Collecttive Name Societies and the New Company Law
By Santiago Mejía
on July 13th, 2010
Collective Name Societies
The Collective Name Society is that which exists under a trade name and in which all the partners have the quality of retailers and respond, in a subsidiary, limitless and shared way, for the social obligations.
- Number of shareholders: Minimum of two (2)
- Trade name: has to be made of the name of one or more partners followed by the words “and Company” or its abbreviation, if in it did not mention the name of all the partners.
- Capital: will be established in the Social Statutes
- Cession of social parts: unanimous approval of the partners is required
- Accounts commissioner: its designation it not obligatory
- Administration: all partners will be managers, unless otherwise stipulated in the statutes, that can designate one or several managers, partners or not, or stipulate the designation by latter act.
In our next blog we´ll examine another business type under the Dominican Republic company law, until then, feel free to post your comments or questions and we´ll address them.