Labor-Related Companies are companies in which the majority of the capital is owned by their workers.
They are those Public Limited Companies or Limited Liability Companies, in which more than 50% of the share capital is owned by the workers who provide services in them paid services, personally and directly, by virtue of an employment relationship for an indefinite period of time.
Work-based companies may have a minimum of two partners.
They must meet the following requirements:< br>
-No partner will be the owner of shares or social participations that represent more than a third of the share capital; except for Labor Companies with 2 members, in which the share capital will be distributed 50%.
-That the number of hours-year worked by workers hired for an indefinite period of time who are not members, does not exceeds 49% of the global calculation of hours-year worked in the Labor Company by all the working partners.
The labor companies are regulated in Law 44/2015, of October 14, on Companies Labor and Participated Companies and in matters not provided for in it, Law 1/2010 on Capital Companies and the rest of the legislation corresponding to mercantile and capital companies will be applied.
The preamble of Law 44/ 2015 points out that the identification and bonding of workers increases when they can participate financially in the company. This rule, which modernizes and improves Law 4/1997, of March 24, on Labor Companies, reinforces the nature, function and characterization of the labor company as an entity of the social economy and highlights its specific features.
The Law consists of 20 articles, six additional provisions, two transitory provisions, one repealing provision and six final provisions. It is structured in three chapters:
- Chapter I, corporate regime, consists of 16 articles and regulates the legal concept of a Labor Company, administrative competence, the Administrative Registry of Labor Companies and its coordination with the Mercantile Registry, the capital and specific questions of the Labor Companies related to reserves and the acquisition and transfer of shares and participations; It also regulates the loss of qualification as a "Sociedad Laboral" and the separation and exclusion of partners.
- Chapter II, which consists of a single article, deals with tax benefits.
- Chapter III, Companies owned by workers, consists of 3 articles. This chapter regulates, for the first time in Spain, the concept of investee company and establishes the principles to which it is subject.
The additional provisions establish the collaboration and harmonization between the Registry State administrative, regional and commercial, as well as measures to promote the establishment of labor companies and job creation.
The transitory provisions establish guidelines for the regulatory adaptation of Labor Companies.
The repealing provision expressly repeals Law 4/1997, of March 24, on Labor Companies and the forty-seventh additional provision of Law 27/2011 on updating, adaptation and modernization of the Social Security system.
< br>The final provisions modify the General Law of Social Security, regulating the contribution regime in which the worker members of the labor and participated companies will be integrated. They also define the competence title and the supplementary right, the regulation of the Administrative Registry of Labor Companies, enable the regulatory development necessary for the development of the Law and establish the entry into force of Law 44/2015.
