Uzbekistan, Tashkent, March 24 / Trend, D. Azizov /
The Senate of Oliy Majlis (upper house of parliament) of Uzbekistan approved the law "On the family entrepreneurship" at a meeting on Friday.
The law was adopted by the Legislative (lower) chamber of the Uzbek parliament in January this year.
The law creates the legal basis for the development of family entrepreneurship as a major form of small business and private enterprise, strengthens legal guarantees for family enterprises, and provides necessary legal conditions for the extensive development of family business in various sectors of the economy and opening of new jobs in the country.
Under the law, family entrepreneurship is considered as a separate legal organizational form of economic activity carried out by family enterprises established on the basis of common or equity ownership of family members and with direct labor participation of its members.
The family enterprise is formed based on the memorandum signed by family members, specifying the obligations of personal labor participation in the family business and a list of common or equity property, involved in the business turnover. Conditions of the distribution of income (profit) of family business may be determined by a foundation agreement, at the request of participants.
Provisions of the law regulate mechanisms of elimination of the family enterprise, joining the communications and their use, accounting and tax reporting.
According to the procedures, the law will be submitted to the president for approval.