REGULATORY LAW

General Law of Mercantile Societies

CHARACTERISTICS

It has 2 associates' classes: active partenrs and silent partners

CONSTITUTION PROCESS

Simultanius:

-associates' meeting to do project of bylaws

-autorization of SRE ( Ministery of Exterior Relationships)

- Protocolization in the presence of publish notary

- Inscription in the public record of trade

NAME

Firm, trade or business name (the partner who borrow his/her name for firm's name is considered active partner)

SHARE CAPITAL

It doesn't establish a minimum

RESERVES

5% of annual profit up to coming to 20% or fifth part of fixed share capital

NUMBER OF ASSOCIATES

Minimum:2 Maximum: unlimited

DOCUMENTS THAT ACCREDIT THE ASSOCIATES

Constitutive writing

ASSOCIATES' RESPONSABILITIES

1. Active partner: solidary, ancilary and unlimited way
2. Silent partner: contributions, except that he/she has taken part in some operation or habitually he/she had administered the business of the society, he/she will respond jointly opposite to third parties up to the amout his/her contributions.

FOREIGNERS' PARTICIPATION

Catalogued

SOCIAL ORGANS AND FOR ALERTNESS

- associates' meeting

-manager(s)

-inspector who monitors acts of managers