Partnerships

Pursuant to the Commercial Code, a Partnership (in Spanish: “Sociedades Colectivas o Sociedades en Nombre Colectivo”) must have the following organizational structure:

1. One or more Managers (in Spanish: “administradores”) only.

Limited Liability Companies

Pursuant to the Commercial Code a Limited Liability Company (in Spanish: “Sociedad de Responsabilidad Limitada”) must have the following organizational structure:

1. One or more Managers (in Spanish: “administradores”) only.

Joint Stock Companies

Pursuant to the Commercial Code, a Joint Stock Company (in Spanish: “Sociedades Anónimas”) must have the following organizational structures:.

1. A Board of Directors (in Spanish: “junta directiva”) or a Sole Administrator (in Spanish: “administrador único”) and/or one or more Managers (in Spanish: “administradores” or “gerentes”)

Please see, respectively, “Managers”, “Board of Directors/Sole Administrator” in the left side menu for a more in-depth description of each structure, including how to change the respective board members.