Libro I · Título I Capítulo V. De la Sociedad de Responsabilidad Limitada
Article 78 Limited Liability Company
A limited liability company is one composed of several partners who are obliged only to the payment of their contributions. For the corporate obligations only the assets of the company are liable and, where applicable, the sum that in addition to the contributions is agreed in the articles of incorporation.
The capital shall be divided into contributions that may not be incorporated into instruments of any nature nor be called shares.
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Article 79 Number of the Partners
The number of the partners may not exceed twenty.
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Article 80 Firm Name or Denomination
The company shall operate under a denomination or under a firm name. The denomination shall be formed freely, but shall always refer to the principal corporate activity. The firm name shall be formed with the full name of one of the partners or with the surname of two or more of them. In both cases it is mandatory to add the word Limitada or the words: y Compañía Limitada, which may be abbreviated: Ltda. or Cía. Ltda., respectively.
If those words or expressions are omitted, the partners shall be liable subsidiarily, unlimitedly and jointly and severally for the corporate obligations.
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Article 81 Full Payment of Capital
The deed of incorporation of the company may not be executed while it is not reliably shown that the capital has been entirely and effectively paid.
If the deed of incorporation is executed without that circumstance, the contract shall be null and the partners shall be unlimitedly and jointly and severally liable for the damages and losses that for such reason are caused to third parties.
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Article 82 There is no Industrial Partner
In this form of company there may not be an industrial partner.
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Article 83 Right of Supervision
Unless a supervisory board has been constituted in the articles of incorporation, each partner has the right to obtain from the administrators a report of the development of the corporate business and to consult the books of the company. Any agreement to the contrary is null.
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Article 84 Name in the Firm Name
Any person outside the company who makes his name appear or allows his name to appear in the firm name shall be liable for the corporate operations up to the amount of the largest of the contributions.
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Article 85 Other Applicable Provisions
Articles 64, 65, 66 and 67 of this Code are applicable to limited liability companies.
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Source: OMPI, WIPO Lex (texto oficial suministrado por Guatemala, con las reformas anotadas hasta el Decreto 55-2010). Machine-translated from the official Spanish text; Códice is not legal advice, always verify against the official publication.