MPs can simplify the procedure for closing a business for individuals

The Verkhovna Rada of Ukraine registered a draft law amending the Law of Ukraine "On state registration of legal entities and individual entrepreneurs" on the application principle. Bill № 8372 from 08.04.2011 referred to the Committee of People's deputies from BYuT and OU-B-NS. The purpose of the bill is significant relief procedures for termination of business activities of natural persons - entrepreneurs. The objective of the bill is the introduction by application of the principle of cessation of business activities. The project proposes radically simplify the procedure so that the entrepreneur will be enough merely to state registrar of cessation of business, and such termination shall immediately reported. The ideology of the proposed changes is based on the fact that an individual who ceases business activity, in contrast to the liquidation of a legal person, does not disappear. Individual and after the cessation of business continues to meet its debts and the amount of such liability does not change. It is also expected to abolish the requirement date the registrar of the state registration of an individual. The certificate is not a security but merely confirms the fact that an individual last acquired the status of the entrepreneur. The only reliable source of information about that individual still has that status, is the Unified State Register, and which should be addressed.