State service portal
Form I renewed 16.09.2021.
Founding a company and starting a business start with a business idea that can be both a well-known sphere and a hobby for you. The start-up of business includes the registration of an undertaking in the Enterprise Register (UR), the responsibility to fulfil all necessary duties, including tax evasion, by registering the selected tax treatment with the State Revenue Service (SRS).
When starting business, the issues can be many and different, and each can benefit from the advice provided by institutions, such as information and advice for starting business, provided by the Latvian Investment and Development Agency (LIAA), including the creation of a business plan, business incubators in Latvian regions, seminars and support opportunities.
Consultation on funding is available at:LAA customer service departmentandLAA in Business Inhibitors, as well asALTUMandCentral Financial and Contract Agencies (CFLA)in customer service centers.
The participating authorities shall:Register of companies (UR) Patent Office of the Republic of Latvia (LRPV) State Employment Agency (NVA) State Revenue Service (SRS) National Labour Inspection (NSA) Road Safety Directorate (CSDD) Latvian State Radio and Television Centre (LVRTC) Ministry of Economy (EM) Latvian Investment and Development Agency (LIAA) Central Statistical Bureau (CSP) State Land Service (VZD) Rural Support Service (LAD) Ministry of Welfare (LM).
Related life situations:Mana.Latvija.lv
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When creating a company, it must create a name. The name must be unique and specific to help build company awareness and distinguish it from other companies. To familiarise themselves with the conditions for creating a name,Websites of the Enterprise Register (UR)under the heading “Register“When you choose the legal form of the companies you're interested in, click “Establishment” — “Register of companies” — “Check the name.” Check that your selected company name has not already been registered, you can type the name UR websitesin the search.
! It is important to remember that the name you have chosen will have to be stated in the same way in all documents to be submitted.
A trade mark belonging to another undertaking may not be used in the name of the undertaking. A trade mark and a service mark means a designation used to distinguish the goods and services of an undertaking from the goods and services of other undertakings, they shall be registered in accordance withTrade mark law.
In order to make sure that the relevant trade mark is not already protected in Latvia, you may perform a search for trade marks.databases On the website of the Patent Board. Read more about trademarks in the description of the life situation “Home production'under the heading'Trade mark“.
When presenting the registered office of the company, it should be noted that this particular address will continue to be used for official communication and will be available to any third party without restrictions.
It is possible to familiarise yourself with the conditions for registering a registered office on the ur website. To meetconditions for registration of the registered office,choose a legal form, click “Establishment” — “Register of companies” — “Check address”.
From 2019, available to entrepreneursE-address, which provides the possibility of contacting and receiving electronic consignments with national authorities.
Data publishing and e-services portalKadastrs.lv, under the heading “State Address Register'You can meet the addresses in the State Address Register and you can search for the address you need for free. If an undertaking is owned by another person (for example, if you rent office premises), written consent of the owner shall be required (Article 139 of the Commercial Law) which, when the company is registered, will have to submit to UR.
When starting a business, it is important to define a specific sector in which the company intends to carry out an economic activity. Intended for this purposeStatistical classification of economic activities in the European Community (NACE)where you can see a list of industries and a description of each sector.
Once you have defined the economic activity of an enterprise, you must decide which form of business to choose.
Economic activities may be carried out in the following forms of business:
On the other hand, a natural person can carry out an economic activityindividual merchantstatus. In the same way, a natural person may carry out his or her economic activity asself-employed.
! The information is also availablehere.
The forms of business differ in terms of:
For more information on business and economic activity, seeIn Commercial Law.
To compare business types and choose the right one, use the UR site option “Compare types of business”.
A newly established company, which is required to set up and pay down fixed capital in accordance with regulatory enactments, must open a temporary current account (excluding a company with limited liability (SIA) with a fixed capital of less than EUR 2 800,00) prior to registration in the Enterprise Register (UR) in order to make a share capital contribution of the company.
Banks offer the possibility to perform this activity remotely, for example by signing an application withsecure electronic signature (e-signature). After registration, it is possible to draw up a temporary account as a permanent current account. Read more information on the website of the selected bank.
In order to register the company, it is necessary to submit documents to UR. Registration can be done electronically on the portalLatvija.lvusing e-service “Registration of the registers kept by the Enterprise Register'where the person (exceptional caseswhen the service cannot be performed on-line) can be submitted electronically bysigned an e-signaturean application for the registration of a capital company in the Commercial Register, as well as the submission of an application forvarious applications.
