# Spanish — Corporate / M&A / JV / Resolutions / POA Sub-Lexicon

Unified Spanish-to-English mapping covering M&A documents, joint ventures,
shareholders' agreements, shareholder loans, corporate resolutions and corporate
governance, and powers of attorney / proxies.

For substantive English vocabulary and drafting notes, see
`references/corporate-ma-jv.md`.

## Core M&A Document Terms

| Spanish | English |
|---|---|
| contrato de compraventa de acciones | share purchase agreement (SPA) |
| contrato de compraventa de participaciones sociales | share purchase agreement (SPA) |
| compraventa de unidad productiva / compraventa de negocio | asset purchase agreement / business transfer agreement |
| pacto de socios / pacto parasocial | shareholders' agreement (SHA) |
| préstamo de socio / cuenta corriente con socio | shareholder loan |
| escritura de compraventa | transfer deed / transaction deed |
| carta de revelación / carta de divulgación | disclosure letter |
| declaraciones y garantías del vendedor | seller's representations and warranties |
| indemnización / indemnidad | indemnity / indemnification |
| cláusula de ajuste de precio | price adjustment clause |
| precio de compra / precio de adquisición | purchase price |
| contraprestación | consideration |
| contraprestación aplazada / precio aplazado | deferred consideration |
| earn-out / pago variable | earn-out |
| arras / señal | deposit |
| arras confirmatorias | confirmatory deposit (Art. 1454 Spanish Civil Code) |
| arras penitenciales | withdrawal deposit (Art. 1454 Spanish Civil Code) |
| fecha de cierre / closing | completion (UK) / closing (US) |
| fecha de firma / signing | signing / exchange |
| condiciones suspensivas al cierre | conditions to closing (US default) / conditions to completion (UK) |
| periodo intermedio / periodo interino | interim period |
| obligaciones durante el periodo intermedio | interim covenants |
| cláusula de cambio adverso significativo (MAC) | material adverse change clause |
| due diligence / auditoría legal | due diligence |
| cuarto de datos / data room | data room |
| carta de intenciones | letter of intent (LOI) |
| memorando de entendimiento | memorandum of understanding (MOU) |
| oferta vinculante | binding offer |
| oferta no vinculante / oferta indicativa | non-binding offer / indicative offer |

## Price Mechanism (M&A)

| Spanish | English |
|---|---|
| locked-box / precio cerrado | locked-box pricing |
| mecanismo de cuentas de cierre | completion accounts mechanism |
| posición financiera neta / deuda financiera neta | net financial position / net debt |
| capital circulante neto / fondo de maniobra | net working capital |
| nivel objetivo de circulante | target working capital |
| ajuste de precio | price adjustment |
| experto independiente para la determinación | independent expert for the determination |
| determinación vinculante | binding determination |

## Warranty Claim Limitations (M&A)

| Spanish | English |
|---|---|
| franquicia individual / de minimis | de minimis (per claim threshold) |
| franquicia agregada / umbral / cesta | basket / threshold |
| cesta de exceso / deducible | excess basket / deductible |
| cesta de vuelco | tipping basket |
| límite máximo / techo | cap |
| plazo de caducidad / plazo de vigencia | time limit / survival period |
| plazos de prescripción contractual | contractual limitation periods |
| obligación de mitigar | duty to mitigate |
| obligación de notificación de la reclamación | notice of claim obligation |
| recobro de tercero | third-party recovery |

## Escrow and Holdback

| Spanish | English |
|---|---|
| cuenta de depósito en garantía / cuenta escrow | escrow account |
| importe en garantía / depósito | escrow amount |
| agente de garantía / escrow agent | escrow agent |
| contrato de depósito en garantía | escrow agreement |
| retención (de precio) | holdback |
| liberación del depósito | release of escrow |
| retención por indemnización | indemnity holdback |

## Tax-related M&A Terms (interface)

For substantive tax vocabulary, see `references/taxes.md` and the Spanish tax
sub-lexicon `spanish-taxes.md`.

| Spanish | English |
|---|---|
| garantías fiscales | tax warranties |
| indemnidad fiscal | tax indemnity / tax covenant |
| periodo impositivo anterior al cierre | pre-closing tax period |
| periodo impositivo a caballo | straddle period |
| neutralidad fiscal de la operación | tax neutrality of the transaction |
| revalorización fiscal / step-up | step-up in basis |
| valor fiscal de adquisición | tax basis |
| bases imponibles negativas (BIN) pendientes | tax loss carry-forwards |
| asunción del riesgo fiscal | assumption of tax risk |

