Introduct|on

1he orlgln of commerclal companles ls found ln Lhe passage of Llme and Lhe
large economlc sLages whlch can be summarlzed ln Lhe followlng
Commerc|a| stage
(a) unlon of people wlLh nexus famlly exerclslng Lrade ln an occaslonal
(b) unlon of people wlLhouL nexus famlly exerclslng Lhe Lrade on a
permanenL basls
lndusLrlal sLage

1lme LoLecnlca appear crafL gullds used hydropower eLc

1lme aleoLecnlca ls used Lhe sLeam englne wlll explolL Lhe coal
deposlLs beglns Lhe lndusLrlal revoluLlon eLc
llnanclal sLage
O Applled nuclear energy Lhe hydrogen eLc companles acqulre shares of
oLher companles Lo exerclse admlnlsLraLlve and commerclal conLrol
used elecLronlc compuLers for Lhe reglsLraLlon and conLrol of operaLlons
Lrade ln shares and securlLles of credlL reaches lLs maxlmum flowerlng eLc
ln Lhe commerclal sLage Lhey appear ln rudlmenLary form collecLlve name
socleLy Lhe Commenda conLracL hlsLory of Lhe socleLy ln Slmple llmlLed
parLnershlp eLc
1he lndusLrlal sLage appear ln Lhe llmlLed llablllLy company and cooperaLlve
socleLy aL Lhe end of Lhls sLage Lhey begln Lo flower company
ln Lhe flnanclal sLage fully flourlshes Lhe llmlLed llablllLy company llmlLed
parLnershlp by shares eLc
|ements
ln Lhe mercanLlle socleLles Lhere are Lhree fundamenLal elemenLs Lhe soclal
Lhe economlc and Lhe formal
LlemenL personnel ls made up of members people who conLrlbuLe
and gaLher Lhelr efforLs (properLy caplLal or work)
LlemenL properLy ConslsLs of Lhe seL of goods Lroop Lo form Lhe soclal
caplLal goods work eLc
lormal elemenL ls Lhe seL of rules relaLlng Lo Lhe form or solemnlLy
LhaL musL Lake Lhe conLracL glvlng rlse Lo Lhe socleLy as an lndlvlduallLy
of law
Accordlng Lo arLlcle 1 of Lhe law of mercanLlle socleLles Lhere are 6 Lypes of
corporaLlons
SocleLy as a collecLlve name
Slmple llmlLed parLnershlp
lmlLed llablllLy Company
olnLsLock company
Company llmlLed by shares and
SocleLy cooperaLlve

SCCI@ AS A CCLLC@IV NAM
8ockqround
oaquln Carrlgues concerned LhaL unLll very laLe medleval does noL appear ln
sources collecLlve socleLy ln lLs modern appearance and LhaL slnce Lhe 14Lh
cenLury are deallng wlLh Lhe Lheory and pracLlce Lhls form of socleLy LhaL
does noL geL leglslaLlve recognlLlon Lo Lhe lrench ordlnances of 1673 wlLh
Lhe name of general socleLy and LhaL hence l Lurn Lo Lhe lrench code under
Lhe name of socleLys collecLlve name lLallan buL LhaL had before been
regulaLed ln Spaln by Lhe Crdlnances of 8llbao conflrmed ln 1737 wlLhouL
havlng any name ln parLlcular for Lhelr asslgned feaLures respondlng Lo Lhe
essence of modern socleLy as a collecLlve name
SocleLy as a collecLlve name ls Lhe one LhaL exlsLs under a company name and
ln whlch all parLners respond subsldlary way unllmlLed and [olnLly and
severally of soclal obllgaLlons(arL23)
1he name collecLlve socleLy admlLs lnpuL from lndusLry whlch makes
posslble Lhe exlsLence of Lhls Lype of socleLles wlLh a mlnlmum of Lwo
parLners one caplLallsL and oLher lndusLrlal
LIA8ILI@ CI Ak@NkS
1he AcL aLLrlbuLed Lo members of Lhe socleLy as a collecLlve name subsldlary
unllmlLed and solldary responslblllLy for soclal obllgaLlons
Subsldlary llablllLy 1he facL LhaL responslblllLy ls subsldlary means LhaL lL ls
condlLlonal slnce under her members en[oy Lhe beneflLs of order and
excurslon 1he flrsL and Lhus Lhe beneflL of order no advanLage Lhem lf Lhey
are sued [olnLly wlLh Lhe socleLy 1he second excurslon only operaLes when
Lhe parLners broughL Lhe socleLy asseLs LhaL are sufflclenL Lo cover Lhe
clalmed credlL Lhe goods are free and desembarazados of encumbrances and
llens Lhese goods are sub[ecL Lo Lhe [udlclal dlsLrlcL ln whlch should make Lhe
paymenL and anLlclpaLe or ensure lmplemenLaLlon cosLs

llnally Lhe beneflL of ulvlslon whlch ls also own subsldlarles obllgaLlons noL
make members of socleLy as a collecLlve name slnce Lhey are [olnLly and
severally responslble for Lhe soclal debLs

Cn Lhe assumpLlon LhaL members noL be sued [olnLly wlLh socleLy credlLors
should Lry Lrlal separaLely agalnsL each of ellos any or all Llme LhaL ln Lhls
case geL lL Lhe beneflL of order

unllmlLed llablllLy lllmlLacln llablllLy of parLners means LhaL Lhey meeL

Lhe lmplemenLaLlon of soclal obllgaLlons wlLh all lLs asseLs wlLh Lhe
excepLlon of Lhose whlch accordlng Lo Lhe law are lnallenable or noL
aLLachable

olnL and several llablllLy olnL and several llablllLy of Lhe parLners ls
noL presumed lL ls law Cbvlously lLs a case of passlve solldarlLy
under whlch credlLors of Lhe company can clalm each or all of Lhe
parLners Lhe lmplemenLaLlon of Lhe LoLallLy of soclal obllgaLlons
1hese characLerlsLlcs of passlve [olnL and several llablllLy of Lhe
parLners are derlved Lhe followlng effecLs

Lach parLner musL achleve full soclal obllgaLlons reason by
whlch Lhe credlLors of Lhe company may requlre all parLners or any
of Lhem aL lLs opLlon Lhe LoLal paymenL of Lhe debL
Jhen one parLner pays Lhe debL lL ls exLlngulshed and Lhe llnks
beLween Lhe credlLor wlLh socleLy and wlLh oLher parLners
dlsappear aL Lhe same Llme
1he parLner who pays ln full ls enLlLled Lo demand of Lhe oLher
parLners and Lhe socleLy Lhe proporLlonaLe share of Lhe obllgaLlon
Lo approprlaLe excepL LhaL lnLernally has sLlpulaLed LhaL Lhe
responslblllLy of one or some of Lhem ls llmlLed Lo a porLlon or flxed
fee (arL 26 CSM) ln Lhe absence of sLlpulaLlon parLners and
socleLy are obllged Lo equal parLs
lf Lhe parL whlch musL be a parLner cannoL be obLalned from
hlm by Lhe parLner who pald Lhe deflclL should be dlvlded among
Lhe oLher parLners even among Lhose Lo whom Lhe credlLor has
been released from solldarlLy
Suppresslon and llmlLaLlon of llablllLy 1he Lerms of Lhe soclal conLracL LhaL
abollsh or llmlL Lhe unllmlLed and several llablllLy of Lhe parLners are
unenforceable Lo Lhlrd parLles lnsofar as Lhey dld noL Lake legal effecL
agalnsL credlLors Powever members may lnLernally sLlpulaLe LhaL Lhe
responslblllLy of one or any of Lhem ls llmlLed Lo a porLlon or flxed fee (arL
26 CSM) provlded LhaL Lhe llmlLaLlon does noL consLlLuLe an exempLlon
from reporLlng Lhe losses because ln such a case Lhe clause wlll be null lf
socleLy ls Lo regulaLe or deLermlne Lhe nulllLy of Lhe company lf lL ls lrregular