To URE-addressesOremailonly applications that are not intended to be submitted to e-service may be sent.Registration in registers carried by the Enterprise Register“. In paper format, documents can be submitted by sending them toUR. When submitting documents signed with an e-signature UR, notary services are not required to certify the signature. More about using e-signature, read life situationsSigning documents with an electronic signature'in the description.
An application for registration of a business may be prepared in a free form, including all the information specified in regulatory enactments for registration. In order to facilitate the preparation of applications, samples of forms shall be available on the UR website, which shall include all the information specified in regulatory enactments necessary for the making of registration records. If, however, you are filling in an application for registration records in a free form without using form forms, make sure that you have included all the necessary information in the application. It is possible to download the submitted forms for business registration on the UR website, under “Register“, where you can see both a brief description of the business form and find out, for example, the steps needed to be established.
On the ur site, by selecting a legal form (for example, SIA), then selecting the “founding” section.
Information on documents to be submitted is available athere.
By selecting another form of business, it is possible to obtain equivalent information on registration as well as documents to be submitted, including application forms. The application forms to be submitted can also be downloaded via e-service “Registration of the registers kept by the Enterprise Register“.
! It is important to remember that when submitting documents electronically, by executing e-service portalsLatvija.lvor when you choose to submit documents by sending toE-addressesor to firstname.lastname@example.org– each document must be signed separately by:e-signature.
Registration must be paid before the application is submittedThe State fee. Registration is only made after UR can be satisfied that the State fee has been creditedIn the Treasury account.
Economic activity may be registeredState Revenue Service (SRS) Electronic Declaration System, in the “Documents” section. Click “From form”, “Taxpayer Core Activity Type and Registration Data Change Form” and “Taxpayer (Person) Registration Data.”
Registration of economic activity in the SRS can also be held in person, in any customer service centre, by presenting a passport or identity card (eID card) and filling inthe registration page of the taxpayer.
In accordance withArticle 10, Paragraph three of the Commercial Lawa decision regarding the registration of an undertaking shall be taken by the notary of the State of UR within three days (excluding holidays and holiday days) from the date of receipt of the application, counting from the day following that event.
The information on the basis of which records are to be made in the Commercial Register, as well as the documents specified, shall be submitted to the UR within 14 days from the date of taking of the relevant decision or the occurrence of changes, if a shorter period has not been specified in regulatory enactments. For certain changes, the time limits for the submission of documents shall be shorter:
In order to expand its existing business in another Member State of the European Union (EU), it is necessary to know the national rules in force. The Unifiednational contact pointswhere to obtain the necessary information and to complete administrative procedures online. Information on setting up a business in different EU countries can be found at:Your Europe”.
The EU citizen has the right to:
Information on the registration of an EU commercial company in Latvia, as well as sample registration forms, can be obtainedOn the ur website.
On the other hand, in order to register a branch of a foreign company in Latvia and to start business in Latvia, information, as well as sample registration forms can be obtainedOn the ur website.
Most commonly, non-governmental organisations (NGOs) are set up to meet the needs of a society that is not addressed by the State, local government or business and is not intended to make a profit. There are two types of NGOs in Latvia – associations (including trade unions) and foundations.
The association is a voluntary association of persons which is founded to achieve the purpose specified in the articles of association, which is not of a profit-making nature. It is a member organisation in which persons are joined on the basis of the principle of association. About founding an association, readLatvian Civic Alliance websiteandOn the website of the Enterprise Register (UR).
Preconditions for the establishment of an association:
The list of documents to be submitted and their models for registration of the formation of the association are availableOn the ur website. The application forms to be submitted can also be downloaded via e-service “Registration of the registers kept by the Enterprise Register“. The documents UR shall be submitted within 14 days of the date of adoption of the decision establishing the association.
In order to become a member of an existing association and to defend its interests, to promote the advancement of a question or process, to address issues and to influence legislation on that issue, the association of interest should be addressed. The Board of Governors of the Society of Interest will take a decision on the admission of a member, unless otherwise specified by its articles of association.
A trade union is a voluntary association of persons established to represent and defend the employment, economic, social and professional rights and interests of workers. A trade union or trade union association has the right to join an international trade union association, as well as the right to establish such international trade union associations.
List of documents to be submitted and their models for registration of the establishment of a trade union or trade union association are available at:On the ur website.
The application forms to be submitted can also be downloaded via e-service “Registration of the registers kept by the Enterprise Register“. Documents must be submitted within 14 days of the date of adoption of the decision on the establishment of a trade union or union association.
