Minutes of the general meeting of participants on the approval of a major transaction is a mandatory document for the legal execution of transactions exceeding 25% of the book value of the company's assets and going beyond the normal business activities.
Correct execution of this document protects the interests of the company's participants and ensures the legality of transactions, preventing possible risks of invalidation of such transactions.
According to Federal Law No. 14-FZ “On Limited Liability Companies” (Article 46), a major transaction or several interrelated transactions related to the acquisition, alienation or the possibility of alienation by the company directly or indirectly of property, the price or book value of which is 25 or more percent of the book value of the company's assets, determined according to its accounting (financial) statements as of the last reporting date, is considered a major transaction.
Conclusion of a major transaction without appropriate approval may lead to recognition of the transaction as invalid - such transaction may be challenged in court by the company's participants, the company itself or other interested parties.