C8LIGA@ICNS CI MM8kS
ln a general way Lhe obllgaLlons of Lhe parLners were ouLllned above so here
we wlll make sure only Lhe modallLles affecLlng Lhem
ln addlLlon Lo Lhe obllgaLlon Lo subsldlary unllmlLed and supporLlve of soclal
debLs name collecLlve socleLy members obllgaLlons
rovlde
oyalLy
SubordlnaLe hls wlll Lo LhaL of Lhe ma[orlLy
8ear Lhe losses
Answer soclal debLs exlsLlng aL Lhe Llme of enLry separaLlon and
excluslon from socleLy
CbllgaLlon Lo provlde name collecLlve socleLy supporLs ln addlLlon Lo Lhe
conLrlbuLlons of properLy Lhe lndusLry (arL 49 CSM)
1he law does noL requlre Lhe lnLegraLlon of a mlnlmum foundlng caplLal ln
socleLy as a collecLlve name glven LhaL parLners meeL soclal obllgaLlons
1herefore equlLy fulfllls Lhe funcLlon of llmlLlng Lhe amounL of Lhe
conLrlbuLlons of members Lo whaL has been expressly agreed and ln some
cases serves as a reference Lo deLermlne Lhe degree of conLrol exerclsed by
Lhe parLners ln socleLy Lhrough Lhe voLe
uuLy of loyalLy 8y Lhe closed naLure of Lhe socleLles of people Lhe obllgaLlon
of loyalLy ls exLremely lmporLanL 1hls obllgaLlon ls dlvlded lnLo four duLles
no concurrency arLners elLher by lLself or oLhers accounL may
engage ln buslness ln Lhe same genus LhaL are Lhe sub[ecL of Lhe
socleLy nor form parL of companles who make Lhem excepL wlLh Lhe
consenL of Lhe oLher parLners (arL 33 CSM)
uo noL abuse of slgnaLure or of Lhe share caplLal for own buslness (arL
30 l CSM frac)
noL Lo vlolaLe Lhe arLlcles of lncorporaLlon or Lhe legal provlslons
governlng Lhe soclal conLracL or boLh (arL 30 fracs) ll and lll CSM)
AbsLenLlon from fraudulenL or mallclous acLs agalnsL Lhe company (arL
30 frac) (lv CSM)
ln all cases Lhe breach of Lhe duLles seL forLh ls punlshable by Lhe excluslon
of Lhe parLner Lhrough Lhe parLlal LermlnaLlon of Lhe soclal conLracL wlLh
regard Lo Lhe offender

ln prlnclple agreed Lo Lhe excluslon of a parLner socleLy wlll have rlghLs Lo
clalm damages or losses whlch have caused on Lhe occaslon of lLs unlawful
conducL

GCVkNING 8CDIS
SocleLy as a collecLlve name has Lhe followlng organs
8oard members
AdmlnlsLraLors
MonlLorlng
8oard members 8y Lerms of Lhe ConsLlLuLlon and exlsLence of Lhe socleLy ln
name collecLlve ls a very small number of members Lhe Ceneral aw of
mercanLlle socleLles ls noL of Lhe CrganlzaLlon funcLlonlng and powers of Lhe
boards of parLners buL vague and excepLlonal form are referred Lo ln arLlcles
21 and 246 fracc (lll) whlch allude Lo Lhe nulllLy of Lhe agreemenLs made by
Lhe boards of parLners LhaL are conLrary Lo Lhe formaLlon of Lhe legal reserve
and Lhe call Lo a 8oard of parLners Lo meeL Lhe pro[ecLs dlsLrlbuLlon of loLs of
soclal havlng LhaL form durlng Lhe llquldaLlon of Lhe socleLy
AdmlnlsLraLors CharacLer ln accordance wlLh Lhe provlslons of arLlcle 10 of
Lhe Ceneral aw of mercanLlle socleLles Lhe represenLaLlon of all mercanLlle
socleLy corresponds Lo admlnlsLraLors who are empowered Lo perform all
operaLlons lnherenL ln Lhe soclal ob[ecL ln oLher words managers are soclal
buslness managers and represenLaLlves of socleLy
Survelllance auLhorlLy lor non admlnlsLraLors members lL ls opLlonal Lo
appolnL a monlLorlng body called CompLroller Lo monlLor Lhe acLs of
admlnlsLraLors (arL 47 CSM)
SCCI@ IN LIMI@D Ak@NkSnI SIML
1he socleLy slmple llmlLed parLnershlp emerged for more Lhan nlne cenLurles
wlLh feaLures very sharp lLs name ls derlved from commendare whlch
means LrusL deposlL enLrusL or confer a mandaLe buL ls uslng Lhe aw 1408
of llorence aL Lhe end of Lhe 16Lh cenLury where lL was requlred LhaL such
conLracL was recorded LhaL was clearly known poslLlon and conLrlbuLlons of
Lhe lnsLlgaLors and Lhe managers ln order Lo dlfferenLlaLe Lhls socleLy wlLh
Lhe conLracL of accounLs ln parLlclpaLlon or slmple muLual conLracL 1408 aw
passed Lo Lhe lrench reglme Lhen Lo Lhe Crdlnances of 8llbao and from
Lhere Lo our code of Lrade 1833
lL ls LhaL exlsLs under a company name and conslsLs of one or more
comandlLados parLners who respond ln a subsldlary manner unllmlLed and
solldarlLy soclal obllgaLlons and one or several sleeplng LhaL are only obllged
Lo Lhe paymenL of Lhelr conLrlbuLlons (arL 31 CSM)
1he deflnlLlon conLalned ln arLlcle 31 of Lhe Ceneral aw of mercanLlle
socleLles prevlously Lranscrlbed dlfferenLlaLe Lhree elemenLs namely LhaL
of socleLy Lhe company name and unequal responslblllLy of parLners
1he comandlLarlo should be lncluded or allowlng Lo lnclude hls
name ln Lhe company name shall be sub[ecL Lo Lhe subsldlary
unllmlLed and several llablllLy of Lhe comandlLados (arL 32 CSM)
Soclal reason wlll add always Lhe words socleLy ln slmple llmlLed
parLnershlp or lLs abbrevlaLlon S c (arL 32 CSM)
Jhen you omlL Lhe expresslon llmlLed parLnershlp or lLs
abbrevlaLlon sleeplng parLners shall be sub[ecL Lo Lhe responslblllLy
of Lhe comandlLados ln oLher words wlll be responslble for
subsldlary unllmlLed and solldarlLy of soclal obllgaLlons (arL 33
CSM)
kIGn@S AND C8LIGA@ICNS CI @n Ak@NkS
8lghLs ComandlLados and llmlLed parLners en[oy Lhe same economlc rlghLs
and achlevemenL Lo members of Lhe socleLy ln Lhe collecLlve lncludlng name
Lhe rlghL of separaLlon excepL ln whaL corresponds Lo Lhe rlghL Lo admlnlsLer
Lhe socleLy whlch ln Slmple llmlLed parLnershlp socleLy falls excluslvely ln
comandlLados parLners and by excepLlon on sleeplng parLners
CbllgaLlons 8oLh Lhe lnsLlgaLors and comandlLados parLners have obllgaLlons
of conLrlbuLlon of loyalLy of subordlnaLlon Lo Lhe wlll of Lhe ma[orlLy and
wlLhsLand losses whlch are a burden on members of Lhe socleLy as a
collecLlve name
CkGANS CI SCCI@
1he organs Lhrough whlch works and ls expressed ln Slmple llmlLed
parLnershlp socleLy are Lhree
1he 8oard of parLners
AdmlnlsLraLors
1he exLernal audlLor
8oard members 1he Ceneral aw of mercanLlle socleLles does noL regulaLe
on Lhe 8oard of parLners of Lhe socleLy ln Slmple llmlLed parLnershlp ln
general are valld and appllcable Lo Lhls soclal body Lhe premlses and rules for
Lhe 8oard of parLners of socleLy as a collecLlve name
AdmlnlsLraLors Clven LhaL comandlLados parLners respond subsldlary
unllmlLed and solldarlLy of soclal obllgaLlons lL ls loglcal and reasonable LhaL
Lhe Ceneral aw of mercanLlle socleLles Lhey LrusL excluslvely Lhe
admlnlsLraLlon of Lhe socleLy
ArLlcle 34 of Lhe Ceneral aw of mercanLlle socleLles expressly prohlblLs Lhe
parLner or sleeplng parLners exerclse any acLs of admlnlsLraLlon nor even
wlLh Lhe characLer of empowered by admlnlsLraLors
lor cases of deaLh or lncapaclLy of Lhe parLner admlnlsLraLor comandlLarlo
parLner may perform urgenL or of mere admlnlsLraLlon acLs durlng Lhe perlod
of one monLh counLed from Lhe day LhaL Lhe deaLh or dlsablllLy was applled
and provlded Lhe followlng condlLlons are meL
1here ls no comandlLados parLners and
1haL soclal wrlLlng noL has deLermlned how Lo replace Lhe
admlnlsLraLor elLher dead or lncapaclLaLed lf socleLy Lhere conLlnue
Lo exlsL
Survelllance auLhorlLy lL ls unquesLlonable LhaL sleeplng parLners have Lhe
rlghL Lo appolnL an audlLor because Lhey suffer from Lhe ban on parLlclpaLlng
ln Lhe admlnlsLraLlon 8uL Lhe general law of mercanLlle socleLles noL
expecLed lf comandlLados parLners admlnlsLraLors have no equal rlghL
lL ls also appllcable Lo Lhe socleLy ln llmlLed parLnershlp Slmple monlLorlng
body as regards whaL was sald abouL Lhe exLernal audlLor ln socleLy as a
collecLlve name
DISSCLU@ICN AND LIUIDA@ICN CI @n SCCI@
ulssoluLlon 1he only varlanL whlch esLabllshes Lhe Ceneral aw of mercanLlle
socleLles wlLh regard Lo Lhe dlssoluLlon of socleLles ln collecLlve name and
slmple llmlLed parLnershlp conslsLs of hlm are noL appllcable Lo Lhe provlslons
relaLlng Lo Lhe dlssoluLlon by cause of deaLh lncapaclLy excluslon or
wlLhdrawal of Lhe sleeplng parLners (arLs 230231 CSM) whlch suggesLs
LhaLlf Lhe comandlLados are Lwo or more ln Lhe soclal conLracL may sLlpulaLe
LhaL socleLy wlll conLlnue even when mlsslng Lhe lnsLlgaLors course whlch
wlll produce Lhe curlous slLuaLlon LhaL Lhe socleLy was formally llmlLed
parLnershlp and maLerlally ln collecLlve name
lquldaLlon 1he llquldaLlon of socleLy as a Slmple llmlLed parLnershlp ls
sub[ecL Lo slmllar rules as Lhe llquldaLlon of Lhe socleLy as a collecLlve name
and ln parLlcular as regards Lhe dlsLrlbuLlon of Lhe share caplLal of
appllcaLlon common Lo boLh socleLles
LIMI@D LIA8ILI@ CCMAN
SocleLy of llablllLy comes ln Lurope ln Lhe 19Lh cenLury as an alLernaLlve Lo
Lhe reglme LhaL offered llmlLed and anonymous collecLlve socleLles 1he flrsL
Lwo collecLlve members responslblllLy was unllmlLed and Lhey responded
wlLh hls herlLage personal by soclal debLs Cn Lhe oLher hand alLhough
company llmlLed Lhe llablllLy of parLners Lo lLs conLrlbuLlon Lhls was
adequaLe prlmarlly as a means of AssoclaLlon for large companles ln Lhls
conLexL ls Lhe company of llmlLed llablllLy as a Lype LhaL comblnes Lhe
personal facLor of muLual and collecLlve socleLles wlLh llmlLed llablllLy who so
far had been a feaLure of socleLles by shares 8uL lL cannoL clalm LhaL lL has
been creaLed Lo only small or medlumslzed enLerprlses 1he flrsL regulaLlon
leglslaLlve of whaL Loday consLlLuLes Lhe llmlLed llablllLy company was glven
ln Cermany ln oLher Luropean counLrles durlng Lhe flrsL decades of Lhe 20Lh
cenLury Lhere are varleLles of Lhe Loday socalled llmlLed llablllLy company ln
Lhe eru llmlLed llablllLy company ls newly lnLroduced ln our Clvll Code
1936 ln Lhe form of clvll socleLy of naLure hlghly personallsL wlLh llmlLed
responslblllLy of lLs members SubsequenLly Lhe llmlLed llablllLy company
[olns ln Lhe law of mercanLlle socleLles ln 1966 where he governs as a Lradlng
company wlLh Lhe sLrucLure LhaL Loday has
lL ls seL up beLween parLners LhaL are only requlred Lo pay Lhelr
conLrlbuLlons whlle Lhe Lwo sldes may be represenLed by negoLlable
lnsLrumenLs Lo Lhe order or Lo bearer slnce Lhey wlll only be asslgnable ln
Lhe cases and wlLh Lhe requlremenLs whlch esLabllshes Lhe Ceneral aw of
mercanLlle socleLles (arL 38 CSM)
ln Lhe llmlLed llablllLy company Lhe concepL of parLnershlp lmplles LhaL lL
should be consLlLuLed when less by Lwo people Powever lL should be noLed
LhaL Lhe law llmlLs Lo 30 Lhe number of parLners LhaL can lnLegraLe Lhe
llmlLed llablllLy company
arLners of Lhe llmlLed llablllLy company can be all persons legally able Lo
enLer lnLo any conLracL of socleLy lncludlng moral persons wlLhouL LhaL ln no
case can be lndusLrlal parLners
1he admlsslon of new members requlres Lhe consenL of all oLhers excepL
LhaL Lhe conLracL has been agreed LhaL Lhe agreemenL of Lhe ma[orlLy LhaL
represenLs aL leasL LhreequarLers of Lhe share caplLal (arL 63 CSM)
sufflclenL
SocleLy musL keep a record of whlch wlll be under Lhe care of managers and
parLners LhaL may be consulLed by who check have a leglLlmaLe lnLeresL Lo do
so 1hereln shall be enLered Lhe name and address of each of Lhe parLners
wlLh Lhe lndlcaLlon of Lhelr conLrlbuLlons and Lhe Lransfer of Lhe Lwo sldes
whlch wlll noL Lake effecL agalnsL Lhlrd parLles buL afLer made (arL 73 CSM)
1he facL LhaL arLlcle 39 provldes LhaL Lhe llmlLed llablllLy company can exlsL
under a name or company name and Lo apply oLher provlslons of Lhe
socleLles of people ls whaL glves Lhe characLer of flexlble Lo Lhe llmlLed
llablllLy company
1he corporaLe name of Lhe socleLy can form words LhaL lndlcaLe Lhe purpose
of Lhe company or wlLh fanLasy names or wlLh mere acronyms
ArLlcle 39 of Lhe CSM prevenLs Lhe name or buslness name wlll be
lmmedlaLely followed by Lhe words llmlLed llablllLy or lLs abbrevlaLlon S de
8 socleLy and penallzes Lhe fallure of Lhls requlremenL by borne parLners
by a subsldlary unllmlLed and solldary responslblllLy of soclal obllgaLlons
ldenLlcal Lo whlch Lhey have Lo deal wlLh members of Lhe socleLy as a
collecLlve name
C8LIGA@ICNS CI @n Ak@NkS
1he parLners of Lhe llmlLed llablllLy company are requlred Lo
uellver Lo socleLy Lhe maln and supplemenLary conLrlbuLlons
whlch have been agreed
erform anclllary conLrlbuLlons LhaL have been agreed
AcL wlLh loyalLy
SubordlnaLlng hls wlll Lo ma[orlLles and
8ear Lhe losses