## SHA and Shareholder Loan Terms

| Spanish | English |
|---|---|
| derecho de adquisición preferente / derecho de tanteo | right of first refusal / pre-emption right |
| derecho de primera oferta | right of first offer (ROFO) |
| derecho de acompañamiento / tag-along | tag-along right |
| obligación de arrastre / drag-along | drag-along right |
| cláusula de permanencia / lock-up | lock-up provision |
| cláusula de no competencia | non-compete clause |
| cláusula de no captación / no solicitud | non-solicitation clause |
| opción de compra | call option |
| opción de venta | put option |
| punto muerto / bloqueo | deadlock |
| mecanismo de resolución de bloqueo | deadlock resolution mechanism |
| ruleta rusa | Russian roulette |
| subasta tejana / texas shoot-out | Texas shoot-out |
| subasta mexicana | Mexican shoot-out |
| cláusula de buen salidor / good leaver | good leaver provision |
| cláusula de mal salidor / bad leaver | bad leaver provision |
| valor razonable / valor de mercado | fair market value |
| préstamo de socio con interés | interest-bearing shareholder loan |
| préstamo de socio sin interés | interest-free shareholder loan |
| subordinación / postergación | subordination |
| reembolso del préstamo de socio | repayment of the shareholder loan |
| cesionario autorizado | permitted transferee |

## Parties and Roles

| Spanish | English |
|---|---|
| vendedor / transmitente | seller / vendor |
| comprador / adquirente | buyer / purchaser |
| sociedad objetivo / sociedad target | target company |
| sociedad adquirente | acquiring company |
| garante (de las declaraciones y garantías) | warrantor |
| parte indemnizante | indemnifying party |
| parte indemnizada | indemnified party |
| consejero delegado | chief executive officer (CEO) / managing director |
| consejo de administración | board of directors |
| socio / accionista | shareholder |
| socio mayoritario / accionista mayoritario | majority shareholder |
| socio minoritario / accionista minoritario | minority shareholder |
| titular real | ultimate beneficial owner (UBO) |

## Transaction Deed Terms

| Spanish | English |
|---|---|
| escritura pública de transmisión | notarial deed of transfer |
| libro registro de socios / libro registro de acciones nominativas | shareholders' register |
| inscripción en el libro registro | entry in the shareholders' register |
| inscripción en el Registro Mercantil | registration at the Commercial Register |
| cláusula de autorización / cláusula de consentimiento | approval clause / consent clause |

## Core JV Document Terms

| Spanish | English |
|---|---|
| acuerdo de empresa conjunta / contrato de joint venture | joint venture agreement (JVA) |
| acuerdo de consorcio | consortium agreement |
| acuerdo de coinversión | co-investment agreement |
| sociedad conjunta / empresa conjunta | joint venture company (JVCo) |
| sociedad vehículo / sociedad instrumental | special purpose vehicle (SPV) |
| socio / partícipe | joint venture partner |
| aportación dineraria / aportación en efectivo | cash contribution |
| aportación no dineraria / aportación en especie | contribution in kind |
| aportación de industria | contribution of services / sweat equity |
| participación | equity interest / shareholding |
| porcentaje de participación | percentage interest |
| gobierno corporativo / gobernanza | governance |
| comité de dirección / comité de gestión | management committee / steering committee |
| derecho de veto | veto right |
| materias reservadas / decisiones reservadas | reserved matters |
| mayoría cualificada / mayoría reforzada | qualified majority / supermajority |
| unanimidad | unanimity |
| cláusula de salida | exit clause |
| oferta conjunta | joint bid |
| plan de negocio | business plan |
| presupuesto | budget |
| programa de trabajo | work program |
| reparto de beneficios y pérdidas | profit and loss sharing |
| política de distribución | distribution policy |
| desembolso adicional / llamada de capital | capital call / cash call |
| dilución | dilution |
| territorio | territory |
| objeto social | corporate purpose / scope of business |
| exclusividad | exclusivity |
| duración | term |
| resolución / disolución | termination / dissolution |
| liquidación | winding-up / liquidation |

