{"id":1667,"date":"2019-06-11T17:52:15","date_gmt":"2019-06-11T17:52:15","guid":{"rendered":"https:\/\/vbbabogados.com\/?p=1667"},"modified":"2021-03-17T08:37:14","modified_gmt":"2021-03-17T08:37:14","slug":"legal-aspects-of-technology-based-companies-the-partnership-agreement-in-the-startup-and-its-validity-in-spain","status":"publish","type":"post","link":"https:\/\/vbbabogados.com\/en\/blog\/legal-aspects-of-technology-based-companies-the-partnership-agreement-in-the-startup-and-its-validity-in-spain\/","title":{"rendered":"Legal aspects of technology based companies: the partnership agreement in the startup and its validity in Spain"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">A &#8216;<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><b>start-up&#8217;<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">or<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><b>technology-based company <\/b><span style=\"font-weight: 400;\">is a term used to define<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">an<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">emerging<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">company<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">with a high technological component and which usually<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">develops<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">an innovative idea<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">determine the special legal nature of the<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">initiatives with a high innovative component, the<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">Spanish Government has submitted to a<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">prior<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">public consultation<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">the preparation of the preliminary draft text of<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">the future<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><b>&#8220;Law for the Promotion of<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">the<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><b>Start-up<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><b>Ecosystem&#8221;<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">,giving a general definition of<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">&#8220;<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><b>Start-up<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><b>&#8220;<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">those<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><i><span style=\"font-weight: 400;\">&#8220;start-ups,\u00a0usually funded<\/span><\/i><span style=\"font-weight: 400;\">\u00a0<\/span><i><span style=\"font-weight: 400;\">by entrepreneurs, technology<\/span><\/i><span style=\"font-weight: 400;\">\u00a0&#8211;\u00a0<\/span><i><span style=\"font-weight: 400;\">based, innovative and with high capacity for rapid growth.&#8221;<\/span><\/i><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Informaci\u00f3n detallada<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e797f9a3d8d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e797f9a3d8d\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/vbbabogados.com\/en\/blog\/legal-aspects-of-technology-based-companies-the-partnership-agreement-in-the-startup-and-its-validity-in-spain\/#Laws_for_startups_in_Spain\" >Laws for startups in Spain<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/vbbabogados.com\/en\/blog\/legal-aspects-of-technology-based-companies-the-partnership-agreement-in-the-startup-and-its-validity-in-spain\/#What_are_the_most_common_shareholder_agreements_in_startups\" >What are the most common shareholder agreements in startups?<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Laws_for_startups_in_Spain\"><\/span>Laws for startups in Spain<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As the<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">previous<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">text indicates, the activity of the<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><b>start-ups<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">is subject in Spain to laws of different nature such as<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">tax,<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">mercantile or corporate, which do not take into account the particularities of these new business models, even though there is current regulation in matters of entrepreneurship, such<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">as<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">Law 11\/20<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">1<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">3 of July 26, regarding measures to support the entrepreneur,<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">Law 14\/2013, of September 27, on support for entrepreneurs and their internationalization,<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">or<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">Law 5\/2015, of 27 April, for the promotion of business financing that regulates &#8220;crowdfunding&#8221;, those regulations &#8220;<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><i><span style=\"font-weight: 400;\">have been overcome by the reality of the innovative ecosystem<\/span><\/i><span style=\"font-weight: 400;\">\u00a0<\/span><i><span style=\"font-weight: 400;\">&#8220;<\/span><\/i><span style=\"font-weight: 400;\">\u00a0<\/span><i><span style=\"font-weight: 400;\">.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">From a legal regulation point of view, these new digital economy models have created new sectors that in Spain lack legal regulation or to which the<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">current<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">Capital Companies Act<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">must be applied<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">(Royal Legislative Decree 1\/2010, of July 2)<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">since \u201cstart-up\u201d<\/span> <span style=\"font-weight: 400;\">usually<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">adopts<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">the legal form of Limited Liability Company,<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">lacking its own\u00a0model.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One of the main legal issues <\/span><b>of start-up<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">is the<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><b>legal form<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">of it.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">The founding partners must determine under what legal form they will<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">develop<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">the activity, being usual the<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><b>constitution of a Limited Liability Company,<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">which are governed by the provisions<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">of the Capital Companies Act<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">regarding<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">the requirements for its constitution and content of the <\/span><b>articles of incorporation. <\/b><span style=\"font-weight: 400;\">Also,<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">the founding partners usually sign a private contract<\/span><span style=\"font-weight: 400;\"><b>.<\/b><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Spanish Supreme Court (sentence of<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">February 14th, 2018), defines those <\/span><b>private<\/b><span style=\"font-weight: 400;\"> agreements<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">like<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">those<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">pacts<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">by means of which<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">&#8220;<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><i><span style=\"font-weight: 400;\">the partners intend to regulate, with the force of the obligatory link, aspects of their partnership <\/span><\/i><b><i>without using the channels specifically foreseen for it in the corporate law and company\u2019s articles of incorporation&#8221;.<\/i><\/b><\/p>\n<p><span style=\"font-weight: 400;\">Private shareholder agreements are also provided for in<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">article 29 of the Capital Companies Act<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">although it<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">establishes<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">that &#8220;<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><b>they will not be binding to the company\u201d<\/b><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_are_the_most_common_shareholder_agreements_in_startups\"><\/span>What are the most common shareholder agreements in startups?