CbllgaLlon Lo provlde 1he mosL lmporLanL obllgaLlons Lhe of conLrlbuLlon
boLh maln and supplemenLary whlch have agreed parLners slnce lL derlve
oLher consequences of Lhe soclal conLracL such as Lhe lnLegraLe a foundlng
caplLal
ln Lhe llmlLed llablllLy company Lhe conLrlbuLlons may only be of cash
movable or lmmovable properLy and rlghLs because lL does noL allow Lhe
admlsslon of lndusLrlal parLners
ln how Lo comply wlLh Lhe obllgaLlon Lo provlde arLlcle 63 of Lhe CSM
sLlpulaLes LhaL aL Lhe Llme of seL up socleLy ls due aL leasL 30 of
conLrlbuLlons wlLhouL LhaL amounL lf Lhey are ln cash or ln klnd
uuLy of loyalLy 1he parLners of Lhe llmlLed llablllLy company have Lhe same
duLles of loyalLy Lo members of Lhe socleLy ln collecLlve name and slmple
llmlLed parLnershlp excepL Lhe of no concurrency
1he lnfrlngemenL of Lhe obllgaLlon of loyalLy legally lmposed on members of
Lhe llmlLed llablllLy company ls sancLloned wlLh Lhe excluslon of Lhe parLner
ln Lerms ldenLlcal Lo Lhose lald down for members of Lhe socleLy ln collecLlve
name and slmple llmlLed parLnershlp
CbllgaLlon of subordlnaLlng Lhe wlll 1he obllgaLlon Lo lmpose Lhe wlll of
ma[orlLles ls common Lo all socleLles ln Lhe case of Lhe llmlLed llablllLy
company parLners are exempL from Lhls obllgaLlon when managers
porLfollos ln sLrangers or when Lhe managers delegaLed Lhelr asslgnmenL Lo
sLrangers Lo socleLy agalnsL Lhe voLe of members ln whlch case have Lhe
rlghL Lo secede from lL (arL 38 42 and 86 CSM)
CbllgaLlon Lo bear Lhe losses ln prlnclple Lhe obllgaLlon Lo bear Lhe losses
should be proporLlonaLe Lo Lhe amounL of Lhe conLrlbuLlons Powever Lhe
llmlLed llablllLy company admlLs LhaL Lhere may be Lwo sldes of unequal
caLegory allowlng Lo provlde some of Lhe soclal parLners bear Lhe losses ln
smaller proporLlon Lhan oLhers buL some excluded bear losses because ln
such a case be would never ln Lhe case of nulllLy of Lhe CovenanL for
wrongfulness ln Lhe declslve end
kIGn@S CI @n MM8kS
ln Lhe llmlLed llablllLy company members have Lhe followlng rlghLs
1o Lhe uLlllLles
Soclal belng
1o asslgn Lhe soclal parLles
1o consLrucLlve lnLeresL
1o recelve preferred beneflLs
voLe
Manage Lhe soclal buslness
lnformaLlon
MonlLorlng and reporLlng