## Core Corporate Resolution Terms

| Spanish | English |
|---|---|
| acta del consejo de administración | minutes of the board of directors |
| acuerdo del consejo de administración | board resolution |
| acta de la junta general | minutes of the general meeting |
| acuerdo de la junta general | shareholders' resolution |
| junta general ordinaria | ordinary general meeting (OGM) |
| junta general extraordinaria | extraordinary general meeting (EGM) |
| junta general universal | universal meeting (Art. 178 LSC — all shareholders present, no prior notice required) |
| convocatoria | notice of meeting / convening notice |
| orden del día | agenda |
| quórum | quorum |
| mayoría simple | simple majority |
| lista de asistentes | attendance sheet |
| informe de gestión | management report / directors' report |
| informe de auditoría / informe del auditor | auditor's report |
| aprobación de las cuentas anuales | approval of the annual accounts / financial statements |
| aplicación del resultado | allocation of profits / appropriation of earnings |
| ampliación de capital | capital increase / share capital increase |
| reducción de capital | capital reduction |
| emisión de obligaciones | issuance of bonds |
| nombramiento / designación | appointment |
| cese / destitución | removal / dismissal |
| reelección / renovación del cargo | renewal of appointment / re-appointment |
| ratificación | ratification |
| delegación de facultades | delegation of powers |
| acuerdo por escrito / acuerdo sin sesión | written resolution |

## Corporate Officers and Bodies

| Spanish | English |
|---|---|
| presidente del consejo de administración | chairman of the board |
| vicepresidente | vice-chairman |
| consejero / miembro del consejo | director |
| consejero independiente | independent director |
| consejero no ejecutivo | non-executive director |
| administrador único | sole director |
| secretario del consejo | company secretary / board secretary |
| secretario no consejero | non-director secretary |
| letrado asesor | legal adviser |
| auditor de cuentas | statutory auditor |
| representante legal | legal representative / authorized signatory |
| facultades / poderes de firma | signatory powers / signing authority |

## Company Types

| Spanish | English |
|---|---|
| sociedad anónima (SA) | public limited company (SA) |
| sociedad de responsabilidad limitada (SL / SRL) | limited liability company (SL) |
| sociedad limitada nueva empresa (SLNE) | new enterprise limited liability company |
| sociedad comanditaria simple | limited partnership |
| sociedad comanditaria por acciones | partnership limited by shares |
| sociedad colectiva | general partnership |
| sociedad civil | civil partnership |
| sociedad unipersonal | single-member company |
| sucursal | branch |

## Substantive Resolution Content

| Spanish | English |
|---|---|
| distribución de dividendos | distribution of profits / dividend distribution |
| compensación de pérdidas | coverage of losses |
| nombramiento de administradores | appointment of directors |
| cese / revocación de administradores | removal of directors |
| otorgamiento de poderes | granting of powers |
| autorización para realizar operaciones | authorization to carry out transactions |
| modificación de los estatutos | amendment of the articles of association |
| fusión | merger |
| fusión por absorción | merger by absorption |
| fusión por creación de nueva sociedad | merger by formation of a new company |
| escisión | demerger / spin-off |
| escisión total / parcial | total demerger / partial demerger |
| disolución y liquidación | dissolution and winding-up |
| ratificación de actuaciones | ratification of actions taken |

## Powers of Attorney and Proxies

### Types of Power of Attorney

| Spanish | English |
|---|---|
| poder | power of attorney (POA) |
| poder general | general power of attorney |
| poder especial | special power of attorney |
| poder limitado | limited power of attorney |
| poder notarial | notarial power of attorney |
| poder otorgado en escritura pública | power of attorney granted by public deed |
| poder irrevocable | irrevocable power of attorney |
| poder bancario | banking power of attorney |
| poder para pleitos | power of attorney for legal proceedings (litigation POA) |
| facultad de sustitución | power of substitution / right to delegate |

### Scope, Authentication and Lifecycle

| Spanish | English |
|---|---|
| facultades de representación | powers of representation |
| facultades de firma | signing powers / signatory powers |
| firma solidaria | sole signing authority (any one signatory may bind) |
| firma mancomunada | joint signing authority (two or more signatories required) |
| escritura pública | public deed |
| póliza intervenida por notario | notarized (US) / notarised (UK) policy / notary-witnessed policy |
| autenticación de firma | authentication of signature |
| apostilla | apostille (Hague Convention 1961) |
| legalización consular | consular legalization |
| traducción jurada | sworn translation |
| revocación del poder | revocation of the power of attorney |
| renuncia del apoderado | renunciation by the attorney |
| caducidad / extinción | lapse / termination |
| incapacidad sobrevenida del poderdante | subsequent incapacity of the principal |

