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participaciones sociales (not corporate shares)

English translation: owner interests; member interests; equity holdings

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:participaciones sociales (not corporate shares)
English translation:owner interests; member interests; equity holdings
Entered by: peterinmadrid
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18:12 Feb 22, 2009
Spanish to English translations [PRO]
Law/Patents - Law (general) / Deed
Spanish term or phrase: participaciones sociales (not corporate shares)
El capital social es de xx, dividido en xx PARTICIPACIONES, ... no podrán estar representadas por medio de títulos o anotaciones en cuenta, ni denominarse acciones.
............
la creación de xx nuevas participaciones sociales con los números 1 a xx, de xx de valor nominal cada una, con iguales derechos y obligaciones que las actualmente en circulación
peterinmadrid
Portugal
Local time: 05:08
owner interests; member interests; equity holdings
Explanation:
These are other appropriate renderings, along with Christopher's "equity interests" and Mónica's "participation units." "Participation units" has always sounded strange to me personally, but it is the translation used by a major Madrid lawfirm and it appears in many print sources. I've also seen "S.L. shares" (in contrast to "S.A. shares), but using this may depend on whether your client is reluctant to use the word "share" (or "stock") in reference to an S.L.

--------------------------------------------------
Note added at 3 hrs (2009-02-22 21:41:00 GMT)
--------------------------------------------------

To address Henry's suggestion that the "participaciones" be called "partnership shares":

This is a "Spain specific" question that refers to a "sociedad (de responsabilidad) limitada (or "S.L.") rather than to a partnership. How do we know this?

A. There is always a statement in the bylaws and other corporate documents of an S.L. indicating that the share capital/capital stock ("capital social") cannot be called shares. Peter quotes the text above as indicating that the "participaciones" "... no podrán estar representadas por medio de títulos o anotaciones en cuenta, ni denominarse acciones." This is a dead ringer, since the corporate documents (usually the "escritura de constitución" and/or the "estatutos"--bylaws) for S.L.s all contain this same statement, which is taken directly from Article 5 of the "Ley de Sociedades de Responsabilidad Limitada":

Artículo 5. Participaciones sociales.

1. El capital social estará dividido en participaciones indivisibles y acumulables. Las participaciones atribuirán a los socios los mismos derechos, con las excepciones expresamente establecidas en la presente Ley.

2. Las participaciones sociales no tendrán el carácter de valores, no podrán estar representadas por medio de títulos o de anotaciones en cuenta, ni denominarse acciones.

B. In Spain, rather than "capital social", the assets of a partnership are called "aportaciones sociales." There are three types of partnerships in Spain:

--sociedad colectiva (simple) (also called "sociedad regular colectiva) = General Partnership
--sociedad en comandita (also called "sociedad comanditaria" = Limited Partnership
--sociedad en comandita por acciones = partnership limited by shares

In Spain partnership assets are not divided into xx number of "participaciones" of equal par value with equal rights and obligations, but rather partners may make different contributions ("aportaciones") according to what is stipulated and agreed in the partnership agreement/articles of partnership ("contrato social").



--------------------------------------------------
Note added at 3 hrs (2009-02-22 21:45:23 GMT)
--------------------------------------------------

For info: here's the text of the S.L. law:

http://noticias.juridicas.com/base_datos/Privado/l2-1995.htm...


--------------------------------------------------
Note added at 3 hrs (2009-02-22 21:53:43 GMT)
--------------------------------------------------

Here is a definition of "participaciones sociales" in which it is clear that the expression refers to ownership interests in a limited liability company ("sociedad de responsabilidad limitada") rather than in a partnership:

PARTICIPACIONES SOCIALES--Son las partes en que se divide el capital de las sociedades de responsabilidad limitada. Los socios, titulares de las participaciones, se denominan también partícipes. Al constituirse la sociedad, o al ampliarse su capital, la suscripción y desembolso de las participaciones sociales ha de ser total. De esta forma, el capital escriturado, o capital que consta en la escritura pública correspondiente, es igual que el capital desembolsado. Las participaciones no son negociables. Su transmisión entre vivos está limitada por un derecho de tanteo a favor de los socios, en primer lugar, y por un derecho de adquisición preferente de la sociedad, en segundo término. Las reglas previstas legalmente para regular la transmisibilidad de las participaciones de una limitada, que siempre se formalizará en escritura pública, aparecen con frecuencia en los estatutos de las sociedades anónimas que desean limitar la transmisión de sus acciones.
--Ley de Sociedades de Responsabilidad Limitada, artículos 20 a 25.

