SANTO DOMINGO.- The Chamber of Deputies yesterday declare as urgent and passed the Law on Commercial Societies and Individual Companies of Limited liability, aimed at establishing more expeditious, clear and transparent mechanisms for the management, incorporation and administration of publicly-traded companies or limited ones with fewer partners.

The Deputies accepted the favorable opinions in the special commission’s report, and of experts.

The legislation stimulates the formalization of companies, as an ideal development instrument to face the global competition and allows -without resorting to the complexity of the publicly-traded or solely-owned companies- two or more people to form a limited liability company with a simple act under private signature, apart from being recognized and gives legal personality to solely-owned companies.

The report states that it will be inevitable that the law’s approval spurs a migration of solely-owned companies formed before the law, to new corporative applications.

This possibility will be provided without the need for a company to dissolve to adopt the new corporative regime, through the adherence to the procedure established in the legislation for the transformation of corporations.