The partnerships

• Collective partnership
  
• Limited partnership
  
• Venture.

These companies are characterized by the predominant aspect of the personal factor "personae intuition”. 

 Joint stock companies

• Public limited company (PLC) 
  
• Limited Liability Company (LLC) 
  
• Partnership limited by shares

Companies with special regulations

• Investment Company 
  
• Cooperative purchasing company 
  
• Consumer Cooperative company 
  
• Mutual company

Limited Liability Company (LLC)

Definition:

• The LLC is a commercial company. The acquisition of legal personality is subject to registration in the commercial register.

Characteristic

• One unique nominated person - can be sole-SARL;
  
• The maximum number of shareholders can not exceed 50;
• The amount of capital may not be less than 10,000 HD and must be deposited in a blocked bank account. Its withdrawal may be made only after registration in the Register of Commerce.
• The social share is at least 10 DH. The social shares held, which can be transmitted by inheritance and transferable between spouses and successors parents can be also  transferred to third parties without the consent of the majority of shareholders;
• Contributions may be in crude. They are evaluated by auditors;
  
• The management of an LLC can be assumed by one or more persons jointly or strictly liable towards the third parties.
• Decisions are taken in general meeting unless the reverse is mentioned in the statutes.
  
• The management control of an LLC is vested in one or more auditors;
  
• The prosecutor is entitled, on his own initiative to designate one or more auditors to report on one or more management operations;
  
• The manager may be removed by the shareholders representing just over half of the shares;
  
• Prohibition against managers or members to borrow from the company or to guarantee their personal commitment by the company;
  
• The shareholders holding the 1 / 10th  of the capital may have a lawsuit against the managers.

Source: Official bulletin  n° 5400 of 03/02/ 2006

Limited Company (L.C)

Definition
The company is a trading company.

Characteristic

• The number of shareholders may be less than 5;
  
• The minimum capital is 3 million DH for the SA involving public offering (1) and DH 300,000 in the opposite case;
  
• The notional amount of the action can not be less than 50 DH. However, for the company whose securities are listed on the stock exchange, the minimum nominal amount is set at 10 DH.
  
• The shares must be paid in cash upon subscription of at least 1 / 4 of their face value. The shares are fully paid in kind at issue;
  
• The capital must be fully subscribed, if the company can be incorporated;
  
• The Corporation has the legal personality from its registration with the trade;
  
• The company has no name but a name;
  
• The branch of the company is assigned automatically to the Chairman of the Board of Directors, any further appointment of a director general, any definition of its duties and powers shall be held on proposal of the President, well as his dismissal;
  
• The chairman shall be revocable at any time by the Board of Directors;.
  
• The SA includes a Management and a Supervisory Board. The Management Board is vested with extensive powers to act in all circumstances on behalf of the company. Moreover, the Supervisory Board exercises permanent control over the management of the company by the Executive Board.
  Source: Official Bulletin No. 5400 of 02/03 / 2006

(1)   It is deemed to publicly call for savings:

• Any company with more than 100 shareholders;
• Any company whose securities are listed on the stock exchange;
  
• Any corporation whose placement of securities is issued by it, has recourse either to stock broking firms, banks or other financial institutions or the solicitation or processes of any advertising.
  

Company limited by shares

Definition
The company limited by shares whose capital is divided into shares is made between one or more general partners who are qualified tradesmen and have unlimited joint and several corporate debts, and sponsors who have the status of shareholders and do not support Losses to the extent of their contributions.
 
The partnership limited by shares is designated by a name or the name of one or more general partners may be included and must be immediately preceded or followed by the words "company limited by shares"

  Characteristics

• The number of limited partners may be less than three (3);
• The first manager or managers appointed by the statutes perform the formalities of constitution that the founders of limited companies are in charge of;
  
• During the lifetime of the company (unless contradicted in the statutes), the manager or managers are appointed by the ordinary general meeting of shareholders with the consent of all the general partners;
  
• The general meeting of shareholders appoints a supervisory board consisted of at least 3 shareholders;
  
• A partner cannot be a member of the supervisory board and shareholders with the quality of general partners cannot participate in appointing members of the council;
  
• The ordinary general meeting of shareholders designate one or more auditors;
  
• The manager is vested with extensive powers to act in all circumstances on behalf of the company.
  
• The Supervisory Board assumes the continuous monitoring of the management of the company. It provides to this effect, the same powers as auditors;
  
• The transformation of the company limited by shares into limited company or limited liability company is decided by the extraordinary general meeting of shareholders with the approval of two thirds of general partners, unless the statutes do not set another quorum .
  

Source: Official Bulletin No. 5400 of 02/03 / 2006

Limited Partnership
 
Definition

• The limited partnership company consists of general partners and limited partners.
  
• It is designated by a name which may be incorporated the name of one or more general partners and which must be preceded or followed immediately by the words "limited partnership"
  
• The provisions relating to partnerships shall apply to limited partnerships (subject to the rules in the first chapter of the law on limited partnerships / Soundtrack see No. 4478 1 - 5-97 / p. 485).

The Unlimited

The general partners are held jointly and severally debts.
Sponsors

• Limited partners are liable for corporate debts only in proportion to their contribution. This can be a contribution in industry;
  
• The partner can not do any act involving the company management towards others, even under a proxy;
  
• Any change of status is decided with the consent of all partners and the majority in number and capital of sponsors;
  
• The company continues despite the death of a sponsor.
  Source: Official Bulletin No. 5400 of 02/03 / 2006 

General Partnership
Definition
The partnership is a company whose shareholders are all quality merchants and have unlimited joint and several debts.
 
Characteristic

• The partnership company is designated by a name, which can be incorporated the names of one or more partners, and must be immediately preceded or followed by the words "general partnership company";
• All members are managers, unless the opposite is stated in statutes and which may designate one or more managers involved or not, or provide for the appointment by subsequent act;
  
• The shareholders may appoint a majority of shareholders of one or more auditors. However, companies whose turnover at the close of the fiscal year exceeds the amount of 50 million DH, must appoint a at least one commissioner.
  
• The removal of managers can be decided only by unanimous consent of shareholders;
  
• The revocation, the dissolution of the corporation, unless its continuation is provided by the statutes or the other shareholders do not agree unanimously;
  
• The shares are registered and can be transferred only with the consent of all partners;
  
• Company terminates by the death of a partner unless it was stipulated that the company would continue to be associated only with either one or several heirs, or any other person designated by the statutes.
  Source: Official Bulletin No. 5400 of 02/03 / 2006

Participation Company
Definition
A Participation Company exists in the relations between partners and is not intended to be known to the public.
It has no legal personality. It is not subject to registration, or any formal advertising and its existence can be proved by any means.
The partners agree freely about its object, their rights and obligations and operating conditions of the society.
If the company has a commercial character, the relations of the partners are governed by the provisions applicable to the Partnership unless otherwise stipulated.
 
Characteristic

•  In respect of the other persons, each partner has to contract in his personal name. He is only engaged even in case he reveals the name of the other partners without their consent;
  
• However, if participants act as partners, they are obliged to respect others as general partners.
  

Source: Official Bulletin No. 5400 of 02/03 / 2006