New company type for social entrepreneurs with tax breaks

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1. The bill would create the sociedad de responsabilidad limitada de interés general, a company that must pursue activities such as reducing social needs, helping vulnerable groups or protecting the environment.
2. These companies could only distribute 30% of each year's profit as dividends, and would have to reinvest or set aside the remaining 70%.
3. To prevent misuse of this type, any bylaw change that removes its key features would require 80% of the votes of the share capital, and members could exit if the company loses that status.
4. The board of directors would have to include at least one independent director for every three members and prepare an annual report available to members and third parties.
5. Sociedades limitadas de interés general would pay tax at 18% on taxable income up to €200,000 and 22% on the rest.
6. Proximity investors would get a 30% deduction on amounts invested (capped at €200,000 per year, with the investment held for four years), plus €1,500 per year in tax-exempt dividends and interest, and full offset of losses.

Who it affects

• Social entrepreneurs who want to create companies with social goals: They could set up as a sociedad limitada de interés general with their own legal framework.
• Proximity investors (business angels): They would receive tax deductions and exemptions for investing in these companies.
• Members of these companies: Their dividends would be capped at 30% of profit, and they would have an exit right in certain cases.
• Third parties interested in these companies: They could consult the board's annual report.

Words worth knowing

Dividendo (dividend)

The share of a company's profit paid out to its members.

Base imponible (taxable base)

The amount on which the tax due is calculated.

Deducción fiscal (tax deduction)

An amount subtracted from the tax you owe, for example for investing in certain types of companies.

Préstamo participativo (participatory loan)

A loan whose repayment or interest partly depends on how the company performs.

Derecho de separación (exit right)

A member's right to leave the company and recover their investment in certain situations.

It summarizes the text as it was introduced. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries