\'participaciones\' versus \'acciones\'

English translation: "shares" or "stock" vs. "equity interests" or a similar distinguishing term

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:\'participaciones\' versus \'acciones\'
English translation:"shares" or "stock" vs. "equity interests" or a similar distinguishing term
Entered by: Rebecca Jowers

08:22 Jul 20, 2018
Spanish to English translations [PRO]
Bus/Financial - Finance (general) / Building and construction
Spanish term or phrase: \'participaciones\' versus \'acciones\'
... participaciones sociales. Las participaciones son indivisibles y acumulables. No tendrán el carácter de valores negociables, no podrán estar representadas por medio de títulos o de anotaciones en cuenta ni denominarse acciones.

Okay, so what is the real difference (if any) between 'participación' and 'acción' and is there an assured way of translating 'participación' so as not to cause confusion?
Giles Bickford
United Kingdom
Local time: 19:04
"shares" or "stock" vs. "equity interests" or a similar distinguishing term
Explanation:
In Spain, "acciones" are shares/stock in corporations/public limited companies ("sociedades anónimas"), while "participaciones" are shares/stock in limited liability companies/private limited companies (sociedades de responsabilidad limitada). Since as you mention, by law Spanish limited liability companies members' interests cannot be called "shares/stock", their "participaciones" must be translated using another term. Some of the ones most often used are “equity interests,” “owner (or) member interests/holdings/quotas,” etc. And sometimes Spanish limited liability companies themselves refer to their “participaciones” literally “participations,” “participation units” or “equity participations.”

“Shares” and “stock” are synonyms for “acciones,” so I don’t think these terms convey the meaning of “participaciones.” There has been much discussion on Proz concerning this idiosyncrasy of Spanish corporate law, so you might want to take a look at previous KudoZ questions concerning “participaciones”.

But perhaps there is no single “right” answer here, other than choosing a term that underscores that “participaciones” are not “shares/stock,” a translation that should probably be reserved for the “acciones” of “sociedades anónimas” rather than the “participaciones” of “sociedades (de responsabilidad) limitada.”



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Note added at 57 mins (2018-07-20 09:20:05 GMT)
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For an additional comment, it is often assumed that “shares” and “shareholder” are the British English terms for "acciones" and "accionista," while the American English equivalents are “stock” and “stockholder.” But this is not actually the case. Although "stock" and "stockholder" are the terms used in the well-known Delaware General Corporation Law, “share” and “shareholder” are the terms used in the American Bar Association’s Model Business Corporation Act (MBCA) and its revised version (RMBCA) adopted in whole or in part in over half of the fifty US states.

But, to clarify:

"Both the terms stockholder and shareholder refer to the owner of shares in a company, which means that they are part-owners of a business. Thus, both terms mean the same thing, and you can use either one when referring to company ownership."
https://www.accountingtools.com/articles/what-is-the-differe...


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Note added at 2 hrs (2018-07-20 11:00:28 GMT)
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I see that Patricia has provided a link to one of several of my previous KudoZcontributions explaining the difference between "acciones" and "participaciones":

https://www.proz.com/kudoz/spanish_to_english/law_general/31...

Other possible translations are discussed there.
Selected response from:

Rebecca Jowers
Spain
Local time: 20:04
Grading comment
Selected automatically based on peer agreement.
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +2"shares" or "stock" vs. "equity interests" or a similar distinguishing term
Rebecca Jowers
5Equity capital versus shares
Maidul Islam
4participaciones = unlisted equity holdings
Peter Riccomini
4equity participation or equity interest versus shares
Patricia Tregoning


Discussion entries: 2





  

Answers


35 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
equity participation or equity interest versus shares


Explanation:
Please see as well excellent input and discussion of Proz members in link:
https://www.proz.com/kudoz/spanish_to_english/law_general/31...

