Instructions not included: Spain’sSociedad de Responsabilidad Limitada, 1919–1936
研究了1919年西班牙引入的有限责任公司（SRL），这种企业形式结合了合伙与公司的特点，在1953年前缺乏法定基础，早期SRL的所有权、治理和资本结构呈现独特模式。
In 1919 Spain introduced the Sociedad de Responsabilidad Limitada (SRL), an enterprise form combining elements of the partnership and the corporation. An unusual feature of the Spanish Commercial Code allowed the Justice Ministry to authorize the form by fiat. The SRL did not have a statutory basis until 1953. Thus SRLs formed between 1919 and 1953 relied on other sources for their rules. These early SRLs had distinctive ownership, governance, and capital-structure patterns. Most entrepreneurs creating SRLs modeled their firms on partnerships, but some pushed the form in the corporation’s direction.