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TYPES OF COMPANY

PRINCIPAL CHARACTERISTICS: COMPARISON





  • COMPANY NAME
  • CHARACTER
  • NUMBER OF SHAREHOLDERS
  • SHARE CAPITAL
  • LEGAL STATUS
  • INITIAL SHARE CAPITAL
  • THIRD PARTY RESPONSIBILTY
  • DIRECT TAX LIABILITY
  • ADVANTAGES
  • DISADVANTAGES



  • COMPANY NAME
    • SOCIEDAD LIMITADA (S.L.) Must be different from any other company (certified by the Central Mercantile Registry).
    EMPRESARIO INDIVIDUAL The name of the owner of the business.
    SOCIEDAD LIMITADA NUEVA EMPRESA (S.L.N.E.) The name of the owner of the business plus the code assigned by the Administration.
    SOCIEDAD ANÓNIMA (S.A.) Must be different from any other company (certified by the Central Mercantile Registry).
    SOCIEDAD LIMITADA LABORAL (S.L.L.) Must be different from any other company (certified by the Central Mercantile Registry).
    SOCIEDAD ANÓNIMA LABORAL (S.A.L.) Must be different from any other company (certified by the Central Mercantile Registry).
    SOCIEDAD COOPERATIVA (S.COOP.) Must be different from any other company (certified by the Central Mercantile Registry).
    COMUNIDAD DE BIENES Unregulated, any name may be used.


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  • CHARACTER
    • SOCIEDAD LIMITADA (S.L.) Mercantile.
    EMPRESARIO INDIVIDUAL Company run by an individual.
    SOCIEDAD LIMITADA NUEVA EMPRESA (S.L.N.E.) Mercantile.
    SOCIEDAD ANÓNIMA (S.A.) Mercantile.
    SOCIEDAD LIMITADA LABORAL (S.L.L.) Laboral.
    SOCIEDAD ANÓNIMA LABORAL (S.A.L.) Laboral.
    SOCIEDAD COOPERATIVA (S.COOP.) Specific designation.
    COMUNIDAD DE BIENES Civil.


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  • NUMBER OF SHAREHOLDERS
    • SOCIEDAD LIMITADA (S.L.) Minimum one shareholder (S.L. Unipersonal).
    EMPRESARIO INDIVIDUAL 1
    SOCIEDAD LIMITADA NUEVA EMPRESA (S.L.N.E.) Minimum one shareholder, maximum 5 shareholders (shareholders must be individuals, not companies). The same person may not be a shareholder of more than one S.L.N.E.
    SOCIEDAD ANÓNIMA (S.A.) Minimum one shareholder (S.A. Unipersonal).
    SOCIEDAD LIMITADA LABORAL (S.L.L.) Minimum three shareholders (no single shareholder may own shares representing more than 1/3 of the share capital).
    SOCIEDAD ANÓNIMA LABORAL (S.A.L.) Minimum three shareholders (no single shareholder may own shares representing more than 1/3 of the share capital).
    SOCIEDAD COOPERATIVA (S.COOP.) Minimum three shareholders in first grade co-operatives and two in the second or last grade: the legislation may vary according to the autonomous community.
    COMUNIDAD DE BIENES There is no legal minimum number of shareholders.


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  • SHARE CAPITAL
    • SOCIEDAD LIMITADA (S.L.) Minimum 3.005,06 €.
    EMPRESARIO INDIVIDUAL There is no minimum.
    SOCIEDAD LIMITADA NUEVA EMPRESA (S.L.N.E.) Minimum 3.012 € and maximum 120.202 €.
    SOCIEDAD ANÓNIMA (S.A.) Minimum 60.101,21 €.
    SOCIEDAD LIMITADA LABORAL (S.L.L.) Minimum 3.005,06 € ( 51% of the share capital must belong to the working shareholders).
    SOCIEDAD ANÓNIMA LABORAL (S.A.L.) Minimum 60.101,21 € (51% of the share capital must belong to the working shareholders).
    SOCIEDAD COOPERATIVA (S.COOP.) Variable, fixed in the company statutes.
    COMUNIDAD DE BIENES No initial minimum. A shareholder may contribute only goods, but may not contribute only money or work.


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  • LEGAL STATUS
    • SOCIEDAD LIMITADA (S.L.) Has own legal status.
    EMPRESARIO INDIVIDUAL Legal status of the owner.
    SOCIEDAD LIMITADA NUEVA EMPRESA (S.L.N.E.) Has own legal status.
    SOCIEDAD ANÓNIMA (S.A.) Has own legal status.
    SOCIEDAD LIMITADA LABORAL (S.L.L.) Has own legal status.
    SOCIEDAD ANÓNIMA LABORAL (S.A.L.) Has own legal status.
    SOCIEDAD COOPERATIVA (S.COOP.) Has own legal status.
    COMUNIDAD DE BIENES Without legal status, but with capacity to act in the legal system.


