ECUADOR

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ECUADORIAN STRUCTURE

Choose the type of company you are changing board member in

Pursuant to the Ecuadorian Companies Act, a Limited Liability Company (in Spanish: "Compañía de Responsabilidad Limitada") may have one of the following organizational structures:

  1. One or more Managers (in Spanish: “Administrador con Representación Legal”and a General Shareholders Meeting (in Spanish: “Junta General de Socios”).
  2. One or more Managers, a General Shareholders Meeting and a Supervisory Board (in Spanish: “Comisión de Vigilancia”).

Please see, respectively, “General Shareholders Meeting”, “Managers” and “Supervisory Board” below for a more in-depth description of each 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 Ecuador 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 Ecuador.

Pursuant to the Ecuadorian Companies Act, a Stock Company (in Spanish: “Compañía Anónima”) must have the following organizational structure:

  1. One or more Managers (in Spanish: “Administrador con Representación Legal”), a General Stockholders Meeting (in Spanish: “Junta General de Accionistas”and a Board of Directors (in Spanish: “Directorio”).

Please see, respectively, “General Stockholders Meeting”, “Managers” and “Board of Directors” below for a more in-depth description of each 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 Ecuador 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 Ecuador.

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Bustamante & Bustamante has provided all input about changing board members in Ecuador.

Founded in 1956, Bustamante & Bustamante is a full service law firm based in Quito, Ecuador, with worldwide correspondence connections. The Firm is composed of over 35 attorneys and more than 70 support staff members, and provides continuous and integral legal and accountings services to national and foreign clients, including multinational companies, mutual funds, foreign governments and multilateral institutions.

For more information about Bustamante & Bustamante and changing board members in Ecuador, please contact our Partner directly.

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