Personalidad Jurídica Independiente de la Sociedad por Acciones Simplificada y Responsabilidad Limitada de sus accionistas

Abstract

The Ecuadorian Entrepreneurship and Innovation Act became into force on February 28th, 2020. Among other aspects, the mentioned Act recognises an innovative business structure in Ecuador: the Simplified Share Companies. This modern business structure (which, incidentally, is the Ecuadorian equivalent to the British private companies, the French “Société par actions simplifiée” or the American Limited Liability Companies) is characterised by the abolition of obsolete requirements for its incorporation and legal extinction. Besides, the Entrepreneurship and Innovation Act has established a combination of contractual flexibility and simplified corporate rules to determine the internal structure of the company, for the benefit of its shareholders. For these reasons, the Simplified Share Companies, considered by Aurelio Gurrea-Martínez authors as a paradigm of legal innovation, will undoubtedly revolutionise the Ecuadorian corporate legal framework. That said, the Ecuadorian Simplified Share Companies have all the essential elements of the business corporations: Legal personality and limited liability. This essay will discuss those features.