On the other hand, the foundation, including the fund, is a set of assets that is separate from the purpose set by the founder, which is not of a profit-making nature. There are no members in the foundation. It may have one or more founding members whose status as founder is maintained for a lifetime. About founding a foundation, readLatvian Civic Alliance websiteandOn the ur website.
Preconditions for the establishment of a foundation:
The list of documents to be submitted and their models for registration of the foundation are available at:On the ur website. The application forms to be submitted can also be downloaded via e-service “Registration of the registers kept by the Enterprise Register“. Documents must be submitted within 14 days of the date of taking the decision on the establishment of the foundation.
In order to establish an NGO, many formalities can be carried out electronically, such as establishing and completing formalities related to the activities of NGOs.
Registration of associations (including trade unions) and foundations may be carried out electronically on the portalLatvija.lvusing e-service “Registration of the registers kept by the Enterprise Register“.
The operational framework for associations and foundations is covered byLaw on Associations and Foundations. On the other hand, the regulation of trade union activities includes:In the Law of Trade Unions.
The details of any rightholder (company) registered by UR are available to everyone.On the ur websitefree of charge, and this information is publicly reliable (publicly registered) and up to date.
A social enterprise is a company whose main objective is to address social problems that are important to society and to create a favourable social impact, resulting in the benefit of both the company and society. The social enterprise operates in a market-competitive environment, a business-specific and innovative way of producing goods and providing services.
In Latvia, a social enterprise is a limited-liability society (SIA) which carries out an economic activity with a favourable social impact, such as providing social services, creating an inclusive civil society, promoting education, supporting science, protecting the environment and preserving, protecting animals or ensuring cultural diversity. Profits are reinvested in pursuing a social goal, not distributed to owners. The status of a social enterprise shall be granted by the Ministry of Welfare.
To obtain the status of a social enterprise:
When you have taken a decision on obtaining the status of a social enterprise and the social purpose is included in the company's articles of association, submit to the Ministry of Welfareapplicationgranting social enterprise status (Process description).
May submit a submission:
The documents and explanations necessary for the submission shall be found in the Ministry of Welfareon the website.
Applications for the status of social enterprises are evaluatedSocial enterprise commissionsat the meeting, regarding which the commission shall draw up an opinion for the Ministry of Welfare. In order to take into account epidemiological security and other measures to limit THE spread OF COVID-19, meetings of the Commission of Social Enterprises shall take place remotely in the Zoom environment. Questions shall be raised in writing to the applicant.
After the granting of social status, the company will be included under the responsibility of the Ministry of Welfare.In the register of social enterprises.
Benefits of social enterprise and support instruments:
Support for social entrepreneurship is also providedLatvian Social Business Association (LSUA), which is a member organisation with a view to promoting the development of social entrepreneurship in Latvia, providing advice, creative workshops, organising seminars, lectures and other events.
For more information about social entrepreneurship, you can read in the following resources:
If employees are recruited in your company, the employment relationship must be respected during the duration of the employment relationship and when the relationship is terminated.Labour lawand the requirements of other related regulatory enactments.
Different ways can be used to find suitable employees – one of the most efficient, is to advertise a vacancy electronically on the State Employment Agency CV and Vacancy Portalcvvp.nva.gov.lv.
To use the CV and Vacancy Portal and make changes to your company profile, you must be a profile administrator or user.
The rights and functions of the profile administrator will be automatically available to the employer who has a signature right in the company, according to the data of the Enterprise Register. If you are a Business Profile Administrator (a company signed-up person or person with administrator rights) and you want other employees of your company to register vacancies, match matching candidates and see a candidate CV, you can manage and add users to the CV and Vacancy Portal under “Manage Users”.
The rights of the profile user are obtained by a person for whom the employer has submitted an authorisation from the SEA or by a person for whom the administrator of the institution's profile has granted the user rights.
As an administrator, you can:
How the user will be able to:
The administrator and user rights differ in that the administrator is entitled to manage the roles of the company profile users, for example, to grant additional rights or to block.
The SEA CV and Vacancy Portal User or Administrator Grant Schema is available at:here.
The authorisation must include: the name, surname, personal identity number, e-mail and type of rights assigned to the person to be authorized: the rights of the user or administratorNVA CV and Vacancy Portal. The personal code is required as an additional identifier because the name and surname can be identical to more than one person.
