Incorporation of an SLU with a single share with a nominal value of one euro
It is possible to incorporate a sole shareholder limited liability company in which the share capital is one euro represented by a single share of
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In a recent judgement, the Madrid Provincial Court (SAP of Madrid, 28th Section, Judgement 108/2024, of 5 April), ruled on the equivalence between this system (bureaufax) and registered mail with acknowledgement of receipt, as provided for in the bylaws of the company in question.
In the case in dispute, a shareholder challenged the resolutions of a general meeting of a limited liability company on the grounds that the notice of meeting had been sent by burofax instead of registered mail, a method expressly provided for in the bylaws. The plaintiff argued that this procedural irregularity should cause the nullity of the resolutions adopted at the meeting.
Although the burofax was not expressly contemplated in the bylaws, all the requirements of personal communication and proof of receipt were met, thus guaranteeing the traceability of the process and the certainty of the notification. The Provincial Court emphasised that the objective of the bylaws is to ensure that the notification actually reaches the shareholder, and that this can be accredited, which was fulfilled in this case.
In regulatory terms, the Capital Companies Act (article 173.2 LSC) establishes that the meeting must be convened by means of a written and personal communication procedure and allows the bylaws to provide for other methods as long as the receipt by the shareholder is ensured. In this regard, the Provincial Court concluded that the use of the burofax complies with the regulations, as it offers guarantees similar to those of registered mail.
It is possible to incorporate a sole shareholder limited liability company in which the share capital is one euro represented by a single share of
According to the Directorate General for Legal Certainty and Public Faith (DGSJFP), it is not necessary to provide an explicit certification or declaration on the
For the reopening of the registration sheet of a company for failure to file annual accounts, it is sufficient to file the accounts corresponding to