New resolutions for local businesses registered in Argentina
Updated: May 31, 2020
On February 26 of the year 2020, the Registry published resolution N° 3/2020, which entered into force on March 2 of the same year. The same resolution involves Corporations, Limited Liability Companies, and Simplified Corporations.
In general terms, the objective of this new Resolution is to seek greater transparency and protection of the interests of shareholders and/or quota holders, following the same steps of the Resolution N° 2/2020. It directly interferes with the content of the edicts and commercial notices of the constitution, the modification of the statute or social contract, the share capital variation and the dissolution of Corporations mentioned above. With a detailed and concrete identification of the shareholdings, ensures that the companies will avoid the commission of fraudulent maneuvers, for the detriment of third-party creditors.
Corporations and S.R.L
Regarding to what is required by Section 10 of the Companies Law, it must include the detailed and total amount of the quotas or shares with an indication of their characteristics that where initially subscribed at the time of the constitution, or by each of its shareholders and their issuance features, as a consequence of any variation of the capital. In the variations of the share capital, the individualization applies to the transfer of shares.
Based on Section 37 of the Entrepreneurial Capital Law (N° 27.349), it must include the type of share issued, method of issuance and further features, the regime provided for de share capital increase, subscription, the form of integration and amount.