The federal law established partnership as a new type of incorporation. This form of partnership is a company registered by two or more individuals and managed by members of the partnership or other individuals according to the partnership agreement.

The Act stipulates the legal status of partnership members, charter guidelines, partnership management agreement, shared capital, number of partners, rules of partnership establishment and partnership liability.

Also, the Act sets the claim process for partners’ shares in the partnership capital. The act envisages a preemptive share buyout.

Partnership gives participants unlimited freedom of innovation business, in terms of shared liability (partners are not liable for the company’s obligations) and otherwise (in terms of possibility of investing any property and participation of any company or private individual, including foreign companies). Partnerships carry minimum regulatory requirements for mandatory reporting, record keeping and disclosure. The Ministry for Economic Development assumes that the new type of incorporation will help attract foreign investors into risky Russian startup and venture projects.

Project Group №2