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Appeals against administrative acts are generally submitted to three bodies – one administrative body and two judicial bodies, the former of which is generally not compulsory. In addition to the five types of business companies mentioned above, transactions can also be carried out under one of the following organizational forms: (i) sole proprietors; (ii) exploitation; (iii) branch; (iv) commercial agency (“TRO”); and (v) cooperative. Further information can be found on the website of the registry authority. The choice of legal form depends on the specificities of the future company, depends on the objectives set, the number of shareholders who form the company, taxation and other factors listed below. The Trade Act (TA), the main legal instrument for regulating trading activities, stipulates that you can choose from the following legal forms: For investment purposes, foreign capital rarely uses the general partnership, limited partnership and limited partnership by shares as a type, because in these legal entities, some of the shareholders (KD and KDA) or all (SD) assume full responsibility for the company`s obligations. The main expenses to be taken into account include initial share capital, registration fees, notarization, apostille, translation, legalization, registration documentation fees, consulting services, bank fees, accounting services, payroll services, contract review services, etc. A joint-stock company may be formed by one or more natural or legal persons. The founders are the people who subscribe to the actions of the Constituent Assembly. Bankrupt debtors cannot participate in the incorporation of a joint-stock company. 3. Other types of legal persons include: general partnership; Limited partnership; Limited partnership by shares. OOD may be constituted by one or more persons, natural and/or legal persons.

As a type of OOD, the exclusive ownership of the OOD is subject to the same regime as the OOD, with a few exceptions with regard to its specific shareholding structure. Possible shareholders of an OOD are Bulgarian and foreign natural persons as well as legal persons. Foreign companies can open a commercial agency in Bulgaria. The commercial agency is not a legal person and cannot carry out any commercial activity. All of the above-mentioned organizations are recognized as separate legal entities. Regardless of the nationality of the founder(s), any company registered in Bulgaria is considered a Bulgarian legal entity and must be regulated in accordance with the applicable Bulgarian laws and regulations. An E/AD company is usually both a more sophisticated and prestigious form that facilitates the raising of capital. It is also a prerequisite for listing on a regulated securities market in Bulgaria or elsewhere in the EU. Delchev & Partners is particularly proud to announce the publication of the Bulgarian book “Vertical Agreement, EC – Bulgaria” (“Вертикални споразумения, ЕС – България”), co-authored by our colleague Ivan Marinov (Иван Маринов). This is the first Bulgarian book on the commercial and competition aspects of vertical agreements under EU and national competition law.

This is not only the first of its kind in Bulgaria, but also part of the first wave of a unique pan-European project centred on Oxford University Press` monograph “Vertical Agreements in EU Competition Law”, written by Frank Wijckmans and Filip Tuytschaever. About twenty Member States are involved in the project with their own local publications. The project and the book were presented at a special conference in Brussels on 3 May 2018, which was opened by Koen Geens, Minister of Justice of the Belgian Federal Government. The keynote speaker was Lucas Peeperkorn, Senior Antitrust Policy Expert, European Commission (DG Competition). For more information about the project and the book, click here. Other legal forms defined in the Commerce Act (CA) include general partnership (SD), limited partnership (KD) and limited partnership (KDA). Since 2007, the CA has provided for the possibility of setting up a European company within the meaning of Council Regulation (EEC) No 2157/2001 on the Statute for a European Company (SE) (Societas Europea/SE), which is rarely applied in practice.