Two important laws concerning the activities of limited liability companies were adopted. Among them are the Federal Law No. 251-FZ of 31 July 2020 «On Amending Article 94, Part 1 of the Russian Civil Code» and the Federal Law No. 252-FZ of 31 July 2020 «On amending Federal Law «On Limited Liability Companies» to the Extent of Improving the Procedure for Recording in the Unified State Register of Legal Entities Information on the Exit of a Limited Liability Company Member from Such Company». There is a connection between the Laws.

The Law No. 251-FZ specifies the stage of share transfer to the company. In the previous version of the Article 94 of the Russian Civil Code, the moment of share transfer to the company was the receipt of an application or request by the company. According to the new version - this is the date when the record on shareholder's withdrawal was made in the Unified State Register of Legal Entities (EGRUL) or the date when the company received a request to purchase a share.

The Law No. 252-FZ brings the Law «On Limited Liability Companies» into compliance with the updated Article 94 of the Russian Civil Code.

Thus, the new Article 23 states that the calculation of the actual share value should be based on the financial statements for the reporting period that precedes the date of transfer to the company of the excluded member share, not the date of application filing, as it was before. At the same time, the date of share transfer to the company will be the date of entry in the EGRUL or receipt of withdrawal application by the society.

In the new Article 26, there are additional paragraphs, that:

• oblige the notaries, who certified the withdrawal statement, to submit to the registration authority by means of a digital signature the relevant application on changes in the Unified State Register of Legal Entities within 2 working days from the date of certification, and to send a certified withdrawal statement to the registered office within 1 working day;
• provide the possibility to fix in the Charter the priority of withdrawal for the members who may be specified by name or like the shareholder with specific characteristics (ownership of a certain share);
• fix in the Charter the possibility to make the rights of members for withdrawal dependent on the occurrence or absence of certain circumstances, terms or a combination of these factors;
• fix in the Charter the right for withdrawal by a decision of the General meeting of shareholders adopted by a solid vote. At the same time, the shareholder with such right and the duration of the right should be indicated. This provision does not apply to the withdrawal of a credit institution member.

Thus, the legislation amendments simplify the process of the shareholder's withdrawal and exempt companies from obligation to submit the documents for state registration. However, the expenses on the procedure may increase due to the growth in notaries’ powers.

All information related to the limited liability companies (including historical data) is available in the Information and Analytical system Globas.

Information agency Credinform represents the ranking of the largest unitary enterprises in Russia. The unitary enterprises (TOP-10) with the largest annual revenue were selected for the ranking, according to the data from the Statistical Register and the Federal Tax Service for the latest available accounting periods (2017 - 2019). Then the enterprises were ranked by the absolute liquidity ratio (Table 1). The analysis was based on the data from the Information and Analytical system Globas.

Absolute liquidity ratio (х) is calculated as a ratio of the amount of cash, being at the disposal of a company, to short-term liabilities.

The ratio determines the share of short-term liabilities, which an enterprise can satisfy in the near future, before satisfying receivables or sale of other assets.

The recommended value is from 0,1 to 0,15. The higher is the indicator, the better is the solvency of an enterprise. However, a too high ratio value might speak of an irrational capital structure and stranded assets in the form of cash and funds on bank accounts, which depreciate and lose their initial liquidity as time passes or as a result of inflation.

In order to get the most comprehensive and fair picture of the financial standing of an enterprise it is necessary to pay attention to all combination of financial indicators and company’s ratios.

Table 1. Net profit, revenue, absolute liquidity ratio, solvency index Globas of the largest unitary enterprises in Russia (TOP-10)

Name, INN, region	Revenue, billion RUB		Net profit (loss), billion RUB		Absolute liquidity ratio (x), from 0,1 to 0,15		Solvency index Globas
	2018	2019	2018	2019	2018	2019
1	2	3	4	5	6	7	8
MAIN MILITARY CONSTRUCTION DEPARTMENT FOR SPECIAL OBJECTS INN 7734003657 Amur region,in process of reorganization in the form of transformation since 02.09.2016	31,82	44,77	-4,54	-2,07	0,09	0,06	322 Adequate
State Unitary Enterprise Fuel and Energy Complex of St. Petersburg INN 7830001028 Saint Petersburg	30,90	32,12	0,29	0,30	0,04	0,06	213 Strong
State Unitary Enterprise Vodokanal Saint Petersburg INN 7830000426 Saint Petersburg	35,80	36,88	0,64	1,74	0,04	0,08	206 Strong
State Unitary Enterprise Moscow metro INN 7702038150 Moscow	118,20	126,49	-1,64	-8,38	0,15	0,12	251 Medium
ROSMORPORT INN 7702352454 Moscow	26,92	28,87	1,03	0,84	0,46	0,20	193 High
State Unitary Enterprise Saint Petersburg Metro INN 7830000970 Saint Petersburg	37,75	42,28	1,77	0,69	0,26	0,24	251 Strong
State Unitary Enterprise Mosgortrans INN 7705002602 Moscow	43,22	41,12	-9,45	-1,28	0,37	0,32	298 Medium
FEDERAL STATE ENTERPRISE SECURITY OF RAILWAY TRANSPORT OF THE RUSSIAN FEDERATION INN 7701330105 Moscow	29,78	31,61	0,31	0,31	0,51	0,54	233 Strong
Federal State-owned Enterprise Russian Television and Radio Broadcasting Network INN 7717127211 Moscow, In process of reorganization by spin-off since 04.07.2016	27,09	33,37	0,72	0,79	0,71	1,23	182 High
State Federal Unitary Enterprise State ATM Corporation INN 7734135124 Moscow	110,63	117,49	32,82	14,69	8,85	8,28	182 Superior
Average value by TOP-10 companies	49,21	53,50	2,20	0,76	1,15	1,11
Average value by TOP-1000 companies	1,53	1,62	0,01	-0,02	0,44	0,51

improvement compared to prior period, decline compared to prior period

Average value of absolute liquidity ratio of TOP-10 companies is higher than the average industry one. Only one company has the standard value in 2019.

Picture 1. Absolute liquidity ratio and revenue of the largest unitary enterprises (TOP-10)

Within 6 years the average industry values of absolute liquidity ratio TOP-1000 were on the whole beyond the limits of the standard value and tend to improve (Picture 2)

Picture 2. Change of industry average values of absolute liquidity ratio TOP-1000 unitary enterprises in Russia in 2014 – 2019