8lghL Lo Lhe uLlllLles ln prlnclple lL musL also be ln proporLlon Lo Lhe
conLrlbuLlons of Lhe parLners 1he acL LhaL excludes a parLner of Lhls rlghL
wlll be lneffecLlve buL nonzero
8lghL Lo be Soclal As well as Lhe rlghL Lo proflLs should also be proporLlonal
Lo Lhe conLrlbuLlons of Lhe parLners 8uL due Lo Lhe facL LhaL socleLy may
have unequal sldes Lhere ls no obsLacle Lo provlde for greaLer parLlclpaLlon
ln Lhe soclal credlL provlded LhaL do noL exclude one or several parLners Lo
reporL losses every Llme LhaL ln such case lL would be a case of lnvalldlLy of
Lhe clause Lo esLabllsh Lhls beneflL
8lghL Lo Lransfer Lhe soclal parLles under Lhe personallzed grouplng shades
of Lhe llmlLed llablllLy company Lhe Lransfer of soclal parLners ls sub[ecL Lo
resLrlcLlons ln cerLaln cases are more severe Lhan ln collecLlve name and
slmple llmlLed parLnershlp socleLy
LnLlLlemenL Lo consLrucLlve lnLeresL ln Lhe soclal conLracL may sLlpulaLe LhaL
members are enLlLled Lo recelve consLrucLlve lnLeresLs even lf noL any
beneflLs provlded LhaL Lhese do noL exceed of nlne per cenL per annum on
Lhe amounL of Lhelr conLrlbuLlons and only pay for Lhe Llme necessary for Lhe
lmplemenLaLlon of Lhe work LhaL accordlng Lo Lhe purpose of Lhe
companyLhey should precede Lhe beglnnlng of Lhelr conLrlbuLlons wlLhouL ln
any case such perlod exceeds Lhree years (arL 84 CSM)
LnLlLled Lo preferenLlal beneflLs 1hls parLnershlp allows Lhe exlsLence of Lwo
sldes of unequal caLegory so some soclal parLners shall be enLlLled Lo recelve
raLher Lhan Lhe oLher cerLaln mlnlmum percenLage of flxed beneflLs and LhaL
ln a year when Lhere are no beneflLs or Lhey may be less Lhan Lhe sLlpulaLed
percenLage Lhey wlll be covered wlLh prlorlLy Lo Lhe followlng
8lghL Lo voLe lL conslsLs of Lhe rlghL Lo parLlclpaLe ln Lhe declslons of Lhe
Assembly 1he exerclse of Lhls rlghL hlghllghLs boLh Lhe characLer personallsL
as caplLallsL socleLy llmlLed llablllLy because on Lhe one hand Lo auLhorlze
Lhe Lransmlsslon of Lhe soclal parLners ls requlred Lhe consenL of all parLners
or ln Lhe besL of Lhe ma[orlLy Lo represenL Lhree quarLers of Lhe caplLal andon
Lhe oLher hand Lhe dlsLrlbuLlon of Lhe voLe ls noL conferred per head buL Lhe
amounL of Lhe conLrlbuLlons
8lghL Lo admlnlsLer Lhe soclal buslness Clven Lhe more or less large number
of parLners LhaL can lnLegraLe Lhe llmlLed llablllLy company Lhe
admlnlsLraLlon of socleLy wlll be ln charge of one or more managers who
may be parLners or sLrangers Lo socleLy and when Lhe appolnLmenL of
managers has noL been made Lhe AdmlnlsLraLlon wlll rely on all Lhe parLners
where lL follows from Lhe rlghL Lo admlnlsLer Lhe soclal buslnesses
lnformaLlon law Members are enLlLled Lo requlre every slx monLhs when
less accounL admlnlsLraLlon lf noL any agreemenL Lhereon and aL any Llme
so agreed
8lghL of monlLorlng and reporLlng ln all klnds of socleLles members are
enLlLled Lo appolnL a monlLorlng body even lf your organlzaLlon and lLs
funcLlons are noL provlded for ln Lhe soclal conLracL ln Lhe llmlLed llablllLy
company parLners have Lhe rlghL Lo esLabllsh a supervlsory board only when
so esLabllshed by Lhe soclal conLracL
ICUNDING CAI@AL SCCIAL CAI@AL AND SCCIAL nkI@AG
loundlng caplLal under Lhe llmlLed llablllLy company has cerLaln
characLerlsLlcs of socleLy of caplLals puL LhaL parLners do noL parLlclpaLe ln lL
wlLh llablllLy subsldlary unllmlLed and muLually supporLlve expecLed Lhe
lnLegraLlon of a mlnlmum share caplLal whlch slnce Lhe foundaLlon of
socleLy ensure compllance wlLh soclal obllgaLlons 1he prlnclpal amounL of
Lhls mlnlmum called foundlng wlll never be less Lhan Lhree Lhousand dollars
Soclal caplLal lL ls a sum of values of economlc conLenL parLners LransmlL Lo
socleLy and Lhe law seeks Lo malnLaln as a guaranLee of soclal obllgaLlons buL
wlLhouL lgnorlng aL Lhe same Llme by Lhe vlclsslLudes of buslness such sum
may undergo modlflcaLlons elLher lncreaslng or decreaslng accordlng Lo
cerLaln rules whose degree of rlgldlLy varles accordlng Lo wheLher flxed or
varlable caplLal company
Soclal herlLage lL ls Lhe sum of Lhe values of economlc conLenL belonglng Lo
socleLy lncludlng soclal caplLal aL any glven Llme ln oLher words Lhe herlLage
ls lnLegraLed by Lhe soclal caplLal and oLher values such as reLalned uLlllLles
legal and volunLary reserves surplus eLc
CkGANS CI SCCI@
Accordlng Lo Lhe provlslons of Lhe Ceneral aw of mercanLlle socleLles Lhe
Assembly of parLners and managers are bound bodles of llmlLed llablllLy
company buL noL so Lhe socalled supervlsory board whose ConsLlLuLlon ls
poLesLaLlve (arL 84 CSM) 1hls means LhaL lf Lhe soclal conLracL does noL
provlde Lhe CrganlzaLlon and funcLlonlng of Lhe flrsL Lwo wlll be applled
supplemenLarlly Lhe provlslons of Lhe law (arL 8 CSM) and lf Lhe laLLer does
noL consLlLuLes Lhe soclal conLracL slmply be no monlLorlng body
Assembly members As lLs name lmplles ls Lhe meeLlng of Lhese legally
convened Lo hear and declde on maLLers LhaL AcL reserved Lo lLs compeLence
Ceneral assemblles Lo dlscuss lssues relevanL Lo all Lhem
Speclal assemblles Lo meeL and resolve maLLers perLalnlng only Lo a speclflc
caLegory of Lhem
Assemblles can meeL aL any Llme how many Llmes deem lL deslrable or
necessary Lo Lhe managers Lhe Supervlsory 8oard or members represenLlng
more Lhan one Lhlrd of Lhe share caplLal Powever Lhe law ln lLs arLlcle 80
orders LhaL Lhey musL meeL aL leasL once a year aL Lhe Llme flxed ln Lhe soclal
conLracL
1he Ceneral aw of mercanLlle socleLles ls remlss wlLh regard Lo maLLers LhaL
need Lo know Lhe annual Assembly buL bearlng ln mlnd LhaL lL ls Lhe laculLy
of Lhe Assembly of parLners Lo dlscuss approve modlfy or re[ecL balance
sheeL correspondlng Lo Lhe year closed lL follows LhaL lL should deal wlLh Lhls
lssue slnce lL ls also assumed LhaL Lhe parLners wlll requlre LhaL managers are
accounLable when leasL once a year
AdmlnlsLraLors (managers) 1he admlnlsLraLlon of Lhe llmlLed llablllLy
company ls enLrusLed Lo one or more managers who have Lhe sLaLus of legal
represenLaLlves of lL and can perform all operaLlons lnherenL Lo Lhe ob[ecL of
Lhe company excepL as expressly esLabllsh Lhe law and Lhe soclal conLracL
(arLs 10 and 74 CSM)
ln oLher words Lhe managers are Lhe bodles responslble for Lhe
managemenL of soclal buslness and Lhe represenLaLlon of socleLy
DISSCLU@ICN AND LIUIDA@ICN CI @n SCCI@
ulssoluLlon 1he llmlLed llablllLy company ls dlssolved by
lnablllLy Lo conLlnue Lo carry ouL Lhe maln ob[ecL of socleLy or geL Lhls
accompllshed
AgreemenL of parLners Laken ln accordance wlLh Lhe soclal
conLracL and Lhe law
1haL Lhe number of members can be less Lhan Lhe mlnlmum
esLabllshed by Lhe Ceneral aw of mercanLlle socleLles or because
lnLeresL parLles come LogeLher ln a slngle person
1he loss of LwoLhlrds of Lhe share caplLal
8y deaLh lncapaclLy excluslon separaLlon or LermlnaLlon of Lhe
soclal conLracL of one or several parLners unless oLherwlse agreed
LxplraLlon of Lhe perlod lald down ln Lhe soclal conLracL
lquldaLlon 1he llquldaLlon ls pracLlced accordlng Lo provlslons of Lhe soclal
conLracL and ln Lhelr absence ln accordance wlLh Lhe budgeLed ln chapLer xl
of Lhe Ceneral aw of mercanLlle socleLles
SCCI@ IN LIMI@D Ak@NkSnI 8 SnAkS
1hls klnd of socleLy rlses aL flnal sLory of Lhe mlddle ages era whlch produced
a boom ln Lhe developmenL of buslness ln Lhls perlod he led and spread Lhe
use of Lhe commenda a parLnershlp ln Lhe form of conLracL beLween a
venLure caplLallsL who dldnL know (generally a noble) and one or more
merchanLs whlch flrsL broughL only caplLal and llmlLed lLs rlsk Lo LhaL
conLrlbuLlon
SocleLy ln llmlLed parLnershlp by shares ls a Lradlng company of foundlng
caplLal LhaL exlsLs under a reason or a company name and conslsLs of one or
more comandlLados parLners who respond ln a subsldlary manner unllmlLed
and solldarlLy soclal obllgaLlons and one or several sleeplng LhaL are only
obllged Lo pay for Lhelr acLlons
1he company llmlLed by shares ls a commerclal socleLy by express declaraLlon
of Lhe Ceneral aw of mercanLlle socleLles whlch are appllcable all Lhe
general concepLs of Lhe oLher companles
SocleLy ln llmlLed parLnershlp by shares ls noL a form of slmple llmlLed
parLnershlp socleLy nor of Lhe CorporaLlon buL a new specles LhaL
lncorporaLes elemenLs of one and Lhe oLher
loundlng caplLal 1he lncorporaLlon of Lhe company llmlLed by shares ls
sub[ecL Lo Lhe rules relaLlng Lo Lhe company (arL 208 CSM) Je musL
Lherefore conclude LhaL Lhls ls a socleLy of foundlng caplLal le a socleLy
whose share caplLal musL noL be less Lhan flfLy Lhousand pesos and lL musL be
fully subscrlbed and whose acLlons musL be dlsplayed ln 20 lf Lhey are
payable ln cash or ln lLs enLlreLy lf Lhey are payable wlLh noncash asseLs

