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What is the objective of the General Law of Commercial Companies?

You need to know about the general law of commercial companies If you have formed a company, since when you start it everything will adjust to this law that has a very clear objective, do you want to know it? and what is this law about that affects your society? Then keep reading because it will be convenient for you to know all its details to stay within its regulations.

What does the general law of mercantile companies recognize?

  1. Although the general law of commercial companies does not specifically define the commercial company as the regulatory law of companies in Mexico, it recognizes:
  2. The partnership in collective name, the limited liability company, the simple limited partnership, the cooperative partnership and the limited partnership by shares.
  3. Given that the law does not define the mercantile society, for which the definition and doctrine of the federal civil code is used, which in its numeral 2688 indicates that when a partnership contract is signed, the partners are obliged to a mutual combination of efforts and resources to carry out a common goal.
  4. The companies have an economic character which does not mean that it is a commercial speculation.
  5. It is understood that the legal definition of a civil company is equivalent to the commercial company under the concept of speculation in order to obtain a profit, profit or gain from carrying out an activity.

What is the General Law of Companies?

The general law of commercial companies governs the six types of mercantile companies existing in Mexico.

  1. It is a special law that deals with legislating the requirements for assemblies to function, registration in the corresponding registration of companies, establishes the requirements for the formation of companies and also deals with legislating the types of companies, the inventory of the company, causes of dissolution, how dividends are distributed and the final liquidation of the company.
  2. It legislates commercial companies, therefore it does not govern non-profit associations because they are cooperatives or civil associations as they are not commercial commercial companies.

What are the companies recognized by the General Law of Commercial Companies?

  1. In this way, only the simplified joint stock company, the cooperative company, the limited partnership by shares, the public limited company, the limited liability company, the simple limited partnership and the partnership in name are recognized by the general law of commercial companies. collective.
  2. On July 25, 2018, modifications came into force that improve the dissolution process of a company without affecting its legal obligations and with better regulation.
  3. It is a reform that raises the simplified liquidation and dissolution of the company without the interaction of a public federation or a judicial authority, since it presumes that the company respects its labor and tax obligations and there are no differences between shareholders or partners.

Companies subject to the simplified procedure according to the general law of mercantile companies

  1. They are companies with individual shareholders.
  2. It must not have participated in illegal acts or its liquidation does not derive from an illegal principle.
  3. The electronic publication system of mercantile companies must include the liquidation of the company detailing the current shareholding structure.
  4. It must not be operating or have issued electronic invoices in the last two years.
  5. Those who have complied with their social security, labor and tax obligations.
  6. They must not have pecuniary obligations towards third parties.
  7. They must not be in commercial bankruptcy.
  8. The legal representatives of the company must not have criminal cases.
  9. Companies should not belong to the financial system.

What are the types of mercantile companies in Mexico?

  1. In principle, you must bear in mind that the commercial company is formed from the conclusion of a contract made by two or more people who agree to place resources in common with the aim of distributing the benefits accrued among themselves.
  2. The company is the legal entity that is constituted for the generation of economic benefits, that is to say that it has a profit purpose, because otherwise it would not be a commercial company.
  3. In the same way that the profits are distributed, those who make up the company pay for the losses.
  4. The business is started from a contribution by the partners, whether with personal property, work or money.

In Mexico there are six types of mercantile companies:

  1. Society in collective name: the responsibility of the partners is limited, subsidiary and joint and several and is made up of a minimum of two people.
  2. The limited liability company, an LLC, in which all the debts contracted do not correspond to answer them with the personal assets of the partners.
  3. The limited partnership by shares: Requires a capital stock that cannot be less than 50,000 pesos. It is a type of partnership that is made up of limited partners who have limited liability.
  4. The simple limited partnership: It is made up of legal and physical persons, one or more who create a legal entity with the aim of generating profits.
  5. The cooperative society is the SC, which is always made up of at least 5 people with a functional capital that is variable and that capital is represented by certificates of contribution of nominative content.
  6. The corporation, the SA that is constituted with a capital stock represented by shares or titles.

In addition to the 6 types of companies that exist in Mexico, the general law of mercantile companies created the EUR, Empresa Unipersonal de Responsabilidad Limitada, and the EAU, the unipersonal joint-stock company.

The purpose of the creation of these last two types of companies is that a shareholder or a single partner can be constituted personally.

It marks a limit to the liability of the estate and they are the ideal types for people who want to start a business without their estate being liable for possible debts.