The legal principles and the terms and conditions of operating underlying the PLCSO and the LLC are therefore the same, except for the following points:
A physical person may only be the sole partner of one PLCSO.
A PLCSO may not have a PLSCO at its sole partner.
The sole partner exercises the powers assigned to the partner’s assembly and may not delegate these powers. His decisions, made in lieu of the assembly are recorded in a registry.
After receiving the statutory auditor’s report, he approves the accounting records within six month after the end of the fiscal year.
The sole partner (physical person) may be the manager of the corporation. He may also designate a third party as manager.
The sole partner (company) may designate a third party as manager.
The capital stock
The capital stock may not be inferior to 100.000 AD; it is divided in equal membership shares with an equal par value of at least 1.000 AD.