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Joint stock companies (OAO), closed joint stock companies (ZAO) and additional liability companies as types of business entities are to be abolished in Russia after introducing amendments into the civil code of the Russian Federation, said the Minister of Justice Alexander Konovalov. These types of business entities will be changed into public and non-public entities.
The necessary amendments may come into force on September 1, 2012. The newly introduced business entities are to improve economic life and investment climate in the country, said the Minister.
Author: Irina Fomina
