Board change
Board of directors change support from lawyer in Latvia for Limited Liability Companies registered in Latvia. Information about changes must be submitted to commercial register if shareholders of company decides to elect additional members of board of directors, revoke members or change rights to represent company. Document drafting, document application and everything else needed to successfully change the board of directors of company.
The process of changing board of directors
The process of changing board of directors of an enterprise in Latvia mainly consist of document draft submission to commercial register of Latvia.
- Basic state fee - 10 LVL (15 EUR)
- Publication in Latvijas Vēstnesis - 6,5 LVL (10 EUR)
- Our fee - 50 LVL (70 EUR)
- Total - 66,5 LVL (95 EUR)
Write us to start the procedure of board change.
NOTE: Members of board of directors are elected for period of three years (if in statutes are not prescribed shorter period) so after each three years they must be re-elected and to commercial register must be submitted information.
Board of directors
A board of directors is the management and representative body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors. It is often simply referred to as the board
.
Its functions include the management and representation of the company. Management means adoption of internal decisions of the company.
Duties of the board of directors
Directors are selected by the owners of company to manage affairs of the business, subject to any limits imposed in the company's articles of organization, by-laws, operating agreement or shareholders' agreement (formation documents). The Directors' primary duty is to the corporation itself, although they owe a contractual duty to the owners to conform to the rules in these formation documents.
- governing the organization by establishing broad policies and objectives;
- selecting, appointing, supporting and reviewing the performance of the chief executive;
- ensuring the availability of adequate financial resources;
- approving annual budgets;
- accounting to the stakeholders for the organization's performance;
- setting the salaries and compensation of company management;
Structure of board
The structure of board in Latvia for LLC can be:
- Natural persons;
- Latvian residents and non-residents;
- Note: The minimum number of board members is one person;