### Proxy (Meeting) Terms

| Spanish | English |
|---|---|
| representación en junta / poder de representación | meeting proxy |
| tarjeta de delegación / formulario de representación | proxy form |
| representación en blanco | blank proxy |
| representación con instrucciones de voto | directed proxy / instructed proxy |
| representación discrecional | discretionary proxy |
| solicitud pública de representación | proxy solicitation |
| voto a distancia | postal voting |
| voto electrónico | electronic voting |
| voto fraccionado | split voting |

### Verbal Anchors

| Spanish | English |
|---|---|
| por la presente otorga poder especial a | hereby grants a special power of attorney to |
| con las más amplias facultades | with the broadest powers |
| con expresa facultad para | with express authority to |
| con facultad de sustitución | with the right of substitution |
| el presente poder es irrevocable | this power of attorney is irrevocable |
| el presente poder será válido hasta su revocación | this power of attorney is valid until revoked |
| el abajo firmante, en su condición de representante legal de | the undersigned, in his/her capacity as legal representative of |

## Section Headings

| Spanish | English |
|---|---|
| DEFINICIONES E INTERPRETACIÓN | DEFINITIONS AND INTERPRETATION |
| COMPRAVENTA Y TRANSMISIÓN | SALE AND TRANSFER |
| PRECIO DE COMPRA | PURCHASE PRICE |
| CONDICIONES AL CIERRE | CONDITIONS TO CLOSING (US default) / CONDITIONS TO COMPLETION (UK) |
| CIERRE | CLOSING (US default) / COMPLETION (UK) |
| DECLARACIONES Y GARANTÍAS | REPRESENTATIONS AND WARRANTIES |
| INDEMNIZACIÓN | INDEMNIFICATION |
| LIMITACIONES DE RESPONSABILIDAD | LIMITATIONS ON LIABILITY |
| NO COMPETENCIA | NON-COMPETE |
| CONFIDENCIALIDAD | CONFIDENTIALITY |
| DISPOSICIONES GENERALES | MISCELLANEOUS |
| CONSTITUCIÓN DE LA SOCIEDAD CONJUNTA | FORMATION OF THE JOINT VENTURE |
| APORTACIONES | CONTRIBUTIONS |
| GOBIERNO CORPORATIVO Y GESTIÓN | GOVERNANCE AND MANAGEMENT |
| MATERIAS RESERVADAS | RESERVED MATTERS |
| BLOQUEO | DEADLOCK |
| TRANSMISIÓN DE PARTICIPACIONES | TRANSFER OF SHARES |
| RESOLUCIÓN Y SALIDA | TERMINATION AND EXIT |
| REPARTO DE RESULTADOS | PROFIT AND LOSS SHARING |
| APERTURA DE LA SESIÓN | OPENING OF THE MEETING |
| CONSTITUCIÓN DEL QUÓRUM | QUORUM VERIFICATION |
| PRIMER ACUERDO / PRIMERA RESOLUCIÓN | FIRST RESOLUTION |
| CIERRE DE LA SESIÓN | CLOSING OF THE MEETING |
| REPRESENTACIÓN EN JUNTA | MEETING PROXY |

## Notes

- **"Completion" vs "Closing"**: UK practice uses "completion"; US practice uses "closing".
  Default to US English. Only switch to UK on an explicit user instruction in the original prompt (e.g. 'use UK English'); do NOT infer from governing law, audience, or jurisdiction.

- **"Arras confirmatorias" vs "arras penitenciales"** (Art. 1454 CC): Confirmatory arras
  confirm the contract and serve as pre-agreed damages on breach. Penal/penitential arras
  allow withdrawal from the contract for the price of forfeiting the deposit (or returning
  double, if it is the seller withdrawing). Translate using English explanatory wording
  (e.g., "confirmatory deposit", "withdrawal deposit") with a translator's note. Do NOT
  default to "earnest money" (US-only).

- **"Préstamo participativo"**: A Spanish subordinated loan with interest linked to
  company performance, treated as quasi-equity under Spanish insolvency law. Translate
  as "participating loan" or "subordinated loan" with a context note.

- **"Participaciones sociales" vs "acciones"**: "Participaciones" are ownership interests
  in an SL (limited liability company); "acciones" are shares in an SA (public limited
  company). Both translate as "shares" in English, but preserve the distinction if
  relevant.

