The law defines worker-owned companies (sociedades laborales) as limited or limited liability companies where at least the majority of corporate capital is owned by workers that provide compensated services personally and directly at these companies by means of a permanent work relationship.
A worker-owned limited company’s main characteristics are:
5. In the event that the shareholder worker’s professional relationship is terminated, the worker must offer purchase of their shares according to stipulations for voluntary “inter vivos” transfer. If no one uses their right to purchase, the employee will remain as a general-category shareholder. Corporate bylaws may establish special regulations for retirement, permanent disability of the shareholder worker, shareholder workers on leave, and shareholder workers who, due to legal or conventional subrogation cease to be workers at the company.
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