There are different types of business entities in Spain that businessmen can choose from in order to open a company. One option is to set up a cooperative in Spain. Spanish cooperatives are independent associations of people who volunteer to group themselves together in order to achieve their mutual needs in terms of economics, social, culture, and aspirations. Cooperatives are identified with joint ownership and democracy with regard to the control of the business. This type of business structure is traditional, unique, and is largely known for cooperation among its members. In Spain, cooperatives are governed by the Law 4/1993 or the Law on Cooperatives of Basque County. Our law firm in Spain has assisted many clients in opening a cooperative.
Types of cooperatives in Spain
There are different types of Spanish cooperatives. Since cooperatives are for the mutual goals of its members, each type depends on the kind of members it accepts and its economic purpose. Determining the kind of cooperative to be established will also identify the activities it will engage into and whether it will also entertain non-members. Our lawyers in Spain have listed down the types of cooperatives:
- Social initiative.
Elements of cooperatives in Spain
Although there are different types of cooperatives in Spain
, all of them have three important elements. Each element must be present in order to validly establish a Spanish cooperative. Our Spanish lawyers
can inform you about these elements.
1. Voluntary and open membership - Anyone can create or join a cooperative. All that is required is consent that is freely given and that the aspiring member should have the same objective as the cooperative. Payment of contributions is also mandated.
2. Independence, autonomy and democracy - There is democracy in the governing structure of the cooperative. There is a general assemble and a board of administrators. All members can take part in the control of the cooperative and all decisions must be done by the cooperative for the its benefit.
3. Economy - The financial resources of the cooperative largely come from the contributions of its members. But recent laws have allowed cooperatives to draw their finances from other sources. Thus, cooperatives can now enter into other commercial activities, such as money lending and investing.
Acquire all the information you need on how to set up a cooperative in Spain
. Let our attorneys in Spain help