BULGARIA

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BULGARIAN STRUCTURE

Choose the type of company you are changing board member in

Pursuant to the Bulgarian Commerce Act a Limited Liability Company must have the following organizational structure:

i. General Meeting of the partners (in Bulgarian: „Общо събрание на съдружниците“) or Sole owner of the capital (in Bulgarian: „Едноличен собственик на капитала“); Managing Director(s) (in Bulgarian: “Управител(и)“); Managerial Agent (in Bulgarian: “Прокурист“).

Please see “Managing Director(s)” and "Managerial Agent" below for a more in-depth description of the board type, including how to change the respective board members.

For a description of how to change the respective board members, please see the individual steps below.
As all information on how to change board members in Bulgaria on the LCB Site by nature is generic (i.e. does not include specific requirements for listed companies, special requirements in statutory documents or as otherwise stipulated in any type of special law), we strongly recommend seeking legal advice before actually changing any board members in Bulgaria.

Pursuant to the Bulgarian Commerce Act a Joint Stock Company must have one of the following organizational structures:

i. General Meeting of the shareholders (in Bulgarian: „Общо събрание на акционерите“) or Sole owner of the capital (in Bulgarian: „Едноличен собственик на капитала“); Board of Directors (in Bulgarian: Съвет на директорите“); Managerial Agent (in Bulgarian: “Прокурист“); or

ii. General Meeting of the shareholders (in Bulgarian: „Общо събрание на акционерите“) or Sole owner of the capital (in Bulgarian: „Едноличен собственик на капитала“); Supervisory Board (in Bulgarian: Надзорен съвет“and Executive Board (in Bulgarian: Управителен съвет“); Managerial Agent (in Bulgarian: “Прокурист“).

Please see “Board of Directors”, "Supervisory Board", "Executive Board" and "Managerial Agent" below for a more in-depth description of the board type, including how to change the respective board members.


For a description of how to change the respective board members, please see the individual steps below.
As all information on how to change board members in Bulgaria on the LCB Site by nature is generic (i.e. does not include specific requirements for listed companies, special requirements in statutory documents or as otherwise stipulated in any type of special law), we strongly recommend seeking legal advice before actually changing any board members in Bulgaria.

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Contact Person
Vladimir Penkov, Chairman and Senior Partner
Contact Person
Alexander Stefanov, Partner

Penkov, Markov & Partners (PM&P) has provided all input about changing board members in Bulgaria.

Penkov, Markov & Partners is a leading law firm providing top quality legal service and legal representation of clients in Bulgaria. Our team blends the ease and thoroughness of experienced lawyers with the eagerness and ingenuity of young colleagues, always brought together by the commitment to the issue and the customized approach to the client. Thus, a genuine tailor-made service is provided to meet the needs of each client to the full extent. Therefore, what our clients receive is not just the first possible correct advice but the best possible advice ensuring maximum effectiveness and full reassurance to all parties.

The results we have achieved since the establishment of the law firm place us among the leaders on the legal service market and set an example for many other Bulgarian law firms to follow. The rich track record of PM&P builds on the years-long corporate culture and traditions with full dedication to our clients and provision of high-quality legal service in connection with the investment and business operations of each client.

PMP provides comprehensive services to small and medium-sized enterprises as well as major international companies in all business areas. Our services cover the incorporation of companies, mergers and acquisitions, restructuring – all fields in which PMP is one of the leading law firms. In recent times, operational and financial leasing as well as bankruptcy, investment management, antitrust and consumer protection, administrative regulations and licensing, public procurement and trademark protection have been playing an increasingly pivotal role in our activities. 

For more information about Penkov, Markov & Partners and changing board members in Bulgaria, please contact our Partner directly.

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