Panama with New LLC Regulation

Limited Liability Companies have a new, more flexible legal framework that is in line with international patterns.

Friday, March 13, 2009

Rubén Bustamante, a specialist in tax law, explained the new regulations to La Prensa of Panama, highlighting the differences with the previous version: "These companies can now use a different name than that of the partners, engage in civil and commercial activities, be formed by more than 20 partners and a minimum of two, and they may have both individuals and legal entities as members. The amount of social capital which was previously limited to $500 thousand has no limits now."

The law previously governing such a society, ‘Act 24 from 1966,’ was repealed by the new January 4, 2009 law."

More on this topic

Subordinated Debt Law in Costa Rica

December 2010

The Legislative Assembly of Costa Rica approved a new law which allows banks to issue bonds or subordinated bonds.

This type of security, with a higher risk than traditional debt issues, pays last in case the company goes bankrupt.

Private banks were already allowed to issue such bonds, the new law now authorizes the state to do so.

Nicaragua Approves Trust Law

November 2010

The new law will regulate Trusts, which did not exist before in Nicaragua.

According to Walmaro Gutierrez, head of the Parliament´s Economic Affairs Committee, the Trust will boost the construction sector and provide wealth management and an investment pipeline, among other things.

Franchises: To Regulate or Not to Regulate

March 2009

With the franchise model growing on the isthmus, how important is to have a clear regional legal framework?

There are entrepreneurs calling for the creation of laws to regulate and protect activities in this business model and for them to be uniform at a regional level. Government representatives affirm that a law is not necessary and that everything is in the signed contract. What is the golden middle?

Professional Nicaraguans against the Law of Professional Association

April 2008

Different fields of professionals have entered a Resource of Unconstitutionality against Law 588, the "General law of Professional Associations and Professional Practice." The law was approved by the National Assemblyand passed on Jan. 14.

The plaintiffs are asking the judges of the Supreme Court of Justice to declare the law unconstitutional.

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GLC Abogados Consortium LLC S.A.

GLC Abogados Consortium LLC S.A. is an experienced full service Costa Rican law firm which specializes in protecting the interests of individuals and companies that conduct business in Costa Rica. Our qualified team of Costa Rican attorneys at law has a clear understanding of the local legal and business environment complemented with a global vision.
Operates in Costa Rica and Panama
Phone: (506) 2524-3176

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