A limited liability company OOD (LLC) is established by two or more partners, with capital formed from their company contributions. The capital cannot be less than BGN 2 (two) and can represent a non-monetary contribution.
Each of the partners is responsible for the obligations of the company up to the amount of their share contribution. The manager of the company can be a person other than the owners of the capital, or he can be a partner and manager at the same time.
A sole proprietorship with limited liability EOOD (Ltd.) is a capital company whose capital is divided into shares. EOOD is a variant of the limited liability company – OOD, but unlike it, it is formed by one person who is responsible for the company’s obligations with his equity contribution to the company’s capital.
Any able-bodied person over the age of 18 can register as an EOOD. The law does not require the sole proprietor to be a natural person, and EOODs can also register other commercial companies or non-profit organizations. EOOD can also be registered by foreign citizens and companies.
When you establish an EOOD company, you must describe the name of the company, the address, the amount of the capital and the subject of activity as well as everything about the newly established company. A Protocol must be created from the decision of the sole owner of the company, certifying the willingness to create the company.
➽ When establishing an OOD company, the relations between the partners are being arranged by a partnership agreement.
It is concluded in a writing form and is signed by each of the partners!
You must include the name of the company, the address, the subject of activity and the term of the contract, the amount of capital, the amount of shares with which each partner participates in the capital. If the registration is performed by a person other than the owner / partner of the company, he must be authorized by means of notarized power of attorney.
Also, a second power of attorney must be prepared to serve in front of the respective bank where the collection account will be opened. After the registration of the company, this collection account is transformed into a current account and can be used for the commercial operations of the company.
After entering all the documents in the Commercial Register of the Republic of Bulgaria, the company’s registration takes place in one working day.