Let’s see the main features of Limited Company:
- Number of partners: at least one, with no maximum limit. In the case of a single partner is a limited partnership created proprietorship. They can be natural or legal persons.
- Liability of partners: joint between them and limited to the capital, so that the partners are not liable for the debts from their personal assets.
- Class members: be working partners and / or donors.
- Name or Company Name: a name must be registered before anyone (for so you have to make the appropriate query in the Central Business Register) followed by the words Limited Liability Company or the abbreviation SRL or Limited Partnership or its respective abbreviation SL.
- Capital: the legal minimum is € 3,000 fully paid, with no maximum limit. Contributions can be made by cash (money) or in kind, such as equipment, machinery or any other property, being necessary to have a valuation of the property accepted by all the founder members.
- Division of social capital into shares, whose transmission has certain legal limitations, always telling the other shareholders preemptive rights against third parties.
- Address: is the direction in which the company is located, and shall be in Spain. A change of registered office within the same municipality may be approved by the Administrator but for a transfer of district support is needed in Board of Partners.
- Purpose: is the activity or activities to which the company will be dedicated. Usually it’s prepared a relatively wide of activities with other potential initially planned to avoid following administrative costs if the company expands its activities.
- Setting Up: by memorandum and articles signed before a Notary and subsequently filed with the Commercial Registry. It will be necessary to detail the contributions made by each partner and the percentage of capital that corresponds.
If you have any further questions, please don’t hesitate to contact me.
David Lorenzo-Spanish Lawyer UK