In Lithuania 4 organizational structures exist pursuant to Law on Companies of the Republic of Lithuania:
- A Managing Director (in Lithuanian: “vadovas”) only.
- A Managing Director and an Executive Board (in Lithuanian: “valdyba”).
- A Managing Director and a Supervisory Board (in Lithuanian: “stebėtojų taryba”).
- A Managing Director, an Executive Board and a Supervisory Board.
Generally, two types of Limited Liability Companies exist in Lithuania: A Public Limited Liability Company and a Private Limited Liability Company. Each of the above structures apply to both Public and Private Limited Liability Companies. Only the Managing Director is mandatory in the Private Limited Liability Company whereas not only the Managing Director but also at least one of Executive Board and Supervisory Board are mandatory in a Public Limited Liability Company.
Please see, respectively, “Managing Director”, “Executive Board” and “Supervisory Board” in the left side menu for a more in-depth description of each structure, including how to change the Managing Director and the respective board members.
COBALT has provided all input about changing board members in Lithuania.
COBALT is the new closely integrated legal services alliance formed by Raidla Lejins & Norcous offices in Lithuania and Latvia, LAWIN office in Estonia and a newly established law office in Belarus. COBALT is a recognized legal advisor in domestic and cross-border acquisitions, disposals, mergers, de-mergers, private equity and venture capital investments, joint ventures, shareholder buyouts, LBOs and MBOs, share buybacks.
For more information about COBALT and changing board members in Lithuania, please use the below contacts:TEL: +370 672 17478