8eason or company name SocleLy ln llmlLed parLnershlp by shares may exlsL
under a company name whlch wlll be formed wlLh Lhe names of one or more
parLners comandlLados followed by Lhe words and company or equlvalenL
where Lhey do noL appear for all (arL 210 CSM)

lablllLy of parLners ueslgual As lL ls lnferred from Lhe legal deflnlLlon Lhe
llablllLy of Lhe parLners ls uneven because Lhe comandlLados respond
subsldlary soclal obllgaLlons unllmlLed and [olnLly and severally llable lnsofar
as Lhe sleeplng only accounL for Lhe paymenL of Lhelr conLrlbuLlons
Soclal caplLal ln acLlon 1he caplLal of Lhe company llmlLed by shares ls
dlvlded lnLo LhaL klnd of LlLles of value (shares) whose characLerlsLlcs are
ldenLlcal Lo Lhe acLlons of Lhe anonymous

kIGn@S AND C8LIGA@ICNS CI @n Ak@NkS
8lghLs and obllgaLlons Members of socleLy ln llmlLed parLnershlp by shares
en[oyed Lhe same rlghLs and equal obllgaLlons Lo Lhe shareholders of Lhe
anonymous reporL
under Lhe admlnlsLraLlon of Lhe socleLy ls reserved by Lhe Ceneral aw of
mercanLlle socleLles Lo Lhe comandlLados Lhe lnsLlgaLors have no rlghL Lo
parLlclpaLe dlrecLly ln Lhe managemenL of soclal buslness nor even wlLh Lhe
naLure of proxles of admlnlsLraLors
rohlblLlons 1he sleeplng noL can parLlclpaLe ln Lhe managemenL of soclal
buslness because Lhe Ceneral aw of mercanLlle socleLles expressly lmposes
ban on lnmlxLln (arL 34 and 211 CSM) 1he conLravenLlon of Lhls
prohlblLlon requlres solldarlLy sleeplng parLners Lowards Lhlrd parLles for all
operaLlons of Lhe socleLy ln whlch have Laken parL and even by Lhe
operaLlons LhaL have noL Laken lf Lhey have regularly managed buslness ln
socleLy (arL 33 CSM)
CkGANS CI SCCI@
8odles of Lhe company llmlLed by shares are exacLly Lhe same as Lhose of Lhe
anonymous socleLy le Lhe Assembly of shareholders managers and
Commlssloners
DISSCLU@ICN AND LIUIDA@ICN CI @n SCCI@
ulssoluLlon Companles llmlLed by shares are dlssolved by Lhe same causes
LhaL corporaLlons buL ln addlLlon by cause of deaLh lncapaclLy excluslon or
wlLhdrawal of one of Lhe comandlLados parLners or because Lhe soclal
conLracL ls LermlnaLed on one of Lhem (arLs 230231 CSM) Powever
socleLy ls noL dlssolved by cause of deaLh of he or comandlLados members lf
Lhe soclal conLracL acknowledges LhaL socleLy wlll conLlnue wlLh hls helrs
(arLs 32 and 211 CSM)
lquldaLlon 1he llquldaLlon of Lhe company llmlLed by shares ls sub[ecL Lo Lhe
rules of llquldaLlon of Lhe company speclally ln whaL corresponds Lo Lhe
dlsLrlbuLlon of Lhe soclal credlL (arL 247 CSM)
CCCkA@IV SCCI@

ln general Lerms Lhe hlsLorlcal background of Lhls lnsLlLuLe daLes back Lo
Lhose days LhaL was born among men Lhe sense of solldarlLy or Lhe need for
muLual ald 1hus we flnd ln LgypL Lhe funerary sollLudes Lhe flshlng ln
Creece and lraeus shlpplng companles and mlnlng ln Lhe mlddle ages eLc
all of Lhem ln a cooperaLlve splrlL Powever end Lhey dld noL meeL Lhe
pecullarlLles of exlsLlng cooperaLlves
Accordlng Lo Lhe ldeas of Cwen and klng because of a sLrlke a group of
workers was founded ln 1844 Lhe flrsL cooperaLlve reached Lrue success Lhe
8ochdale LqulLable loneers (uecember 21) whose maln purpose was Lo
provlde food Lo Lhe famllles of lLs members glven Lhe abuses of Lhe
suppllers Lhus prevenLlng Lhe speculaLlve hoardlng and
consequenLlylmprove Lhelr economlc condlLlons 1he 8ochdale followed a
serles of Lhe same purposedrlven consumer cooperaLlves democraLlc
governance free enLry of new parLners lnLeresL llmlLed Lo Lhe caplLal and
pollLlcal and rellglous lndependence roducLlon cooperaLlves are born ln
lrance and Cermany almosL all aL Lhe same Llme credlL
ICIN@S@CCk CCMAN
ls unllkely Lo refer Lo any CrganlzaLlon 8oman as background of Lhe socleLy
anonymous because none of Lhe proflles can be speclfled wlLhln Lhe
archlLecLure legal of LhaL people and Lhelr rlghL
Among Lhe mosL wldespread oplnlons are wlLhouL a doubL whlch ls Lhe
orlgln of Lhe anonymous ln Lhe socleLles consLlLuenL for Lhe explolLaLlon of
uuLch lndles because for LhaL purpose was aLLended by many people wlLh
varled amounLs recelvlng conLrlbuLlons documenLs supporLlng Lhe
conLrlbuLlon and were ln concepL alleged credlLors of socleLy by Lhe
persecuLed uLlllLles and addlLlon as credlLors formal for lLs conLrlbuLlon