The form of authorisation shall be chosen by the co-operation partner, in accordance with his or her procedures of recording - a mandate, an application, a letter. It shall be valid if formally submitted, according toThe Law on Legal Force of Documents:
Once you have received an authorisation, rights will be granted to the system within three working days and an email will be sent to the new user or the new administrator for the granting of rights.
Employees can also be searched abroad by registering a vacancy and seeking suitable candidatesOn the European Job Mobility Portalwhich provides access to the European Workseeker CV database. The employer has the option to receiveEURES Consultantsdirect support for recruitment from countries of interest. EURES advisers have access to information on international trade fairs and EURES advisers participate in these fairs themselves and can represent the interests of your business and help with recruitment.
When a suitable candidate has been found, the new employee shall enter into an employment contract with which the employee undertakes to perform a specified job, subject to a specified agenda and the employer's orders, prior to the commencement of work. The employer, in turn, undertakes to pay the agreed wages and ensure fair, safe and health-friendly working conditions.
The employer shall register each employee with the “State Revenue Service”In the register of workers and employers'and shall be submitted'Details of workers'electronically using the SRS EDS, not later than one hour before the person begins his or her job.
On the other hand, if a person changes or loses the status of the worker, the information must be submitted to the SRS EDS within three working days after the status has been changed or lost.
For the registration of seasonal farm workers - persons who earn income from 1 April to 30 November for seasonal work - the employer may use the Rural Support Service (LAD)Electronic login system(EPS) when registering:
Agricultural workers employed in the cultivation or planting of fruit trees, berry and vegetables, crop and plantation, harvest, sorting of fruit, berries and vegetables may be registered.
Seasonal agricultural workers informative material.
Informative material“Seasonal farm income tax”.
The EPS provides an opportunity for farmers (employers) to collect all the data entered during the month and the estimated amount of tax for submitting themState Revenue Service (SRS)in a standardised form once a month.
Read more aboutlosing and searchingandemployment for different groups of society!
In accordance withLabour Protection Law, the employer has an obligation to performtraining and briefing of employees in the field of job protection.The staff member must also be trained to perform his duties safely. Those workers whose health status is affected by, or likely to be affected by, health-related factors or specific conditions at work must undergo a mandatory health check (OVP).
All persons shall be sent to THE OVP before the commencement of the employment or civil service relationship, in accordance with all identified risk factors to which the person will be exposed. OVP aims at protecting the health of the worker and can be first, recurring and extraordinary. The examination shall be carried out by an occupational disease doctor for those employees whose health may be affected by harmful factors in the working environment and who have special conditions at work. If the employee is a minor, he or she must undergo a medical examination by a family doctor before commencing his or her employment relationship.
In accordance with 10 March 2009Cabinet regulationsNo 219 periodical OVP rates may be once a year, once in two years and once every three years.
To be carried out in the working environmentinternal monitoring of the working environment, the labour protection law states that the employer, taking into account the number and type of activity employed in the undertaking, shall establishorganisational structure of job protectionappointment of a labour protection specialist/s. The employer may train one of the employees in the training centre, acquire the necessary education and perform the duties of the labour protection specialist himself or herself, or enter into a contract with the provider of labour protection services.
The most extensive information and materials on labour protection issues are available at:stradavesels.lv, but the interactive tool can be used to assess risks to the working environmentOiRAdifferent sectors. OiRA (Online Interactive Risk Assessment) is designed to facilitate enforcement of regulatory requirements and is a website-based interactive tool that is particularly suitable for small businesses.
The following tools have now been developed in Latvian:
This tool is intended to allow the employer to recognise the environmental factors in his or her workplace and to assess the risk of workers suffering or getting sick in the workplace. The tool makes it possible to identify the work protection measures to be taken, as well as to prepare the necessary documentation (work environment risk assessment and work protection measures plan).
Advice on both labour law and labour protection issuesState Labour Inspectorateand employers have the possibility to use the State Labour Inspectorates in preparation
Compulsory medical examination
The first-time mandatory health check (OVP) shall be sent to all persons prior to the commencement of the employment legal relationship or civil service legal relationship according to all identified risk factors to which the person will be exposed. OVP aims to protect the health of the worker and can be a first-time recurring and extraordinary one. The examination shall be carried out by an occupational disease doctor for those employees whose health may be affected by harmful factors in the working environment and who have special conditions at work. If the employee is a minor, he or she must undergo a medical examination by a family doctor before commencing his or her employment relationship.
Periodic OVP shall be performed periodically for employees. The frequency of recurring OVP may be once a year, once in two years or once every three years. This shall be determined by the employer in carrying out the occupational environmental risk assessment. Read more about OVPLabour Protection LawandCabinet Regulation No. 219 of 10 March 2009“Procedures for the Performance of a Mandatory Health Check”.
