On 9 June, 2010, President Fernández enacted Law # 73-10 which extends until December 11, 2010 the deadline for existing corporations to comply with new company law #479-08.
Law #479-08 of December 11, 2008 created two new company structures: limited liability companies (“Sociedad de Responsabilidad Limitada” or “S.R.L”) and sole proprietorships (“Empresa Individual de Responsabilidad Limitada or “E.I.R.L.”). It also amended the structure of standard corporations ("Sociedad Anónima” or “S.A.") making them suitable only for medium or large businesses.
All companies incorporated under the old law (99% S.A.’s) must adjust to the new statute, either by converting into a new company type or by amending its by laws to comply with the new regulations for the S.A.’s. |