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  • INITIAL SHARE CAPITAL
    • SOCIEDAD LIMITADA (S.L.) The full amount of the share capital must be paid out, either in cash or in goods. The capital is divided into nominal shares nominativas.
    EMPRESARIO INDIVIDUAL No limit.
    SOCIEDAD LIMITADA NUEVA EMPRESA (S.L.N.E.) The full amount of the share capital must be paid out in cash.
    SOCIEDAD ANÓNIMA (S.A.) The share capital must be fully subscribed and at least 25% paid out in cash or goods. The capital is divided into shares.
    SOCIEDAD LIMITADA LABORAL (S.L.L.) The full amount of the share capital must be paid out. The capital is divided in to shares. A minimum of 51% must be held by employees.
    SOCIEDAD ANÓNIMA LABORAL (S.A.L.) The share capital must be fully subscribed and at least 25% paid out. The capital is divided into shares. A minimum of 51% must be held by employees.
    SOCIEDAD COOPERATIVA (S.COOP.) According to the statutes. Can be made up in cash or goods. Obligatory and voluntary.
    COMUNIDAD DE BIENES There is neither a minimum nor a maximum.


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  • THIRD PARTY LIABILITY
    • SOCIEDAD LIMITADA (S.L.) Limited to the share capital.
    EMPRESARIO INDIVIDUAL Unlimited. Liable for all personal wealth.
    SOCIEDAD LIMITADA NUEVA EMPRESA (S.L.N.E.) Limited to the share capital.
    SOCIEDAD ANÓNIMA (S.A.) Limited to the share capital.
    SOCIEDAD LIMITADA LABORAL (S.L.L.) Limited to the share capital.
    SOCIEDAD ANÓNIMA LABORAL (S.A.L.) Limited to the share capital.
    SOCIEDAD COOPERATIVA (S.COOP.) Limited to the share capital.
    COMUNIDAD DE BIENES The members of the commune will be liable for all their personal goods, jointly and individually.


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  • DIRECT TAX LIABILITY
    • SOCIEDAD LIMITADA (S.L.) Company Tax.
    EMPRESARIO INDIVIDUAL Personal income Tax.
    SOCIEDAD LIMITADA NUEVA EMPRESA (S.L.N.E.) Company Tax.
    SOCIEDAD ANÓNIMA (S.A.) Company Tax.
    SOCIEDAD LIMITADA LABORAL (S.L.L.) Company Tax.
    SOCIEDAD ANÓNIMA LABORAL (S.A.L.) Company Tax.
    SOCIEDAD COOPERATIVA (S.COOP.) Company Tax.
    COMUNIDAD DE BIENES Personal Income Tax: each member of the community must make his tax declaration as an individual.


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  • ADVANTAGES
    • SOCIEDAD LIMITADA (S.L.) - Limited liability.
    - Individuals may be shareholders.
    - May have a single shareholder (S.L.Unipersonal).
    - Legislation is less strict than for S.A.s
    - Most often chosen.
    EMPRESARIO INDIVIDUAL - Less bureaucracy
    - There may be certain fiscal advantages ('régimen simplificado' or 'recargo de equivalencia del IVA').
    SOCIEDAD LIMITADA NUEVA EMPRESA (S.L.N.E.) - Limited liability.
    - Certain financial advantages in the year following the year of incorporation.
    SOCIEDAD ANÓNIMA (S.A.) - Limited liability.
    - Individuals may be shareholders.
    - Shareholders may be transferred.
    - Shares may be freely transferred.
    SOCIEDAD LIMITADA LABORAL (S.L.L.) - Limited liability.
    - Fiscal advantages with regard to social security when following certain regulations.
    - The working shareholders control the company.
    SOCIEDAD ANÓNIMA LABORAL (S.A.L.) - Limited liability.
    - Fiscal advantages with regard to social security when following certain regulations.
    - The working shareholders control the company.
    SOCIEDAD COOPERATIVA (S.COOP.) - Special fiscal status concerning company tax.
    - Fiscal exemptions and advantages.
    - Shareholders may join and leave voluntarily.
    - The objective is the common good, not profit.
    COMUNIDAD DE BIENES - Easier incorporation (a public title deed is only required when property is involved).
    - Voluntary membership.
    - No minimum initial capital.


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  • DISADVANTAGES
    • SOCIEDAD LIMITADA (S.L.) - May not be involved in certain businesses, such as banks, insurance companies, etc.
    - Incorporation takes between 50 and 60 days.
    - In practice it is the most advantageous way to set up a business.
    EMPRESARIO INDIVIDUAL - Liable for personal assets (the spouse as well) to cover company debt.
    - The higher the profit, the higher the tax band.
    SOCIEDAD LIMITADA NUEVA EMPRESA (S.L.N.E.) - The minimum share capital must be in cash.
    - Shareholders must be individuals.
    - The company name will include the name of one of the shareholders.
    - The company business is generic, therefore is limited to certain activities.
    SOCIEDAD ANÓNIMA (S.A.) - The organisation is more complex and is only recommended for high volume companies.
    SOCIEDAD LIMITADA LABORAL (S.L.L.) - The existence of two types of shareholders (capital shareholders and working shareholders) can cause difficulties when taking decisions.
    - The shares may not be freely transferred.
    SOCIEDAD ANÓNIMA LABORAL (S.A.L.) - The existence of two types of shareholders (capital shareholders and working shareholders) can cause difficulties when taking decisions.
    - The shares may not be freely transferred.
    - The number of employees who are not shareholders and who have indefinite work contracts is stipulated.
    SOCIEDAD COOPERATIVA (S.COOP.) - Operative difficulties when taking decisions.
    - Limits the number of employees who are not shareholders.
    COMUNIDAD DE BIENES - In the case of third party liability, the community will respond with all of its goods and, should this not be sufficient , the members with their personal wealth.


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