Source: Diccionario de Derecho, Barcelona: Editorial Bosch, 1995
Selected response from:

Rebecca Jowers
Spain
Local time: 05:08
Grading comment
Thanks a lot, Rebecca. A great explanation!
4 KudoZ points were awarded for this answer

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Summary of answers provided
5 +2owner interests; member interests; equity holdingsRebecca Jowers
5partnership shares
Henry Hinds
4 +1equity interests
Chris Lancaster
5membership units
Jessica Noyes
5shares
John Rynne
4quotaspatinba
4shares from a limited liability company
Michael Powers (PhD)
3"participation units"
Mónica Algazi
Summary of reference entries provided
we've been here before
John Rynne

Discussion entries: 2





  

Answers


3 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
equity interests


Explanation:
If you check out this term I think you'll find it correct

Chris Lancaster
Spain
Local time: 05:08
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 82

Peer comments on this answer (and responses from the answerer)
agree  LexisPlus: As a corporate lawyer, this would certainly be my choice.
22 hrs
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6 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
"participation units"


Explanation:
as they cannot be called "shares"

Mónica Algazi
Uruguay
Local time: 00:08
Specializes in field
Native speaker of: Native in SpanishSpanish
PRO pts in category: 139
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7 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
shares from a limited liability company


Explanation:
Mike :)

Michael Powers (PhD)
United States
Local time: 23:08
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 2034
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59 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
quotas


Explanation:
Nanogen - Pledge As Collateral On Quota of A Limited Liability Company - [ Traducir esta página ]Nanogen - Pledge As Collateral On Quota of A Limited Liability Company - for Business Professionals, Lawyers and Consultants.
techagreements.com/agreement-preview.aspx?...%20Pledge%20As%20Collateral%20O... - 50k - En caché - Páginas similares
Wong Wai Pan - Registered AuditorFormato de archivo: Desconocido - Versión en HTML
However, another type of limited liability company by quotas is also available, Limited Liability Company by a Sole Owner . Any natural person can set up ...
www.cpamacau.com/macau/4-1-2establishbusinesstypeen.php - Páginas similares

patinba
Argentina
Local time: 00:08
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 987
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2 hrs   confidence: Answerer confidence 5/5
partnership shares


Explanation:
no podrán... ni denominarse acciones = they may not... be called stock

Yes, they may be called "partnership shares", but not STOCK.

So that's how it may be solved.

Henry Hinds
United States
Local time: 21:08
Specializes in field
Native speaker of: Native in EnglishEnglish, Native in SpanishSpanish
PRO pts in category: 5063

Peer comments on this answer (and responses from the answerer)
neutral  Rebecca Jowers: Yes, but in this context I don't believe "partnership shares" will work, because the entity in question is not a partnership, but rather a limited liability company//I'll post a comment.
19 mins
  -> The use of "participaciones sociales" here would indicate a partnership; I see no context indicating anything else.

neutral  John Rynne: Henry- a Sociedad de Responsabilidad Limitada in Spain is definitely not a partnership (that would be "sociedad comanditaria" or "sociedad en comandita", which also exists here, though it is less common)
1 day1 hr
  -> I'll leave it up to you guys... initially no CONTEXT was provided as to origin or destination.
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2 hrs   confidence: Answerer confidence 5/5
membership units


Explanation:
This is the term used in the US, anyway.

--------------------------------------------------
Note added at 3 hrs (2009-02-22 21:15:07 GMT)
--------------------------------------------------

http://wiki.answers.com/Q/Does_an_LLC_sell_shares_or_members...
Does an LLC sell shares or membership units? It sells membership units.

http://www.nolo.com/product.cfm/objectID/15B382A6-2013-4BD0-...

Owners of an LLC invest money or property in the LLC in return for a capital interest in the form of an undivided percentage of the assets of the company. A member's capital interest is often represented by a certain amount of "membership units," much like shares in a corporation. For instance, a member who owns one half of an LLC may own 500,000 out of a total one million membership units. In other instances, an LLC won't break down a capital interest into membership units, but will just say a one-half owner has a 50% capital interest.



    Reference: http://www.ethanolproducer.com/article.jsp?article_id=3618
Jessica Noyes
United States
Local time: 23:08
Specializes in field
Native speaker of: English
PRO pts in category: 56
Login to enter a peer comment (or grade)

1 hr   confidence: Answerer confidence 5/5 peer agreement (net): +2
owner interests; member interests; equity holdings


Explanation:
These are other appropriate renderings, along with Christopher's "equity interests" and Mónica's "participation units." "Participation units" has always sounded strange to me personally, but it is the translation used by a major Madrid lawfirm and it appears in many print sources. I've also seen "S.L. shares" (in contrast to "S.A. shares), but using this may depend on whether your client is reluctant to use the word "share" (or "stock") in reference to an S.L.

--------------------------------------------------
Note added at 3 hrs (2009-02-22 21:41:00 GMT)
--------------------------------------------------

To address Henry's suggestion that the "participaciones" be called "partnership shares":

This is a "Spain specific" question that refers to a "sociedad (de responsabilidad) limitada (or "S.L.") rather than to a partnership. How do we know this?

