Podgorica, (Montena-business) - "The Parliament of Montenegro today passed the draft of the Law on Economic Societies, which, among other things, terminates all socially owned companies, and enables different forms of economic activities and reduces administrative procedures" said Mr. Rajko Milovic on behalf of the organ that proposed the draft. Mr. Milovic stated that this proposal represented an additional condition for functioning of market economy and thus promoted commodity trade and market economy. He added that this law enabled individual entrepreneurship, partnership, foundation of joint-stock companies and limited liability companies. "With the new law, production of commodities becomes materialized legal interest of private producers, and the law also defines the forms in which economic subjects would compete at the market. The main novelties of the law are reduction of necessary administrative procedure for registration of a company, simplification of the recording procedure and reduction of the sum needed for capital fund" said Mr. Milovic. The Parliament should also discuss the Proposal of the Law on Economic Societies, then about Proposal of the Law on Customs, the Law on Customs Service, the Law on Labour, the Law on Employment, the Law on Courts of Law, the Law on Participation of Private Sector in Public Services, the Law on Insolvency of Economic Societies and the Law on Accounting. km