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Mandatory changes for legal entities/Bringing the founding documents into compliance

 Within the framework of cooperation JG Counselors with the Association, regarding the obligations stipulated by the new edition of the Law of Georgia on „ Entrepreneurs", an information seminar “Entrepreneurial law innovations in practice”  was held for the member companies.

 According to the Law of Georgia "On Entrepreneurs", those companies that have not implemented the change by December 31, 2023, will be given an additional 3-month period. In case of non-rectification of the defect (change) within this period, the entrepreneurial society:

 • will be considered cancelled;

• If he has property, the liquidation process will begin.

 Taking into account the changes, within a period of 2 (two) years from January 1, 2022, all business entities already registered (and among them, LLCs) are obliged to bring their founding documents into compliance with the legislation.

 Taking into account the above, LLC in the public register:

 1. Must register the founding agreement;

2. To change the charter (bring it into line with the new legislation);

3. To be authorized to post information on the electronic portal;

4. If any: to register the share according to the relevant classification;

5. If there is such: to register the invested capital;

6. If there is one: when changing the name, take into account the existing names and formulate it accordingly.