Even though there is no longer a requirement to provide workersmedical books, mandatory health checks should also be carried out for people employed in works involving potential risks to the health of others. For more detailed information about the frequency, size, and groups of employees who are required to perform checks, see.Cabinet Regulation No 447 of 24 July 2018“Regulations regarding works relating to potential risks to the health of other persons and procedures for carrying out mandatory health checks”.
In some cases, special permits or licences are required to ensure business, due to the nature of the activity of an undertaking or specific activities. The granting of special permits (licences), the extension or cancellation of the term thereof shall be supervised by the State authorities specified in the Law.
Ur created bya list of licences and authorisations issued by national authorities,which summarises the information in which these documents are issued, as well as the regulatory enactments regarding the acquisition of licences and permits are indicated. Ministry of Economy Issues Differentspecial authorisations (licences)in relation to construction, electricity generation, etc.
Most common special permits (licences):
A unit shall be a territorial separate economic unit where the economic activity is carried out. The unit is also considered to be a website or mobile app that has a product or service trading system (such as an Internet store), an order system or a billing system.
Registration with the State Revenue Service (SRS) shall be performed by a taxpayer who has established a unit. This can be done in the “Registers” section of the Electronic Declaration System. More information is available on the SRS website and in Cabinet regulations.
! The scheme is available here.
The term “micro-enterprise” (MU) refers to the form of tax payment, it is not a business type. To obtain the status of the PAYER, you must meet several conditions.
The right to become a micro-enterprise is:
if applicable to allSection 2 of the Micro-enterprise Tax Lawpreconditions. Read moreSRSandMinistries of Economyon the website.
You can create UR at the same time as the application for registration of YOUR business.application for acquisition of MU statusor, in the application, in the “status of the micro-enterprise taxpayer” point, indicate that you want to apply for status.
For more information about tracking, seeOn the SRS websiteandOn the ur website.
Value added tax (VAT) is a consumption tax that is included in the price of the item or service. The performer of the business must register with the State Revenue Service (SRS) before commencing the carrying out of VAT taxable transactions or receiving VAT taxable services domestically for which he or she has to pay VAT as the recipient of these services.VAT register. Register if transaction value exceeds the specified threshold (read moreOn the SRS website).
At the same time as the registration of the business in the relevant register of the Enterprise Register (UR), it is possible to apply for the VAT payer.status.
VAT payer status statement must be filled infor registration of applications in the SRS VAT register.
Documents can be submitted for registration in the SRS VAT register:
! More information on VAT registration can be found at:On the SRS website.
Excise duty is a specific consumption tax applicable to certain groups of consumer goods produced or imported in the country. The following products are subject to excise duty in Latvia:
Excise goods harmonised within the European Union are:
Non-alcoholic beverages, coffee, natural gas and liquid used in electronic cigarettes, the parts of preparation thereof and the replacement tobacco products shall be excise goods at national level.
For the rates of excise duty applicable in the Republic of Latvia, read:State Revenue Serviceon the website.
Special authorisations (licences)
In order to perform commercial activities with excisable goods, it is necessary to receive a special permit (licence) issued by the State Revenue Service in conformity with the planned type of commercial activity. For detailed information on the types of special permits (licences), the amount of State fees, as well as the documents to be submitted for the receipt of licences, readState Revenue Serviceon the website.
Security of excise duty
For certain types of licences, in order to perform commercial activities with excisable goods, a security of excise duty shall be required.
The general security of excise duty shall be submitted for the operation of a tax warehouse, a registered consignee or a registered consignor with alcoholic beverages, tobacco products and petroleum products. A security, a performance insurance policy or a credit institution guarantee may be used as collateral. The submission and registration of the security shall be attested by the general security certificate of excise duty issued by the State Revenue Service. It shall entitle the merchant to operate with excise goods under excise duty suspension or excise duty unpaid.
The security shall not be submitted for non-alcoholic beverages, coffee, liquid used in electronic cigarettes and its preconditioning components and substitute tobacco products.
In order to receive alcoholic beverages, tobacco products or petroleum products from another Member State within the scope of one particular transaction, a single security of excise duty shall be lodged. A security, a performance insurance policy or a credit institution guarantee may be used as collateral. The submission and registration of the security shall be attested by a single security certificate issued by the State Revenue Service.
For details on the security of excise duty, please refer to:State Revenue Serviceon the website.