In any event, here is an explanation (in Spanish) of the main differences between aciones and participaciones sociales, which may be useful:
Como diferencias fundamentales entre acciones y participaciones podemos señalar las siguientes:Las participaciones han de estar íntegramente suscritas y totalmente desembolsadas, mientras que las acciones admiten la posibilidad de suscripción con desembolso parcial, excepto las que correspondan a aportaciones no dinerarias.
Las acciones pueden incorporase a títulos o bien representarse mediante anotaciones en cuenta. Las participaciones, por el contrario, no admiten ningún tipo de representación, pues, ni pueden incorporarse a títulos negociables, ni denominarse acciones, ni representarse por medio de anotaciones en cuenta.


    https://www.proz.com/kudoz/spanish_to_english/law_general/3100574-participaciones_sociales_not_corporate_shares.html
Patricia Tregoning
United Kingdom
Local time: 19:04
Specializes in field
Native speaker of: Native in EnglishEnglish, Native in SpanishSpanish
PRO pts in category: 8
Login to enter a peer comment (or grade)

25 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +2
"shares" or "stock" vs. "equity interests" or a similar distinguishing term


Explanation:
In Spain, "acciones" are shares/stock in corporations/public limited companies ("sociedades anónimas"), while "participaciones" are shares/stock in limited liability companies/private limited companies (sociedades de responsabilidad limitada). Since as you mention, by law Spanish limited liability companies members' interests cannot be called "shares/stock", their "participaciones" must be translated using another term. Some of the ones most often used are “equity interests,” “owner (or) member interests/holdings/quotas,” etc. And sometimes Spanish limited liability companies themselves refer to their “participaciones” literally “participations,” “participation units” or “equity participations.”

“Shares” and “stock” are synonyms for “acciones,” so I don’t think these terms convey the meaning of “participaciones.” There has been much discussion on Proz concerning this idiosyncrasy of Spanish corporate law, so you might want to take a look at previous KudoZ questions concerning “participaciones”.

But perhaps there is no single “right” answer here, other than choosing a term that underscores that “participaciones” are not “shares/stock,” a translation that should probably be reserved for the “acciones” of “sociedades anónimas” rather than the “participaciones” of “sociedades (de responsabilidad) limitada.”



--------------------------------------------------
Note added at 57 mins (2018-07-20 09:20:05 GMT)
--------------------------------------------------

For an additional comment, it is often assumed that “shares” and “shareholder” are the British English terms for "acciones" and "accionista," while the American English equivalents are “stock” and “stockholder.” But this is not actually the case. Although "stock" and "stockholder" are the terms used in the well-known Delaware General Corporation Law, “share” and “shareholder” are the terms used in the American Bar Association’s Model Business Corporation Act (MBCA) and its revised version (RMBCA) adopted in whole or in part in over half of the fifty US states.

But, to clarify:

"Both the terms stockholder and shareholder refer to the owner of shares in a company, which means that they are part-owners of a business. Thus, both terms mean the same thing, and you can use either one when referring to company ownership."
https://www.accountingtools.com/articles/what-is-the-differe...


--------------------------------------------------
Note added at 2 hrs (2018-07-20 11:00:28 GMT)
--------------------------------------------------

I see that Patricia has provided a link to one of several of my previous KudoZcontributions explaining the difference between "acciones" and "participaciones":

https://www.proz.com/kudoz/spanish_to_english/law_general/31...

Other possible translations are discussed there.

Rebecca Jowers
Spain
Local time: 20:04
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 273
Grading comment
Selected automatically based on peer agreement.

Peer comments on this answer (and responses from the answerer)
agree  Richard Cadena: Hi Rebecca. I love your explanation. Saludos, Richard
9 hrs
  -> Thanks, Richard. Muy amable.

agree  neilmac: Things like this are why I no longer "do" financial translations if I can help it...
1 day 1 hr
  -> Thanks, neilmac
Login to enter a peer comment (or grade)

3 hrs   confidence: Answerer confidence 5/5
\\\'participaciones\\\' versus \\\'acciones\\\'
Equity capital versus shares


Explanation:
https://diferencias.eu/entre-acciones-y-participaciones/

Maidul Islam
Local time: 23:34
Specializes in field
Native speaker of: Native in BengaliBengali, Native in EnglishEnglish
PRO pts in category: 16

Peer comments on this answer (and responses from the answerer)
neutral  enrfer: Key is whether "acciones" are a kind of "participaciones"....in that case you are right!
2 hrs
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13 days   confidence: Answerer confidence 4/5Answerer confidence 4/5
participaciones = unlisted equity holdings


Explanation:
I think this captures the idea.

Peter Riccomini
Spain
Local time: 20:04
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 44
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