Hello, last session of the module on the business plan, and the second part of the course How to Start Your Business. Let's answer some of the questions that people usually ask when they want to start their business. Under what status should we register our company? It's an answer you can only give now, once you've done your business plan, you've analysed the relations between people, the investments you'll have to do, what risks you'll take, what the dimension of your business plan is. In this section of the business plan we have to define a whole series of key factors that allow us to define our legal status. So, let's start wiht the project's goals of the promotors, i.e. is this an initiative, a company or a desire that this will transform in a long time, so it's highly concentrated, we'll need a legal status of some kind or another. How many promoters there are, and what the relationship between them is will define the legal options. How much responsibility do they want to take on? Here you've heard about limited responsibility and unlimited responsibility. Limited responsibility is where my risk is limited to the funds I put in the company. Unlimited responsibility is where my risk of loss is not limited, so go to companies whose responsibility is limited. This can be done, moreover, in different legal statuses. It's about choosing the appropriate one. The type and volume of the activity will define a need for social capital and, thus, will define a type of legal status. Funding will determine that the people who invest in my company will want a certain legal status, they'll ask me how the company is formed. If it's not registered yet, they won't invest or, in the case of an individual entrepreneur, where you can't invest in the shares of one person, as you can imagine, the taxation will determine if we want to pay via one status or another or the different taxation systems that have corporate legal statuses, will allow us to determine which one. There will also be questions such as what contribution I should register under, if I should contribute in the general regime, as self-employed or as an artist, you'll have to look into that, and how long we'll take, the steps and costs I'll have to take for that to happen. Get informed. Go see people who know what they're doing. Sometimes there's the "IKEA movement", everyone wants to do it by themselves, and they download files from the internet and they determine their own legal status. Today there are advisors open to all for free in public offices that allow you to do that in a safe environment without spending money which could be wasted elsewhere in this key moment. A list of legal statuses. From top to bottom, individual entrepreneur, private general partnership, or SCP or joint ownership, limited liability, a plc, worker-owned, a co-op, an SLNE, the New Business Limited Company. There are more. There are professional societies, a few more, but these are the main ones, which I think are the ones you're interested in. The individual entrepreneur is clear. They're the self-employed worker. They work alone, they can hire people, but everything falls on them and all risk is theirs. They're the boss and they assume all risks and financial profits. The private general partnership until now was a system by which two or more people in a simple, cheap manner, without social capital, started up, it's currently being redirected towards a type of society that is almost the same as a limited company. The limited company is the most common, 80 % of our country's businesses. It's the plc we all know, with social capital that we'll see next and that we define with basic statutes and sometimes it's easy to set up in the public office, two or more partners are required to set it up. A plc, with higher capital and which allows us to maintain anonymity of the partners. The parts of the limited company are called participations, but the plc has more shares. The worker-owned limited company are people who work together and who want to have a legal status protecting them with a combined system of capital and work. A co-op is a flat company where everyone has a vote, each worker has a vote. It's one of the most democratic companies and one of the least known. I highly recommend it because it's a good way to start with colleagues who have begun one of these and then we have the New Business, <i>a </i>fast track status, which we can rapidly set up and which, therefore, is a company that has been set up in one of the measures applied in the last government to empower entrepreneurs, so it's cheap, fast and easy to set up a limited company in three clicks. When choosing, we'll have to answer the questions in the first slide, and we'll choose the best legal status. These are all of them. We could choose based on the number of partners. Obviously from two partners on we'll have to select the joint ownership general partnership, worker-owned, etc. The responsibility that we want to limit, what the contributions we want to make are and here is a list of the minimum contributions of each activity, what is the tax regime that corresponds. In the first three we have tax regime of income tax and a regime..., the RETA is a regime for self-employed workers and in the following ones we have corporate tax, and in some cases we can go to the general regime, i.e. we can be employed... as normal employees under the normal regime that everyone has and, on other occasions, depending on the role of the business capital you'll adhere to the system for the self-employed. The registration process is different in each of them and I recommend in these cases that the business plan reflect this after consulting and analysing what the steps and costs could be to set up this company and the choice of status, looking carefully at the responsibilities that the people starting the company have.