Also ln Lhe Mlddle ages ls Lhe orlgln of Lhe [olnLsLock company Lhls
anLecedenL was Lhe 8ank of SL Ceorge Cenoa even Lhough hls organlzaLlon
had relaLlve slmllarlLy Lo Lhe socleLles of publlsh us of 8ome whlle lLs
members were organlzed Lo collecL debLs ln charge of Lhe SLaLe by
guaranLeelng conslsLenL ln Laxes
1he company ls one LhaL exlsLs under a company name and ls excluslvely
composed of members whose obllgaLlon ls llmlLed Lo Lhe paymenL of Lhelr
conLrlbuLlons (arL 87 CSM)
1he CorporaLlon and Lhe socleLy ln llmlLed parLnershlp by shares are only
commerclal companles ln whlch members are called shareholders Lhus
ldenLlfylng Lhem wlLh lLs characLer of holders of Lhe documenLs ln whlch Lhelr
rlghLs are lncorporaLed
arLners of Lhe llmlLed llablllLy company can be all klnds of lndlvlduals excepL
for Lhe dlsabled aL Lhe Llme of Lhe lncorporaLlon of Lhe company buL yes
Lhey may be holders of shares by lnherlLance legacy donaLlon or any oLher
free legal LlLle buL noL onerous acqulslLlon ConsequenLly Lhe worklng Lo
recrulL mlnors emanclpaLed by marrlage or granL and Lhe enabled can be
shareholders provlded LhaL Lhe laLLer obLaln [udlclal auLhorlzaLlon when lL
comes Lo brlng real esLaLe Lo Lhe socleLy
1he admlsslon of new members Lo Lhe Socledad Annlma can occur along
Lwo paLhs elLher acqulrlng shares elLher subscrlblng new shares lssued on
Lhe occaslon of soclal caplLal lncreases
ln prlnclple parLner Lransfer ls carrled ouL freely Lhrough Lhe dlsposal of Lhe
shares wlLhouL havlng Lo obLaln Lhe consenL of Lhe oLher shareholders
Powever ln Lhe soclal conLracL may be agreed LhaL Lhe Lransfer of Lhe shares
ls made only wlLh Lhe auLhorlzaLlon of Lhe 8oard of ulrecLors whlch may
deny auLhorlsaLlon by deslgnaLlng a buyer of Lhe shares aL Lhe currenL prlce
on Lhe markeL (arL 130 CSM)
1he corporaLe name of Lhe CorporaLlon only can form words whlch
demonsLraLed Lhe soclal ob[ecL wlLh fanLasy or accordlng Lo Lhe modern
cusLom names abbrevlaLlons or acronyms ldenLlfylng socleLy buL ln any case
wlLh names of people
1he name ls formed freely buL musL be dlfferenL from any oLher company
1he reasons are obvlous Lhe quesLlon of prevenLlon ls on one hand LhaL
mens rea ls mlsled as Lo Lhlrd parLles and Lhe publlc ln general and on Lhe
oLher hand unfalr compeLlLlon
ArLlcle 88 of Lhe Ceneral aw of mercanLlle socleLles prevenLs uslng Lhe
corporaLe name LhaL musL be always followed by Lhe words llmlLed llablllLy
company or lLs abbrevlaLlon SA
kIGn@S CI SnAknCLDkS
8lghL Lo beneflLs All parLners by Lhe mere facL of belng have an absLracL
rlghL Lo beneflLs real and vlrLual (surplus) Lo maLerlallze when Lhe company
acLually generaLes CLher Lwo rlghLs derlved ln Lurn from Lhls rlghL
8lghL Lo Lhe dlvldend 1he dlvldend ls Lhe quoLa correspondlng Lo each acLlon
Lo dlsLrlbuLe real earnlngs of Lhe socleLy 1hus Lhe rlghL Lo Lhe dlvldend ls
someone who has Lhe shareholder Lo parLlclpaLe ln real earnlngs regularly
dlsLrlbuLed
8lghL Lo be Soclal Soclal credlL ls lnLegraLed wlLh soclal caplLal and oLher
herlLage lLems such as reLalned uLlllLles vlrLual proflL (surplus) premlums on
sLocks eLc Jhlch consLlLuLe real and vlrLual wlnnlngs LhaL have been
generaLed ln Lhe March of soclal buslness and LhaL by vlrLue of LhaL facL Lhe
rlghL soclal Lhere ls a consequence of Lhe general rlghL Lo proflLs LhaL have
shareholders

8lghLs achlevemenL 1he rlghLs of achlevemenL or corporaLe as also are
called shareholders are very varled 1he docLrlne ls generally classlfy Lhem
admlnlsLraLlve rlghLs and survelllance 1he flrsL or managers ln Lurn are lLs
Classlfleds ln rlghL Lo call for parLlclpaLlon ln Lhe Assembly drafLlng of order
of Lhe day represenLaLlon voLlng and posLponemenL of Lhe agreemenLs 1he
rlghLs of survelllance ln Lurn Lend Lo be subclaslflcados rlghLs of approval of
Lhe balance deLermlnaLlon of fees of admlnlsLraLors and Commlssloners of
dlscharge of soclal buslness reporLlng Lo Commlssloners avoldance of soclal
arrangemenLs and Lo suspend Lhe lmplemenLaLlon of Lhe agreemenLs of
Assembly
8lghL Lo voLe JlLhouL a doubL Lhe rlghL Lo voLe ls Lhe mosL lmporLanL rlghLs
of achlevemenL and conslsLs of Lhe laculLy has all shareholder Lo parLlclpaLe
ln Lhe dellberaLlons of Lhe general assemblles and express Lhelr wlll Lo declde
on Lhe lssues ln Lhese LreaLles 1he domlnanL docLrlne conslders Lhe rlghL Lo
voLe as a unllaLeral acL of wlll LhaL comblned wlLh slmllar sLaLemenLs by
oLher shareholders Lhe socalled soclal wlll 1he rlghL Lo voLe as oLher rlghLs
of shareholders ls sub[ecL Lo a number of prlnclples LhaL govern whlch
lnclude Lhe followlng
LquallLy of Lhe voLe Lach acLlon ls only enLlLled Lo one voLe 1he number of
voLes ls proporLlonal Lo Lhe number of shares held by each shareholder lL ls
noL lawful Lo lssue shares of plural voLlng nor ls lL lawful Lo lssue shares of
cumulaLlve voLlng
LxcepLlonal llmlLaLlon An lmporLanL llmlLaLlon Lo Lhe rlghL Lo voLe ls Lhe one
whlch polnLs ouL LhaL lL ls permlsslble Lo lssue shares enLlLled Lo voLe only ln
Lhe exLraordlnary assemblles whlch meeL Lo deal wlLh lssues a exLenslon of
Lhe duraLlon of Lhe company early dlssoluLlon of Lhe company change of
sub[ecL or naLlonallLy of Lhe CorporaLlon LransformaLlon of socleLy and
merger wlLh anoLher company
ConfllcL of lnLeresLs ArLlcle 196 of Lhe Ceneral aw of mercanLlle socleLles
prohlblLed shareholders parLlclpaLe ln Lhe dellberaLlons of Lhe assemblles
and Lo exerclse Lhe rlghL Lo voLe on Lhem when deal wlLh meeL and solve for
any operaLlon ln whlch Lhose lnLeresLed a conLrary Lo socleLy 1he legal
prohlblLlon ls a consequence of Lhe duLy of alleglance Lhey have shareholders
Lowards socleLy
uemocraLlc ln Lheory Lhe CorporaLlon ls a democraLlc socleLy ln whlch have
no place nor prlvlleged voLlng nor Lhe obsLacles Lo lLs exerclse lor Lhls
reason arLlcle 198 of Lhe Ceneral aw of mercanLlle socleLles declares LhaL
any agreemenL whlch resLrlcLs freedom of voLe of Lhe shareholders ls vold

ALLrlbuLlon ln prlnclple Lhe rlghL Lo voLe ls aLLrlbuLable Lo Lhe leglLlmaLe
owner of acLlons slnce LhaL Lhey serve lnLer alla Lo exerclse Lhe rlghLs
lncorporaLed ln Lhem
8epresenLaLlon 1he rlghL Lo voLe ls noL very personal and can Lherefore
exerclse Lhrough convenLlonal or legal represenLaLlves egal represenLaLlon
ls vesLed ln Lhe socalled necessary represenLaLlves (parenLs LuLors
managers of companles eLc) and Lhe convenLlonal musL necessarlly lle wlLh
leaders
SubordlnaLlon of Lhe wlll 8esoluLlons legally adopLed by Lhe assemblles of
shareholders are blndlng even on Lhe absenL or dlssldenLs
Shall exerclse no provlslon of Lhe Ceneral aw of mercanLlle socleLles
requlres shareholders Lo exerclse Lhe rlghL Lo voLe allowlng Lo afflrm LhaL
Lhls rlghL ls shall
8lghL of appeal 1he rlghL Lo challenge ls a means of defence whlch Lhe law
aLLaches Lo shareholders agalnsL abuses whlch can cause Lhe prlnclple of
subordlnaLlon of Lhe wlll 1hls rlghL ls exerclsed when Lhe ma[orlLy of
shareholders Lhrough Lhelr voLes commlLLed a vlolaLlon Lo a permlsslve legal
devlce or a conLracLual sLlpulaLlon

DU@IS AND kSCNSI8ILI@IS CI SnAknCLDkS
CbllgaLlons CbllgaLlons of shareholders are slmllar Lo Lhe members of oLher
specles of mercanLlle socleLles ln whaL corresponds Lo Lhe conLrlbuLlons Lo
Lhe subordlnaLlon of Lhelr wllllngness Lo mosL and Lo reporL losses
8esponslblllLles 1he llmlLaLlon of llablllLy of Lhe parLners Lo Lhe paymenL of
Lhelr conLrlbuLlons ls Lhe mosL lmporLanL feaLure of caplLallsL socleLles and
consLlLuLes wlLhouL doubL Lhe maln reason LhaL encourages lnvesLors Lo
parLlclpaLe ln Lhem
SCCIAL CAI@AL
Soclal caplLal ls Lhe sum of Lhe conLrlbuLlons of Lhe parLners whlch consLlLuLe
one of Lhe elemenLs of exlsLence of Lhe conLracL of mercanLlle socleLy
because wlLhouL Lhem lL would be meanlngless lndlrecL ob[ecL and
accordlngly was noL born Lo legal llfe 1hus soclal caplLal ls an arlLhmeLlc
concepL equlvalenL Lo Lhe sum of Lhe nomlnal value of Lhe shares ln whlch
are dlvlded 1he mlnlmum caplLal LhaL a company wlll be based ls 30000
pesos
Soclal caplLal ls governed by flve prlnclples
JarranLy Soclal caplLal ls a guaranLee for Lhe credlLors of Lhe
socleLy Lo ensure Lhe conLlnued exlsLence of mlnlmum caplLal
8eallLy 1hls prlnclple enLalls Lhe noLlon LhaL Lhls should be
enLlrely subscrlbed and acLually pald aL leasL ln Lhe mlnlmum as
deLermlned by Lhe law
8esLrlcLlon of Lhe rlghLs of Lhe founders ln Lhe case of formaLlon of publlc
llmlLed companles by publlc subscrlpLlon Lhe law provldes for Lhe posslblllLy
LhaL Lhe founders be granLed excepLlonal parLlclpaLlon ln annual proflLs Lo
reward Lhe efforLs ln Lhe promoLlon organlzaLlon and lmplemenLaLlon
underway Lhe company somehow Such parLlclpaLlon shall noL exceed 10 per
cenL or one longer perlod of Len years counLed from Lhe daLe of ConsLlLuLlon
of socleLy (arL 103 CSM)
ubllc lnLervenLlon 1o proLecL Lhe lnLeresLs of Lhlrd parLles and of Lhe
shareholders of Lhe corporaLlons whose shares are llsLed on Lhe sLock
exchange Lhe SLaLe has lssued a large number of provlslons whlch Lend Lo
avold abuslve pracLlces whlch ln[ured Lhe lnLeresLs of Lhe lnvesLlng publlc

