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Shareholder's right of separation (derecho de separación) (LSC arts. 346, 348, 348 bis)

Shareholder's right of separation (derecho de separación) (LSC arts. 346, 348, 348 bis) is filed with Burofax / Comunicación al órgano de administración + RM si procede. With Managora you do it 100% online: you answer a few questions, sign a digital mandato (power of representation) and we draft, sign and file your recurso (appeal) for you. Estimated total cost: from €49. Official tasa (government fee): No tasa (official fee).

We draft the notice exercising a shareholder's right of separation from an SL (limited company) or SA (public limited company), on the statutory grounds in art. 346 LSC (a substantial change to the company's business purpose, extension of its term, reactivation, ancillary obligations, a change to the rules on transferring shares, conversion, or moving the registered office abroad) or on the failure to distribute dividends under art. 348 bis LSC. We check the 1-month deadline from the BORME (Official Gazette of the Commercial Registry) or the notice, propose an agreed value or request an independent expert from the Registro Mercantil (Commercial Registry) (art. 353 LSC), and check the 2-month repayment deadline (art. 356 LSC).

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Estimated total cost
from €49
Managora's fee
€59.29 (21% VAT incl.)
Tasa (official government fee)
No tasa (official fee). (suplido: paid to the authority on your behalf, no VAT)
Processing time
1 month from the BORME publication or the company's notice (art. 348.2 LSC). Repayment within 2 months of the valuation (art. 356 LSC).
Where it is filed
Burofax / Comunicación al órgano de administración + RM si procede ↗
What you receive
Recurso (administrative appeal)

Cost breakdown: Our fee 49 euros, with no tasa (official fee). If you dispute the value of your shareholding, the independent expert from the Registro Mercantil is charged separately (the amount varies)..

Shareholder's right of separation (derecho de separación) (LSC arts. 346, 348, 348 bis): how is it filed?

  1. 1Answer the questions in the chat (around 6 minutes).
  2. 2We check the 1-month deadline (art. 348.2 LSC).
  3. 3We structure the reasoning and, where appropriate, the request for an expert from the Registro Mercantil.
  4. 4Payment of 49 € for the advice and drafting.
  5. 5We hand you the notice ready to be sent by burofax (legally certified letter) to the board.

Which documents do you need?

  • •DNI / NIE / CIF of the shareholder.
  • •Deed of acquisition / proof of ownership of the shares.
  • •Minutes of the general meeting at which the resolution was passed.
  • •BORME publication or the company's notice.
  • •The company's articles of association.

Legal basis and things to bear in mind

  • Legal framework: LSC arts. 346, 348, 348 bis and 353-356.
  • Deadline: 1 month from the BORME publication or the notice.
  • Valuation: an independent expert from the Registro Mercantil if there is no agreement.
  • Repayment: 2 months from the valuation.
  • It also applies to an SA, with some differences.
  • Natural companion procedures: modificacion_estatutos_sl, deposito_cuentas_anuales.

Shareholder's right of separation (derecho de separación) (LSC arts. 346, 348, 348 bis): frequently asked questions

Shareholder's right of separation (derecho de separación) (LSC arts. 346, 348, 348 bis): how much does it cost?

The estimated total cost (our fee + official tasas and taxes) is from €49: Our fee 49 euros, with no tasa (official fee). If you dispute the value of your shareholding, the independent expert from the Registro Mercantil is charged separately (the amount varies).. Managora's fee is €59.29, 21% VAT included (€49.00 net + €10.29 VAT). The official tasa charged by the authority (a suplido paid on your behalf, no VAT) is: No tasa (official fee)..

Shareholder's right of separation (derecho de separación) (LSC arts. 346, 348, 348 bis): how long does it take?

1 month from the BORME publication or the company's notice (art. 348.2 LSC). Repayment within 2 months of the valuation (art. 356 LSC).

Shareholder's right of separation (derecho de separación) (LSC arts. 346, 348, 348 bis): which documents do I need?

You need to have to hand: DNI / NIE / CIF of the shareholder., Deed of acquisition / proof of ownership of the shares., Minutes of the general meeting at which the resolution was passed., BORME publication or the company's notice., The company's articles of association.. You do not upload them here: we collect the details through the guided chat.

Who files the procedure?

Managora files it in your name with Burofax / Comunicación al órgano de administración + RM si procede. You only provide the details through the chat and sign a mandato (power of representation); we prepare, sign and register it.

Can it be done online?

Yes. The whole process is online: you answer a few questions in the guided chat, sign a simple mandato on screen and receive the receipt and the official documents by email, with full legal validity.

Related procedures

Based on the legislation in force and on the official site of the competent authority: Burofax / Comunicación al órgano de administración + RM si procede ↗.

Shall we get started with «Shareholder's right of separation (derecho de separación) (LSC arts. 346, 348, 348 bis)»?

We file it for you, from start to finish.

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