Law No. 558-II “On private enterprise.”

The scope of this Law is to regulate relations in the field of creation, activity, reorganization and liquidation of private enterprises. A private enterprise is a commercial organization created and managed by the owner - one natural person. A private enterprise is an organizational and legal form of business entities. A private enterprise is created for an indefinite period, unless otherwise provided by its charter. A private enterprise acquires the status of a legal entity from the moment of its state registration. The owner of a private enterprise, as a manager, individually manages the enterprise, acts on his behalf without a power of attorney, represents its interests, manages funds and other property of the private enterprise, concludes contracts, including labor contracts, issues powers of attorney, opens bank accounts, approves staff, publishes orders and gives instructions that are mandatory for all employees of the enterprise. The relationship between a private enterprise (employer) and an employee of a private enterprise is regulated by an employment agreement (contract) in accordance with labor legislation. The property of a private enterprise is not subject to nationalization, except in cases provided for by law. In order to protect their rights and interests, private enterprises may unite into associations (unions) and other alliances in accordance with the law. This Law contains VI Sections divided into 30 Articles. Section I lays down general provisions. Section II regards constitution and state registration of a private enterprise. Section III regards management of a private enterprise. Section IV regards labour relations in a private enterprise. Section V guarantees freedom of operation of private enterprise. Section VI lays down conclusive provisions.