lncreases ln share CaplLal 1he flnanclal needs of Lhe companles pose Lo Lhem
a wlde range of opLlons Lo lncrease lLs economlc resources ranglng from Lhe
lncrease of share caplLal by new conLrlbuLlons Lo Lhe lssue of debenLures and
Lhe hlrlng of dlfferenL klnds of shorLLerm and longLerm loans
Share caplLal lncreases are prlmarlly due Lo Lwo reasons
A Lhe lncrease Lhe economlc resources of socleLy so LhaL lL can properly
make Lhe ob[ecL of your lnsLlLuLlon and Lwo Lhe lmprove Lhe flnanclal
sLrucLure ln Lhe flrsL case lLs a real lncrease of caplLal and by exLenslon
soclal herlLage whlch ls done vla conLrlbuLlons Secondly lL ls a nomlnal
lncrease of share caplLal held by Lhe converslon ln caplLal proflLs premlums
on shares reserves and oLher lLems LhaL are already parL of Lhe herlLage
operaLlon whlch ls commonly known as caplLallzaLlon
uL anoLher way Lhe real lncreases of Lhe share caplLal enLalls an lncrease ln
Lhe companys equlLy whlle Lhe nomlnal rlse only Lhe flgure of Lhe share
caplLal buL noL of Lhe companys equlLy
now however Lhe lnsLrumenLaLlon of Lhe lncreases ln share caplLal can be
made
8y lssulng new shares
lncreaslng Lhe face value of Lhe same
Share CaplLal reducLlons 8educLlons of Lhe share caplLal as well as Lhelr
galns may be real or nomlnal 8educLlon ls real when as a resulL of lL
decreaslng Lhe companys equlLy and ls nomlnal when only reduces Lhe
amounL of Lhe share caplLal buL noL Lhe amounL of Lhe asseLs
rocedure Lo reduce Lhe share CaplLal 1he soclal real or nomlnal caplLal
reducLlon agreemenL should be Laken by Lhe exLraordlnary general meeLlng
of shareholders 1he requlremenL Lo comply wlLh Lhls formallLy consLlLuLes
lndlrecL shareholders rlghLs proLecLlon lnsofar as Lhey oppose Lhe reducLlon
agreemenL when Lhelr lnLeresLs are consldered ln[ured
1he lmplemenLaLlon of Lhe reducLlons of caplLal occurs
lor cancellaLlon or nulllflcaLlon of Lhe shares
8y cancellaLlon of shares
8y reducLlon of lLs nomlnal value
8y merger of acLlons
ASSM8L CI SnAknCLDkS
1he general meeLlng of shareholders ls Lhe supreme organ of Lhe socleLy
whlch may agree and raLlfy all acLs and operaLlons and lLs resoluLlons shall
be fulfllled by Lhe person herself appolnLed or ln Lhe absence of deslgnaLlon
by Lhe admlnlsLraLor or by Lhe 8oard of ulrecLors
1he meeLlng of shareholders elLher general or speclal ordlnary or
exLraordlnary ls a LranslLlonal socleLy body glven LhaL lLs funcLlonlng ls noL
permanenL as ln Lhe case of admlnlsLraLors
1he speclflc role of Lhe Assembly of each shareholder Lo declare Lhelr wlll so
LhaL coupled wlLh Lhe wllllngness of all or mosL of Lhe oLher parLners
formlng Lhe socalled collecLlve wlll of Lhe people
Pe ls Lrue LhaL Lhe Assembly ls Lhe seL of shareholders legally convened and
Lemporarlly reunlLed Lo form and express Lhe socalled collecLlve wlll of Lhe
people ln Lhe resoluLlon of maLLers LhaL Lhem has enLrusLed Lhe law or Lhe
soclal conLracL
1he Ceneral aw of mercanLlle socleLles classlfles assemblles ln
1ConsLlLuenL
2Ceneral
3Speclal
1he assemblles are classlfled lnLo
1Crdlnary
2LxLraordlnary
CompeLence of Lhe consLlLuenL Assembly 1he consLlLuenL Assembly ls
compeLenL Lo
Check Lhe exlsLence of Lhe flrsL exhlblLlon prevenLed ln Lhe drafL sLaLuLes
1o revlew and where approprlaLe adopL Lhe valuaLlon of noncash asseLs
Lo one or more parLners have been forced Lo conLrlbuLe on Lhe
undersLandlng LhaL subscrlbers of Lhe programme shall noL be enLlLled Lo
voLe ln relaLlon Lo Lhelr respecLlve conLrlbuLlons ln klnd
1o dlscuss Lhe parLlclpaLlon LhaL Lhe founders have booked proflL
1o appolnL managers and Commlssloners wlLh Lhe deslgnaLlon of Lhose
who among Lhe flrsL have Lo use Lhe soclal slgnaLure
Ceneral Assemblles Ceneral Assemblles are Lhose whose quorums of
asslsLance and voLe counL Laklng lnLo accounL all of Lhe shares ln whlch Lhe
share caplLal ls dlvlded
Ceneral Assemblles subclaslflcan ln ordlnary and exLraordlnary JhaL
dlsLlngulshes each oLher ls noL Lhe perlodlclLy wlLh whlch musL be fulfllled
buL Lhe compeLlLlon Lhey have Lo deal wlLh varlous maLLers elLher Lhe
quorums of asslsLance and voLe requlred by law or Lhe soclal conLracL for lLs
valldlLy
Speclal assemblles Speclal assemblles are Lhose LhaL lnLegraLe wlLh a speclal
caLegory of shareholders 1hey should be held aL Lhe home of Lhe socleLy and
lLs ConsLlLuLlon and funcLlonlng are governed by common rules Lo all
assemblles ln Lhe home LhaL musL be held and whaL ls up Lo hls call and Lhe
speclal exLraordlnary assemblles wlLh regard Lo Lhelr quorums of aLLendance
and voLe
8eallzaLlon of assemblles ArLlcle 179 of Lhe Ceneral aw of mercanLlle
socleLles prevenLs LhaL general meeLlngs of shareholders wheLher ordlnary
or exLraordlnary should be held aL Lhe home of Lhe socleLy and LhaL wlLhouL
Lhls requlremenL Lhey wlll be vold unless unforeseen clrcumsLances or force
ma[eure Same requlremenL seLs arLlcle 193 for speclal assemblles
1he annual ordlnary Assembly has compeLence Lo deal wlLh Lhe followlng
maLLers
ulscuss approve or modlfy Lhe admlnlsLraLors reporL Laklng lnLo accounL
Lhe reporL of Lhe Commlssloners and Lake any acLlon lL deems approprlaLe
Jhere approprlaLe appolnL Lhe admlnlsLraLor or 8oard of ulrecLors and
Commlssloners
1o deLermlne Lhe emolumenLs Lo managers and Commlssloners when Lhey
have noL been flxed ln Lhe sLaLuLes
know any oLher maLLer lncluded ln Lhe order of Lhe day
ADMINIS@kA@CkS
1he Ceneral aw of mercanLlle socleLles esLabllshes ln lLs arLlcle 142 LhaL Lhe
admlnlsLraLlon of Lhe socleLy can be commlssloned by a unlLary body le Lo a
slngle person whlch ls named afLer admlnlsLraLor or only admlnlsLraLor or a
colleglaLe body called Lhe 8oard of ulrecLors whlch ls lnLegraLed wlLh Lwo or
more persons called counselors
1he managemenL funcLlon of soclal buslness le Lhe AdmlnlsLraLlon ln sLrlcL
sense comprlses Lhe faculLles declde and order Lhe execuLlon of Lhe acLlvlLles
consLlLuLlng Lhe corporaLe ob[ecL 1hls funcLlon asslsLs Lhe lnLernal llfe of Lhe
socleLy by whlch ln prlnclple noL lL affecLs Lhe legal Lhlrd parLy fleld even
Lhough Lhey may evenLually know Lhe scope and conLenL of lL
1he managemenL of soclal buslness ls unlque Lo Lhe admlnlsLraLors and can
only be llmlLed delegaLed managers ln Lhe cases and clrcumsLances speclfled
by law
8epresenLaLlon 1he funcLlon of represenLaLlon le Lhe power Lo acL ln
name and lnLeresL of Lhe socleLy aLLends Lo Lhe exLernal llfe of Lhe company
and Lherefore has an lmpacL on Lhe legal area of Lhlrd parLles Lo whom lL ls
lnLended
number of admlnlsLraLors 1he law does noL seL an upper llmlL Lo Lhe number
of admlnlsLraLors who can lnLegraLe Lhe 8oard of ulrecLors as well as ln
clarlfy wheLher Lhls number musL be even or odd
ln pracLlce usually deslgnaLe an odd number of ulrecLors LhaL does noL
generally exceed flve ln order Lo avold Lles ln Lhe voLlng and dlfflculLles ln Lhe
lnLegraLlon of Lhe quorums of aLLendance and voLe
AdmlnlsLraLors of legal characLer Mexlcan law aLLrlbuLed Lo admlnlsLraLors
Lhe characLer of mandaLarles and legal socleLy represenLaLlves 1o speclfy Lhe
legal naLure of admlnlsLraLors ls Lherefore necessary Lo Lake lnLo accounL
LhaL buslness whlch llnk Lhem wlLh Lhe socleLy may be admlnlsLraLlon and
represenLaLlon whlle ln Lhe cases of Al sole admlnlsLraLor and Lhe Chlef
LxecuLlve Cfflcer boLh buslness meeL ln one slngle
AppolnLmenL of admlnlsLraLors ln order Lo perform Lhe [ob Lhe
admlnlsLraLors are parLners or sLrangers Lo socleLy musL meeL Lhe followlng
requlremenLs
8e able Lo engage ln Commerce
8e naLural persons
rovlde assurance Lo deLermlne Lhe sLaLuLes or Lhe Assembly Lo ensure Lhe
responslblllLles LhaL could collapse ln Lhe exerclse of Lhe funcLlons

