Standart Articles for LLC
On June 24th the Order will come into force that will enable LLC to adopt Standart Articles which will be a more convenient alternative than drafting its own document.
Standart Articles will have certain advantages over Articles of Association:
When registering a company, it will not be necessary to print Standart Articles out – it will be enough for applicant to indicate its number;
Companies do not need to certify a copy of Standart Articles at Notary.
However, the lawmakers have not considered the possibility to make amendments and add extra information into Standart Articles. In case a company wants to draft its own constituent, including all necessary data, it will have to adopt Articles of Association instead.
Additionally, tax inspectors are warning that Standart Articles are typically used by fly-by-night companies and strongly recommend to carefully check counterparties with Standart Articles.