The L.L.C. is a very common type of company in Spain, it is important to be aware of the rules governing the formation, operation, and dissolution of an L.L.C before establishing one’s own company.
The reform of the Spanish Penal Code has accentuated the importance of compliance. It is clearly stated in Article 31(a) of the Penal Code that all companies are required to establish or strengthen programs that focus on compliance to criminal rules, emphasizing the criminal liability consequences that breaking these rules entail.
An administrator can freely resign or renounce his or her position in a company in Spain as contained in the Regulation of the Commercial Register, but several requisites must be fulfilled beforehand.
The model bylaw-types for prompt incorporation of companies in Spain enter into force in September 2015 for telematically creating a SRL.
The entry into force of the new Billing Regulation in Spain regulates the common practice of sending invoices in PDF format via e-mail, granting those invoices the same validity as hard copy invoices.
In Spain, Articles 169 and 170 of the Company Act regulate the judicial call of a general meeting of shareholders.
Based on the amendments of the Capital Companies Act of May 2015, a board will have the power to change the registered office of a company within the Spanish territory, unless the company’s bylaws grant this power to the general shareholder’s meeting.
The management of an LLC in Spain is determined by its administrative organs, provided by law or statute, but also by the assembly of shareholders, either universal or general, ordinary or special/extraordinary.
Article 168 of the Corporations Act in Spain establishes that minority shareholders of a company may request that the directors of the company to convene a general meeting. They may also request the accounting documents of the company for their consideration.
Any citizen can participate in funding through the crowdfunding. Participatory Financing platforms must meet certain financial requirements as well as requirements concerning the exercise of their activity.
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