It was noted that in recent years, consistent reforms have been implemented in the country aimed at comprehensive support for business entities, including the development of corporate relations.

During the discussion, the need to systematize and unify the norms governing the activities of limited liability companies, as well as supplement them based on positive foreign experience, was noted.

The Law establishes the procedure for opening branches and representative offices of the company, subsidiaries and dependent business entities, as well as issues related to resolving conflicts between the company's participants and bringing copies of the minutes of the general meeting of the company to the participants. In addition, the procedure for electing members of the Supervisory Board of the company is provided, as well as the duties of the sole executive body (director) and the collegial executive body of the company.

The law establishes that the company may engage in certain types of activities not only on the basis of a license, but also on the basis of documents of a permissive nature or in a notification manner. It provides for the granting of a number of rights to the company's participants, such as the conclusion of corporate agreements on the exercise of their corporate rights.

In addition, the procedure for conducting absentee voting and electing members of the Supervisory Board, the powers of the supervisory Board, as well as the regulations on the establishment of a committee of minority shareholders are fixed.

At the meeting, special emphasis was placed on the issues of introducing a modern corporate governance system into the activities of limited liability companies, eliminating legal gaps in the legislation governing their activities, as well as protecting the rights and legitimate interests of the company's participants.

In their speeches, the senators stressed that this Law strengthens the guarantees of the rights and legitimate interests of the members of the society, serves as a legal basis for preventing the appropriation of their shares through deception and fraud.

Following the discussion, the Law was approved by the senators.