Statutory audit
Independent review of a company's annual accounts to verify they present a true and fair view. Mandatory when 2 of 3 thresholds are exceeded for 2 consecutive financial years: assets >€4M, turnover >€8M, employees >50.
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Other Commercial law terms
Universal judicial proceeding to resolve a debtor's insolvency, balancing the interests of all creditors. May end in a payment agreement or asset liquidation.
Commercial corporate form where capital is divided into shares and partners' liability is limited to contributed capital. Most common form in Spain for SMEs.
Commercial corporate form with capital divided into freely transferable shares. Minimum capital: EUR 60,000, at least 25% paid up. Mandatory for listed companies, banks and insurers.
Distinctive sign identifying products or services in the market. Registered with OEPM (Spain) or EUIPO (EU). Protection for 10 renewable years. Grants exclusive use rights and infringement prosecution.
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