Excise duty stamps
In Latvia, alcoholic beverages and tobacco products are labelled with excise duty stamps. The labelling of excise duty stamps shall be permitted in the tax warehouse or customs warehouse. For information regarding the receipt of excise duty stamps, regarding the return of excise duty stamps to the State Revenue Service, the submission of reports regarding the circulation of excise duty stamps, as well as other detailed information regarding excise duty stamps, readState Revenue Serviceon the website.
Movement of excisable goods
The harmonised excisable goods may be moved within the European Union in accordance with specified procedures.
Excisable goods for which excise duty has not been paid shall be transferred under the excise duty suspension arrangements. Under the suspension of excise duty, excisable goods shall be moved both in the territory of Latvia and between the Member States of the European Union. For details on movements of excise goods in deferred mode, readState Revenue Serviceon the website.
When excisable goods are paid excise duty, they shall be deemed to have been released for consumption and shall be subject to other procedures of circulation than before they are released for consumption. When moving excisable goods released for consumption between Member States of the European Union, it should be noted that excise duty on excisable goods is paid in the Member State of the European Union in which they are released for consumption in accordance with the rates of excise duty laid down in that Member State. Consequently, the movement of excise goods released for consumption between Member States is linked to the arrangements for the payment and refund of excise duty in each Member State. The movement of such goods must also comply with the procedures for the labelling of excise goods laid down in each Member State. For detailed information on the movement of excisable products released for consumption between the Member States of the European Union, read:State Revenue Serviceon the website.
Excise duty declarations and information declarations
For activities with excisable goods in conformity with the type of special permit (licence), the types of excisable goods specified therein, with which activity is permitted, as well as taking into account the types of activity indicated in the licence, the excise duty declarations and information declarations (reports) shall be submitted to the State Revenue Service. For detailed information on the deadlines for submitting and paying the excise tax returns, see pageState Revenue Serviceon the website.
Detailed information (methodological materials) on the information declaration(report)submit and Fill ReadState Revenue Serviceon the website.
You may obtain additional information on excise duties, excisable goods and movements of excisable goods:
The Management Board shall be the executive body of a company which manages and represents a capital company (company), thereby including the most extensive matters related to the operation of a capital company. The broad range of responsibilities also includes a high level of responsibility. The responsibility of the member of the Board shall be regulatedIn Commercial Law, as well as other laws, such as law“On taxes and levies”andInsolvency Law.
The responsibility of a member of the board of directors is not only for the violation of regulatory enactments, but also for the losses it has caused to the capital company or the shareholders of the capital company (parts owners). If the board is composed of several members of the board, they shall be jointly and severally liable for causing losses to the capital company, which means that the capital company may apply for damages to any of the members of the board.
In order to relieve a member of the Management Board, it must demonstrate that it has acted as a good and careful master. This is due to the fact that the member of the Board of Governors is required to perform his duties as a good and careful master. The term “good and careful master” means a general clause which is not defined in the regulatory framework but the content of which is specified according to the actual circumstances of the situation. The most common means of “good and careful ownership” is to understand compliance with the interests of a capital company in decision-making, as well as compliance with the regulatory enactments, the rules of association of a capital company and the decisions of legal members, the taking of reasonable business decisions and the loyalty to a capital company, or, in general, acting in the manner that an average reasonable merchant would act under certain circumstances. However, as already mentioned, the content of this concept is individual and may vary in each case.
Acting in accordance with a good and careful yardstick must also be demonstrated in cases where a member of the board does not wish to respond jointly and severally to losses caused by the behaviour of another member of the board. In such situations, acting as a good and careful host does not only recognise the vote against the adoption of the decision which caused the loss to the capital company, but must be able to demonstrate that the member of the board has done everything it can that was in its power so that the decision in question is not confirmed.
As a member of the Management Board begins to perform his duties at the time when he is elected to the office of a member of the Management Board, the duty of careful master must be exercised throughout the period of the duties of the member of the Management Board. It should also be noted that a member of the board may be held liable within 5 years of the date of the loss to the capital company, so that their liability does not end with the leaving of the seat of the board member.
Support for the development of cooperation
Business is governed by different laws and regulations. To make sure that you have taken into account all the legislative requirements regarding the scope of your choice, check it on the portalwww.likumi.lv.
The portal provides information on the regulation of a specific arearegulatory enactmentssuch as transport and communication, real estate and construction, agriculture, forestry, fisheries, etc.
Regulatory enactments relating to business:
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