English translation: New Enterprise Limited Company
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Spanish to English translations [PRO] Bus/Financial - Business/Commerce (general) / corporate
Spanish term or phrase:Sociedad Nueva Empresa
It is a type of limited company. I know it means "New Company", but it seems to be a regulated figure and I was wondering whether there is any counterpart in English.
This is from the Madrid Ventanilla Unica site.
Sociedad Limitada Nueva Empresa
Concepto.- Esta nueva forma societaria fue introducida por la Ley 7/2003, de 1 de abril, como expresión simplificada de la S.L., y con ella se ha pretendido crear un nuevo régimen societario más sencillo que el actual, así como reducir al máximo el tiempo necesario para la constitución de sociedades.
La Sociedad Limitada Nueva Empresa (SLNE) se regula como una especialidad de la Sociedad de Responsabilidad Limitada, en la que el capital social está dividido en participaciones indivisibles y acumulables. Tiene personalidad jurídica propia y carácter mercantil, cualquiera que sea la naturaleza de su objeto.
Explanation: in this case, being new, it's an enterprise - and that gives the official translation - see below
it is based on an new form of company, the New Enterprise Limited Company (SLNE), whose characteristics make it very similar to the already existing Limited Company (SL), although with some advantages over this
new simplified-form of (Spanish) limited liability company ("SLNE")
Explanation: A "Sociedad Limitada Nueva Empresa" (SLNE) is a relatively new business form in Spain which is easy to set up, is limited to 5 members ("socios") who must be individuals ("personas físicas"), has a simplified governing structure ("junta general" and "órgano de administración unipersonal" (or) "pluripersonal" and an open-ended corporate purpose ("objeto social genérico"), etc.
I personally think that the literal rendering that has been used in other English sources (New Enterprise Limited Company) does not reflect what the SLNE actually is: a (relatively) new (2003) limited liability company with simplified formation procedures and simplified structure (vs. the LLCs provided for in the Ley de Sociedades de Responsabilidad Limitada (2/1995). For that reason I suggest translating it as "new (Spanish) Limited Liability Company (SLNE) with simplified set-up procedures" or some less-wordy descriptive expression that would distinguish it from the "standard" limited liability company.