| Content | A new type of company was created to enable those who are not financially strong to establish a legal person. The protection of individuals who do not dispose of sufficient funds to start their own business is twofold: on the one hand, they enjoy the same protection as those who have founded a standard private limited liability company, where private assets are separated from business assets. On the other hand, one does not have to dispose of a large starting capital: the minimum starting capital needed is 1 euro only!
Of course, in order to protect the creditor, the legislator has imposed certain conditions :
- An S-PLLC can only be established by natural persons. Moreover, the liability of the founders is maintained up to three years after the company’s establishment.
- The maximum duration of an S-PLLC is five years. After five years, it has to be transformed into a standard PLLC, which implies that the minimum capital should amount to 18.550 euros.
- An S-PLLC is entitled to employ a very restricted number of employees.
- The financial plan has to be drawn up with the assistance of an auditor or an external accountant.
We now only have to await the R.D. that will fix the coming into force of the law.
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