendments to the Civil Code, Justice Minister Alexander Konovalov said.
“A large number of changes concern legal entities,” the minister said at a press conference at the Kremlin on Monday, April 2.
“As for commercial organisations, we studied the practice of creating legal entities over the past 17 years, and statistically about 85 percent of legal entities registered in Russia as limited liability companies, and some organisational forms provided for in the Civil Code of 1995 proved totally wrong,” Konovalov said.
Among them he named full partnership and additional liability company.
The amendments suggest dividing legal entities into public and non-public organisations. Depending on which category they belong to, organisations will be or will be not required to public financial statements and reports on shares and their issues.
“Everything that was provided for open joint stock companies will now apply to public and non-public organisations that can operate in any form of incorporation allowed by the Civil Code,” Konovalov said.