New law will mean company debt does not affect personal assets
Sunday, May 26, 2013 @ 7:28 PM
BUSINESS-OWNERS and self-employed persons may no longer have to risk their main homes to pay back debts relating to their commercial activity if a new law under discussion goes ahead.
The government wants to allow people to set up a limited company, or an S.L., in the true sense, meaning that their liability as a firm will not affect their personal assets up to a limit of 300,000 euros.
This will involve an initial capital investment of a lower amount than the present minimum of 3,000 euros, with a total of 20 per cent of the profits going into the required capital reserve fund.
Read more at thinkSPAIN.com