On July 12th, 2011, Brazilian Law n. 12.4411 was published by the official gazette, amending the Brazilian Civil Code Law n. 10,406/02). This new amendment created a new type of limited liability company, the so called “Empresa Individual de Responsabilidade Limitada” or simply “EIRELI”. Along with this new addition to the Civil Code, several questions regarding this matter arose.
This new company model is something that has long been expected by the Brazilian society and that has been discussed for too long behind the scenes in the Congress.
This new model of company works as a “sole proprietorship limited liability company”, allowing one individual to own 100% of the company´s quotas and will certainly be widely used as it creates a whole range of new opportunities.
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