COMMUNITY OF GOODS

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It is usually a partnership between two or more self-employed people who share a right or asset. No minimum initial capital is required and the partners are directly liable for the possible debt of the business. Communities of property are a form of partnership in which several people join together to share the ownership and use of property.

THE ADVANTAGES, DISADVANTAGES AND COSTS OF SETTING UP A COMMUNITY OF PROPERTY IN SPAIN ARE DESCRIBED BELOW.

ADVANTAGES:

1. Cost sharing: communities of goods allow sharing the costs of acquiring, maintaining and upgrading assets, which can be an advantage in terms of savings and efficiency.
2. Share use: communities of goods allow for the shared use and enjoyment of goods, which can be an advantage in terms of accessibility and flexibility.
3. Clear rules: property communities often establish clear rules for the management and use of property, which can be an advantage in terms of clarity and stability.

DISADVANTAGES:

1. Difficulty in decision-making: communities of property may have difficulties in decision-making, as they require consensus and commitment from all members.
2. Conflicts of interest: communities of property may generate conflicts of interest among members, especially in terms of use and enjoyment of the property.
3. Shared responsibility: Communities of property require a shared responsibility of all members in terms of management and maintenance of the property.

INCORPORATION COSTS:

1. Fees of lawyers or tax advisors: it is advisable to engage a lawyer or tax advisor to assist in the creation of the community of property and in the fulfilment of legal and tax obligations.
2. Community register: the registration of the community of property at the Land Registry has a cost that varies depending on the requirements and formalities necessary.
3. Share capital: the minimum social capital to create a community of property depends on the value of the property to be shared, although this amount can be higher depending on the needs and objectives of the community.

In summary, the cost of setting up a community of property can range from 500 to 2,000 euros, although this amount can vary depending on the factors mentioned above.