definition of limited partnership

The Limited Company or also called Limited Liability Company (SRL) It is a commercial company, that is, its mission is to carry out one or more acts of commerce, or some type of activity subject to commercial law and that is 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 depending on the capital contribution that the partner has made and that is why in the event of contraction of debts, he will not be obliged to respond with the partner's personal assets.

This participation is not equivalent to action, as it is in the case of the 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 summons 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 due to any weighty matter.

On the other hand, the administration may fall into the hands of a single administrator, of two, 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 equity of the same, in case it is being liquidated, participation in the acquisition of participations to 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.