of June 19, 2003 No. 973-IV
About farm
This Law determines legal, economic and social basis of creation and activities of farms as progressive form of business activity of citizens in industry of agricultural industry of Ukraine.
The law is directed to creation of conditions for realization of initiative of citizens on production of commodity agricultural products, its conversion and realization in the internal and external markets, and also for ensuring rational use and protection of lands of farms, legal and social protection of farmers of Ukraine.
1. The farm is form of business activity of the citizens who showed willingness to make commodity agricultural products, to enable its conversion and the realization for the purpose of profit earning on the parcels of land provided to them in property and/or use including in lease, for maintaining farm, commodity agricultural production, personal peasant economy, according to the law.
2. The farm can be created by one citizen of Ukraine or several citizens of Ukraine who are relatives or family members according to the law.
3. The farm has the name and can have seals.
4. The farm is subject to state registration as the legal entity or physical person entrepreneur. The farm acts on the basis of the constituent document (for the legal entity - the charter, for economy without the status of the legal entity - the agreement (declaration) on creation of farm). In the constituent document the name of economy, its location, the address, subject and the purpose of activities, procedure for forming of property (share capital), governing bodies, procedure for adoption of decisions by them, procedure for the accession to economy and exit from it and other provisions which are not contradicting the legislation of Ukraine are specified.
5. The farm registered as the legal entity has the status of family farm provided that in its business activity work of members of such economy which members of one family according to article 3 of the Family code of Ukraine are only is used.
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