The manager is the person who represents the company before state authorities, partners, and banks. According to Art. 141 of the Commercial Act, any legally competent natural person can be a manager, regardless of whether they are a Bulgarian or foreign citizen.

  • Basic requirements:
    • Must be of legal age and legally competent.
    • Must not be in bankruptcy and must not be deprived of the right to hold management positions.
    • Can be an owner, a partner, or an external person.
  • Appointment:
    • The manager is appointed by a decision of the partners (in an OOD) or by the sole owner of the capital (in an EOOD).
    • A notarized specimen of the signature is mandatory, and a management contract must be concluded.
  • Liability:
    • The manager is financially liable for damages caused to the company, as well as for compliance with tax and accounting obligations.
    • Can be insured as a self-insured person or under a management and control contract.
  • Termination:
    • Their powers are terminated by a decision of the owner or by submitting a written resignation, and the change is recorded in the Commercial Register.