Founders or owners of Lithuanian company are free to choose the name for their company. However this right is not absolute, because Lithuanian laws impose legal requirements which must be met when creating the company name.
Basic requirements for company name are as follows:
â€¢ It should distinguish the company from other legal persons;
â€¢ It may not contradict the public order or good morals or mislead the society as to company's incorporator, co-owner, registered office, purpose of activities, legal form, identity of the company or similarity to names of other companies or trademarks and service marks registered prior to the name of the new company.
Name of the company should be composed of words or word-combinations used in their figurative or direct meaning (there is an exception from this rule: company name may be composed of numerals or letters, which may not be understood as words, or their combinations, but this can be done only in cases when such company name is customary in the society). It should not be composed of a generic word (or words) meaning directly the sort of objects or services of activity or a single place-name or of some other word which fails to possess a distinctive feature and should be composed by taking into consideration the norms of standard Lithuanian language, so it is always advised to consult a person fluent in Lithuanian language and familiar with the provisions of the decisions of Commission of the Lithuanian Language in order to avoid later misunderstanding or breach of regulations.
It is possible to register company name which is identical or similar or related to a foreign company or trademark or service mark, but prior to the registration written consent from this foreign company or owner of this trademark or service mark must be received.
Name of the company cannot be registered separately from the company and is protected as of the day on which an application for the registration of a company is filed to the Register of Legal Entities.
To avoid a situation when somebody else uses chosen name during the incorporation process of the new company 's founders of new company may (and are advised to) apply to the Register of Legal Entities and request to make a temporary entry of the company name prior to the registration of the company. This procedure costs some money but makes sure that during the incorporation process the chosen name will not be used by others. This reservation is valid for a period of six months and later it is deleted without prior notification.
It is prohibited to gain rights and assume obligations by using other company's name as a cover or to use other company's name without the latter's consent. In case of breach of these obligations company has the right to apply to the court and request to discontinue the said unlawful acts or alter the other company's name and to redress the property and non-pecuniary damage incurred and to request to return everything that has been acquired by the said unlawful acts.
If the owners of company decide to change the name of the company or if the regulations were breached when composing it 's the name of the company can be altered by alteration of incorporation documents. Prior to the alteration of the name of the company there must be made a onetime public announcement about the said alteration or all creditors of the company must be notified in writing. In the alteration process it is also possible to apply to the Register of Legal Entities and request to make a temporary entry of the planned new company name.