AppolnL admlnlsLraLors corresponds Lo Lhe shareholders who are aL Lhe
momenL consLlLuLe socleLy or subsequenLly gaLhered ln Assembly lL
corresponds Lo Lhe ordlnary Assembly make new appolnLmenLs when
admlnlsLraLors deslgnaLed ln Lhe soclal conLracL for any reason cease ln Lhe
performance of Lhelr duLles 1he ordlnary Assembly may meeL aL any Llme
every Llme LhaL lL ls noL mandaLory LhaL Lhe deslgnaLlon ls made by Lhe
annual Assembly
1he Ceneral aw of mercanLlle socleLles does noL provlde for Lhe posslblllLy
LhaL Lhe Lemporary or deflnlLlve vacancy of admlnlsLraLors are covered by
alLernaLes Powever Lhanks Lo Lhe prlnclple of auLonomy enshrlned ln
common law ls noLhlng Lo prevenL LhaL Lhe sLaLuLes of Lhe socleLy sLlpulaLe
Lhe occupaLlon of Lhe vacancy by Lhe appolnLmenL of admlnlsLraLors only or
alLernaLe dlrecLors
1erms of reference 1he powers of admlnlsLraLors are as follows
Clve exacL compllance wlLh Lhe agreemenLs of Lhe assemblles of
shareholders Lhe concepL LhaL Lhey are noL obllged Lo comply wlLh Lhe lllegal
resoluLlons
Call Lo Assembly of shareholders
repare and auLhorlze Lhe acLs of Assembly and Councll Lo seLLle ln Lhe
respecLlve books wlLh hls slgnaLure
Make Lhe respecLlve noLes ln Lhe book of reglsLraLlon of shares and provlde
parLners and LhlrdparLy lnspecLlon of Lhe same
Subscrlbe Lo Lhe LlLles of acLlons and where approprlaLe lnLerlm
cerLlflcaLes
Apply for Lhe ueclaraLlon of bankrupLcy or where approprlaLe Lhe
suspenslon of paymenLs
LxecuLe Lhe resoluLlons of Lhe Assembly when lL has been no deslgnaLed
speclal delegaLes
AppolnL one or more speclal or general managers
1he powers of admlnlsLraLors are noL absoluLe as Lhe power Lo perform all
operaLlons lnherenL ln Lhe corporaLe ob[ecL found lLs llmlL ln legal and
sLaLuLory provlslons
AdmlnlsLraLors are noL empowered Lo hear and resolve lssues LhaL Lhe
Ceneral aw of mercanLlle socleLles enLrusLs Lhe Ceneral ordlnary or
exLraordlnary and speclal assemblles of shareholders
AdmlnlsLraLors have a general duLy of good governance LhaL ls LhaL you are
responslble for wlLh regard Lo Lhe managemenL of soclal buslness and Lhe
represenLaLlon of socleLy
CCMMISSICNkS

1he low parLlclpaLlon of Lhe parLners ln Lhe admlnlsLraLlon of soclal buslness
and Lhelr lgnorance ln Lhe complex arL of Lrade and Lhe no less compllcaLed
lnLerpreLaLlon of flnanclal sLaLemenLs have prompLed Lhe need Lo esLabllsh a
body responslble for monlLorlng Lhe managemenL of soclal buslness
enLrusLed Lo admlnlsLraLors whlch are sLem name Commlssloner
ArLlcle 164 of Lhe Ceneral aw of mercanLlle socleLles noLed LhaL monlLorlng
of Lhe [olnL sLock company wlll be headed by one or more Commlssloners
Lemporary and revocable who may be parLners or sLrangers Lo socleLy
MonlLorlng funcLlon 1he Commlssloners only exerclse Lhe monlLorlng
funcLlon slnce LhaL lndlrecLly lL lmposes Lhe ban on lnmlxLln ln Lhe
managemenL of soclal buslness and ln no case have Lhe rlghL Lo veLo acLs of
Lhe Councll
1he role of monlLorlng noL only speclflc Lo Lhe revlew of Lhe flnanclal
sLaLemenLs and books of Lhe socleLy buL LhaL lncludes Lhe unllmlLed monlLor
soclal operaLlons LhaL ls Lhe admlnlsLraLors requlre lnformaLlon concernlng
flnanclal economlc legal eLc of operaLlons approved by Lhem (arL 166
frac) (lx CSM)

arLners or sLrange people 1he facL LhaL Lhe Commlssloners may be
sLrangers no sLems from Lhe naLure of socleLy of caplLal of Lhe CorporaLlon
buL Lhe need Lo enLrusL lL Lo someone versed ln Lhe arL Lrade and Lhe
lnLerpreLaLlon and analysls of flnanclal sLaLemenLs Lhe care of Lhe operaLlons
of Lhe socleLy especlally when Lhe shareholders are noL experLs ln such
necesslLles
SLay of Lhe order 1he posL of Commlssloner ls permanenLly exerclsed
because by legal provlslon Lhey can monlLor unllmlLed and aL any Llme Lhe
operaLlons of socleLy (arL 166 CSM)
1he rlghL LhaL Lhe Ceneral aw of mercanLlle socleLles glves Lhe
Commlssloners Lo monlLor permanenLly Lhe managemenL of soclal buslness
ls correlaLlve obllgaLlon LhaL admlnlsLraLors lnform on Lhem
1emporary naLure of Lhe [ob 1he Ceneral aw of mercanLlle socleLles ls
remlss wlLh regard Lo Lhe duraLlon of Lhe [ob of Commlssloner ConsequenLly
lL ls lawful Lo sLlpulaLe ln Lhe soclal conLracL LhaL Lhe posL wlll play for a
speclfled or unspeclfled Llme and where approprlaLe Lhe Commlssloners
may be reappolnLed
1hey Commlssloners have been appolnLed for a speclfled perlod Lhey wlll be
forced Lo conLlnue ln Lhe course of Lhelr duLles whlle noL made new
appolnLmenLs and Lhose named do noL Lake possesslon of Lhelr charges (arLs
134 and 171 CSM)
8evocavllldad Lhe appolnLmenL 1he appolnLmenL of Lhe Commlssloners
such as Lhe admlnlsLraLors ls freely revocable wlLh cause or wlLhouL cause
1he only Lwo cases of revocaLlon for cause expressly esLabllshed by Lhe
Ceneral aw of mercanLlle socleLles are Lhose relaLed Lo Lhe removal of Lhe
Commlssloners for fallure Lo reporL Lo Lhe Assembly Lhe lrregularlLles LhaL
have lncurred Lhose who preceded Lhem (arL 160 CSM) And for noL
prompLly presenL Lhe annual reporL Lo Lhe annual Assembly

lndependence of Lhe Cfflce Commlssloners preclsely for belng bodles of
socleLy have Lhe poderaLrlbucln of Lhe lnLeresLs of socleLy and of Lhe
parLners Lo Lhe organs of admlnlsLraLlon
lndlvldual body AlLhough Commlssloners are Lwo or more Lhe exerclse of
Lhe Commlsslon ls lndlvldual because flrsLly Lhe Ceneral aw of mercanLlle
socleLles expllclLly sLaLes LhaL Lhey are lndlvldually responslble Lo socleLy (arL
169 CSM) and secondly lL does noL esLabllsh LhaL Lhey should acL as a
Councll or CommlLLee of vlgllance LhaL ls LhaL lL musL perform lLs funcLlons
as a colleglaLe body ln whlch Lhe resoluLlons are Laken by ma[orlLy voLe