The terminology of the legal structure of an OÜ is different from Canadian company terminology. It is perfectly fine in Estonia to have one owner (a legal entity or a private individual). In Estonian, that founder would be named an „asutaja“. Also, in Estonia, a management board or a single management board member would be the Canadian equivalent of an executive team of the company or a president of a company – meaning individuals authorized to act for the company and sign on behalf of the company. It is perfectly acceptable in Estonia to have one or more management board members of the company (if there is more than one of them in Estonia, they are called the „juhatuse liikmed“ or executive team, and if there is just one, she or he would be called the „juhataja“- like a company having a sole president).
A juhataja is by law authorized to sign on behalf of the company. An OÜ does not require a board of directors, but if the owner wishes, a board of directors (in Estonia, the correct translation is a „Supervisory Council“) can be created and supervisory council members appointed. I note that a supervisory council has no authority to act on behalf of the company – only a management board member can do that.
Become a subscriber to continue reading!
Every week we bring you news from the community and exclusive columns. We're relying on your support to keep going and invite you to subscribe.
Starting from $2.30 per week.
