Definition of limited company

The Limited Company or also called Sociedad de Responsibility Limited (SRL) is a commercial society, that is, its mission is to carry out one or more acts of commerce, or some type of activity subject to the commercial law and what is found composed of a limited number of partners, whose capital is divided into shares of equal value.

Then, the responsibility of the same will be limited according to the capital contribution that the partner has made and that is why in case of contraction of debts, he will not be obliged to respond with the heritage partner's staff.

Is participation is not equivalent to action, as it is in the case of Anonymous society. Meanwhile, the deliberation and decision of the same is in charge of a General Meeting, which will address in the probable situations of: management censures, approval of the annual accounts, appointment and dismissal of administrators and the modification of the statutes. The announcement of this body is the responsibility of the administrators and it must be done yes or yes within the first six months of each fiscal year, or failing that, when it is deemed necessary for some weighty matter.

On the other hand, administration may fall into the hands of a administrator single, of two, of three or more people, although in this case it is designated as Board of directors.

And as regards the partners, each of them will have a series of rights, among them: to participate in the distribution of the benefits, or of the patrimony of the itself, if it is being liquidated, participation in the acquisition of shares from outgoing partners, participate in the social decisions that are taken and be able to assume the function of administrators, receive information on the different periods established in the deeds and obtain accounting information from the company. society.