Law 44/2015, of October 14, on Labor and Participated Companies, effective as of next November 14, repeals the previous Law 4/1997, of March 24, on Labor Companies.
Concept of working society
A labor company must meet the following requirements:
- At least the majority of the share capital is owned by workers.
The working partners provide paid services in them personally and directly, by virtue of an employment relationship for an indefinite period. - None of the partners is the owner of shares or participations that represent more than one third of the share capital, unless:
- The labor company is initially established by two working partners with an indefinite contract, in which both the share capital and the voting rights are distributed to 50%, with the obligation that within a maximum period of 36 months they adjust to the indicated limit. .
- These are partners that are public entities, with majority public participation, non-profit entities or social economy entities, in which case the participation may exceed said limit, without reaching 50% of share capital.
- The number of hours-year worked by non-member workers hired for an indefinite period does not exceed 49% of the global calculation of hours-year worked in the labor partnership by all of the working partners, without including in this calculation the work performed by workers with disabilities of any kind in a degree equal to or greater than 33%.
In the case of exceeding the limits of the first two requirements, the company must accommodate them within a period of 18 months. If those of the third are exceeded, in 12 months, extendable. All of which must be communicated to the Registry of Labor Companies, within a period of one month from when it occurs.
Adaptation of societies to the new law
Labor companies must adapt their statutes to the provisions of the new law within a maximum period of two years from its entry into force. After this period, no document of the labor company will be registered in the Commercial Registry until the adaptation of the corporate bylaws has been registered.
For more information you can go to our offices, on Constitución street in Cieza, or contact us (Tf. 968 45 46 24)
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