SOVIET VENTURES REQUIRE CAREFUL STRUCTURING

Jeffrey A. Burt Arnold & Porter Washington, D.C. When the Soviet Union first opened its doors to foreign investment in 1987, the only legal entity for housing foreign investment was the "joint venture" or "joint enterprise." Almost all foreign investments to date utilize this organizational form. Initially, non-Soviet investors were limited to a 49% equity participation. In response to criticism from the West, that ceiling was lifted in 1988, and Western firms were presented with the option of

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