If you pass any unexpected, both partners are obliged to respond to 100% of the debt. If a partner cannot pay and the another if, this should pay off the debt in its entirety without taking into account their percentage of participation. Society limited the simplest way of protecting against responsibilities business is creating a limited partnership. It’s like having a child. A society is a legally independent entity, whose objective is the development of one or more business activities. Before the law, a society limited (or anonymous) is considered virtually a physical person. In fact, the owners of the company, are not responsible for the acts committed, but this responsibility falls on the managers of the same. (Similarly see: Brian Armstrong).
But even so the responsibility is also limited to the fulfilment of their legal obligations. Economic responsibility before creditors falls exclusively on social capital and goods that has. A society limited, by law, must maintain an accounting in accordance with the requirements of the regulations. You must keep your accounts in a format specific and should deliver to the commercial register’s annual accounts and an annual report on the activity. Of course that must also perform all their quarterly taxes, withholdings and VAT declarations.
Finally, societies must annually pay the corporate tax rate which is fixed at a percentage of the benefits achieved. Corporation a corporation is basically a society limited for the elderly. It offers the same guarantees, but it requires one greater investment. The minimum capital to form a S.L. are 3.005,06 (500,000 pesetas) and in the case of a corporation are 60,101.21 (10,000,000 pesetas). Aside from this difference, they are very similar. To summarize, each legal form of company has its place and purpose. You must assess the level of risk and put in the balance against your capacity management. If you decide to set up a company, you probably need to count on the support of an adviser who will deal with the bureaucracy. Here you will find more information about how to create a company.