A. There is always a statement in the bylaws and other corporate documents of an S.L. indicating that the share capital/capital stock ("capital social") cannot be called shares. Peter quotes the text above as indicating that the "participaciones" "... no podrán estar representadas por medio de títulos o anotaciones en cuenta, ni denominarse acciones." This is a dead ringer, since the corporate documents (usually the "escritura de constitución" and/or the "estatutos"--bylaws) for S.L.s all contain this same statement, which is taken directly from Article 5 of the "Ley de Sociedades de Responsabilidad Limitada":

Artículo 5. Participaciones sociales.

1. El capital social estará dividido en participaciones indivisibles y acumulables. Las participaciones atribuirán a los socios los mismos derechos, con las excepciones expresamente establecidas en la presente Ley.

2. Las participaciones sociales no tendrán el carácter de valores, no podrán estar representadas por medio de títulos o de anotaciones en cuenta, ni denominarse acciones.

B. In Spain, rather than "capital social", the assets of a partnership are called "aportaciones sociales." There are three types of partnerships in Spain:

--sociedad colectiva (simple) (also called "sociedad regular colectiva) = General Partnership
--sociedad en comandita (also called "sociedad comanditaria" = Limited Partnership
--sociedad en comandita por acciones = partnership limited by shares

In Spain partnership assets are not divided into xx number of "participaciones" of equal par value with equal rights and obligations, but rather partners may make different contributions ("aportaciones") according to what is stipulated and agreed in the partnership agreement/articles of partnership ("contrato social").



--------------------------------------------------
Note added at 3 hrs (2009-02-22 21:45:23 GMT)
--------------------------------------------------

For info: here's the text of the S.L. law:

http://noticias.juridicas.com/base_datos/Privado/l2-1995.htm...


--------------------------------------------------
Note added at 3 hrs (2009-02-22 21:53:43 GMT)
--------------------------------------------------

Here is a definition of "participaciones sociales" in which it is clear that the expression refers to ownership interests in a limited liability company ("sociedad de responsabilidad limitada") rather than in a partnership:

PARTICIPACIONES SOCIALES--Son las partes en que se divide el capital de las sociedades de responsabilidad limitada. Los socios, titulares de las participaciones, se denominan también partícipes. Al constituirse la sociedad, o al ampliarse su capital, la suscripción y desembolso de las participaciones sociales ha de ser total. De esta forma, el capital escriturado, o capital que consta en la escritura pública correspondiente, es igual que el capital desembolsado. Las participaciones no son negociables. Su transmisión entre vivos está limitada por un derecho de tanteo a favor de los socios, en primer lugar, y por un derecho de adquisición preferente de la sociedad, en segundo término. Las reglas previstas legalmente para regular la transmisibilidad de las participaciones de una limitada, que siempre se formalizará en escritura pública, aparecen con frecuencia en los estatutos de las sociedades anónimas que desean limitar la transmisión de sus acciones.
--Ley de Sociedades de Responsabilidad Limitada, artículos 20 a 25.

Source: Diccionario de Derecho, Barcelona: Editorial Bosch, 1995


Rebecca Jowers
Spain
Local time: 05:08
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 2050
Grading comment
Thanks a lot, Rebecca. A great explanation!

Peer comments on this answer (and responses from the answerer)
agree  Maria Kisic: Very well documented
4 hrs
  -> Thanks Maria

agree  MikeGarcia: Abrumador y correcto, como de costumbre. Buenos días y buena semana, Rebecca.
12 hrs
  -> Thanks, Miguel, and good morning to you!

disagree  John Rynne: The main problem is when you have to say "John tiene 100 participaciones" = "John has 100 equity interests" - :-(
14 hrs
  -> Yes, and do you say "John has 100 participations", as you indicated above? I think all of the suggestions would probably sound strange to Anglo-lawyer ears, but sometimes Spanish clients insist on making the distinction. What's a girl to do?

agree  MelanyDP: Thanks for this! I normally use the term "equity holdings" for "participaciones" and let the client know that this is to distinguish between an S.A. and an S.L.
3051 days
  -> Thanks, Melany
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15 hrs   confidence: Answerer confidence 5/5
shares


Explanation:
They are clearly shares. The problem is created by Spain's Ley de Sociedades de Responsabilidad Limitada, which has this prohibition about calling them "acciones". Fair enough, but the law is in Spanish and the prohibition applies in the Spanish language.
Therefore, I would do this:
shares ..... which may not be represented by certificates or book entries and may not be called "acciones".
That is the one and only time that the issue comes up. You can happily use "shares" as a translation of "participaciones" throughout the document.

John Rynne
Local time: 05:08
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 288
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Reference comments


4 hrs
Reference: we've been here before

Reference information:
This is an old question that keeps coming up. There is no satisfactory answer. See the URL for a pretty good answer by Rebecca Jowers.
(I prefer "participations" myself, since you can't use the word "share". I think that very prohibition entitles you to adopt what would otherwise be an awkward translation, since you are trying to render what, in English, is a spurious distinction).


    Reference: http://www.proz.com/kudoz/spanish_to_english/business_commer...
John Rynne
Spain
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 288
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