LTD or LLC – (Limited Liability Company)
A Limited liability company is an entity that has been mostly abandoned when Private Capital companies were established.
This type of company works as a partnership with limited liability for the owners. Although it has less bureaucracy than an anonymous company, it does not have the option to become listed, as well as some other options. Partners are liable up to the amount of their capital contribution, and it is necessary that all the partners be insured for social security, whether they are managing directors or not. Similar types of companies are French Sarl and German GmbH
This type of company is seldom used anymore because Private Capital companies are easier and more efficient to set up. These companies cost less to establish and are convenient for small or medium-sized operations or when anonymous companies are not necessary.
The establishment of an LTD company is carried out by a Notary Public who is acting as a One-Stop Authority. The Notary Public will finalize the tax registration of the company and will also publish the articles of association to the commercial registry.
Limited liability companies can be established by one or more partners and there are no minimum capital requirements. The capital must be deposited to the bank account of the company after establishment.
An LTD company is represented by one or more administrators, but it is not necessary that these administrators be partners of the company. The general assembly can also elect an employee to be an administrator.
