Executives as a statutory body of the limited liability company act on behalf of the company against third persons, they sign contracts on behalf of the limited liability company.
Slovak Limited Liability Company can have one or more executives. In general, the executives can act independently unless the memorandum of association specifies limitations. The way how the executives act must be registered at the Commercial register.
Who can be the executive of the limited liability company in Slovakia? Any physical person without registration in a Criminal record and he shall be capable of legal acts. They are nominated by the general meeting. The executive does not have to be a shareholder.
How shall the executives act? Executives shall act with professional care and in accordance with the interests of the company and all of the shareholders. They shall be loyal to the company and shall act professionally.
If not given otherwise in the memorandum of association, the executive of the limited liability company in Slovakia is not allowed:
a) to conclude in his own name and for his own account business deals which are associated with the business of the company,
b) to facilitate the deals of the company for other parties,
c) to participate in the business of any partnership as a partner with unlimited liability,
d) to discharge the office statutory body or be a member of a statutory or similar body of another legal entity having a similar scope of business, unless the company, of whose statutory body he is a member, has any interest in the other company´s business.
In case the executive breaches his obligations given above and required by law, he is liable for all the caused damage to the Slovak limited liability company.
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