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">By way of example<\/span><span style=\"font-weight: 400;\">, <\/span><span style=\"font-weight: 400;\">usual shareholder agreements in a<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><b>start-up<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">are: the contributions made by<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">each of the partners,<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">day-to-day management<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">of the start-up,<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">roles and responsibilities<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">of each partner, obligations in terms of permanence, non-competition and dedication commitment, consolidation of the shares of the founding partners (&#8220;<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">vesting<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">&#8220;), rewards and incentives,<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">&#8220;union of vote&#8221; by which several partners agree that they will vote in a certain sense in the board,<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">separation of partners (&#8220;<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">good<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">&#8220;<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">leavers<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">&#8220;and&#8221;<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">bad leavers<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">&#8220;), contracting policies,<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">regime of the transfer of<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">the shares,<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">priority preferential acquisition rights with respect to the shares<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">of the other partners<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">in case of sale to a third party (clauses &#8220;drag<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">along\u201c and &#8220;tag<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">along&#8221;) , valuation of the start-up, destination of profits<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">or dividends,<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">resolution of conflicts between partners and resolution of blocking situations.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">The agreements can also be with third parties, for<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">example,<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">for the<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">incorporation of new partners or investors<\/span><span style=\"font-weight: 400;\">,<\/span><span style=\"font-weight: 400;\"> who subscribe future capital increases.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One of the main issues that arises, given the non-enforceability of agreements in front of the company,<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">it is<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><b>whether it<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><b>is possible to challenge a resolution of the shareholders meeting for breach of the private agreement subscribed by the\u00a0partners.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Supreme Court in December 10th, 2008 and<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">March 6th, 2009<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">sentenced that a resolution of the shareholders meeting cannot be challenged because it is contrary to a private partners agreement, but just for being against the law, the company statutes or the interest of the company for the benefit of one or more partners or third parties, so <\/span><i><span style=\"font-weight: 400;\">the mere breach of the private contract subscribed by the partners is not,<\/span><\/i><span style=\"font-weight: 400;\">\u00a0<\/span><i><span style=\"font-weight: 400;\">by itself, enough for the annulment of a resolution adopted in a shareholders meeting&#8221;.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">However in the<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">judgment<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">of February 25, 2016<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\"> Supreme Court<\/span><span style=\"font-weight: 400;\"> considers that the partner that has given its consent to <\/span><i><span style=\"font-weight: 400;\">a certain distribution of the shares (obtaining certain advantages from it) <\/span><\/i><span style=\"font-weight: 400;\">and<\/span><span style=\"font-weight: 400;\"><strong> agrees on a specific regime for the voting rights associated with these shares<\/strong>, it is not acting on a good faith bases when it challenges the corporate resolutions approved at the shareholders meeting at which the voting rights were used as agreed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also in<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">the sentence of the Supreme Court of November 3, 2014,<strong> it is considered null the social agreements of approval of company accounts that omit the existence of a private contract between shareholders<\/strong> (agreement that describes a swap operation to obtain the extension of the social capital with disbursement of non-monetary contributions), because it does not reflect the real image of the social patrimony and it is affirmed that it is not possible to speak of pacts hidden for the company when those agreements are manifestly known<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">by the company.<\/span><span style=\"font-weight: 400;\">\u00a0 <\/span><span style=\"font-weight: 400;\">In this case, the<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">shareholders&#8217;<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">agreement<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">was signed by the sole partner and administrator of the company together with a third party, future partner of that company. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For these reasons, it is reasonable to conclude that <strong>the contents of private shareholder<\/strong><\/span><strong>\u00a0agreements\u00a0should\u00a0not\u00a0<\/strong><span style=\"font-weight: 400;\"><strong>be against rules of Company Law<\/strong>,<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">and, as far as possible its provisions must be<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">incorporated<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">in the statutes\/deed of incorporation of the company , in order to avoid contradictions between the statutory and extra-statutory regimen, with the consequent problems for the desirable development of the<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">corporate<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">activity<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">that<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">could arise.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A &#8216;\u00a0start-up&#8217;\u00a0or\u00a0technology-based company is a term used to define\u00a0an\u00a0emerging\u00a0company\u00a0with a high technological component and which usually\u00a0develops\u00a0an innovative idea. To\u00a0determine the special legal nature of the\u00a0initiatives with a high innovative component, the\u00a0Spanish Government has submitted to a\u00a0prior\u00a0public consultation\u00a0the preparation of the preliminary draft text of\u00a0the future\u00a0&#8220;Law for the Promotion of\u00a0the\u00a0Start-up\u00a0Ecosystem&#8221;\u00a0,giving a general definition of\u00a0&#8220;\u00a0Start-up\u00a0&#8220;\u00a0those\u00a0&#8220;start-ups,\u00a0usually funded\u00a0by entrepreneurs,&#8230;<\/p>\n","protected":false},"author":3,"featured_media":4465,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-1667","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Legal aspects of technology based companies: the partnership agreement in the startup and its validity in Spain - Boltas Boy&eacute; Abogados&reg;<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/vbbabogados.com\/en\/blog\/legal-aspects-of-technology-based-companies-the-partnership-agreement-in-the-startup-and-its-validity-in-spain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Legal aspects of technology based companies: the partnership agreement in the startup and its validity in Spain - Boltas Boy&eacute; Abogados&reg;\" \/>\n<meta property=\"og:description\" content=\"A &#8216;\u00a0start-up&#8217;\u00a0or\u00a0technology-based company is a term used to define\u00a0an\u00a0emerging\u00a0company\u00a0with a high technological component and which usually\u00a0develops\u00a0an innovative idea. 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