- **"Empresa conjunta"**: The standard Spanish term for joint venture. Also commonly
  referred to as "joint venture" (borrowed English) in Spanish legal practice.

- **"Aportación de industria"**: A contribution of services or know-how (permitted in some
  company forms under Spanish law). Translate as "contribution of services" or "sweat
  equity" depending on context.

- **"Materias reservadas"**: Decisions requiring unanimity or special majority. Translate
  as "reserved matters" (UK standard).

- **"Junta general universal"** (Art. 178 LSC): A specifically Spanish concept where a
  general meeting is valid without prior notice if all shareholders are present and
  unanimously agree to hold the meeting. No English equivalent — translate as "universal
  meeting" with a context note.

- **"Administradores mancomunados" vs "administradores solidarios"**: Mancomunados must
  act jointly (typically two required to bind the company). Solidarios can each act
  individually. Translate as "joint directors" and "several directors" respectively.

- **"Administrador único"**: A sole director who exercises all management powers.
  Translate as "sole director".

- **"Consejero delegado"**: The managing director / CEO of an SA. Translate as "chief
  executive officer" or "managing director" depending on context.

- **SA vs SL**: An SA has a board of directors or an administrador único. An SL can have
  any of: sole director, joint directors, several directors, or a board. Preserve the
  company form in translation.

- **"Poder" — POA vs proxy**: The same Spanish word covers both meanings. Use "power of
  attorney" for general representation (signing, transactions, litigation) and "proxy"
  where the operative scope is attendance and voting at a meeting.

- **"Escritura pública" vs "póliza intervenida"**: Spanish notarial practice distinguishes
  between a notarial deed (escritura pública) and a notary-intervened policy (típicamente
  bancario). Both are notarized, but the form differs. Translate "póliza intervenida" as
  "notary-intervened policy" or "notary-witnessed policy".

- **"Apoderado"**: Translate as "attorney-in-fact" or "authorized representative". Do not
  translate as "attorney" alone (which in English suggests a lawyer).

- **"Apostilla" vs "legalización"**: Use "apostille" only for Hague Convention countries;
  use "consular legalization" for non-Hague countries.

## Additional Lawlinguists-validated Spanish Corporate / M&A Mappings

| Spanish | English |
|---|---|
| Ley de Sociedades de Capital (LSC) — Real Decreto Legislativo 1/2010 | Spanish Companies Act |
| sociedad anónima (S.A.) | joint-stock company (public limited company) |
| sociedad de responsabilidad limitada (S.L. / S.R.L.) | limited liability company |
| sociedad anónima europea (S.E.) | European Company |
| sociedad laboral | worker-owned company |
| sociedad cooperativa | cooperative company |
| socio | shareholder / member |
| junta general (ordinaria / extraordinaria) | general meeting (ordinary / extraordinary) |
| administradores solidarios | joint-and-several directors (each can act independently) |
| administradores mancomunados | jointly-acting directors (must act together) |
| capital social suscrito | subscribed share capital |
| capital social desembolsado | paid-up share capital |
| prima de emisión | share premium |
| acciones | shares (of an S.A.) |
| participaciones sociales | quotas / membership interests (of an S.L.) |
| acciones propias / autocartera | treasury shares / own shares |
| adquisición derivativa de acciones propias | derivative acquisition of own shares (Art. 144 LSC) |
| cesión global de activo y pasivo | global transfer of assets and liabilities |
| transformación | conversion (change of corporate form) |
| aportación no dineraria | contribution in kind |
| pacto de socios | shareholders' agreement (SHA) |
| cláusula drag-along / arrastre | drag-along clause |
| cláusula tag-along / acompañamiento | tag-along clause |
| derecho de adquisición preferente | pre-emption right |
| derecho de suscripción preferente | right of first subscription (on capital increases) |
| exclusión del derecho de suscripción preferente | exclusion of pre-emption rights |
| acuerdo social / acuerdo de la junta | shareholders' resolution |
| acuerdo del consejo | board resolution |
| impugnación de acuerdos sociales | challenge to corporate resolutions (Arts. 204-208 LSC) |
| responsabilidad de los administradores | directors' liability |
| acción social de responsabilidad | corporate action against directors |
| acción individual de responsabilidad | individual action against directors |
| deber de lealtad | duty of loyalty |
| deber de diligencia | duty of care / due diligence |
| conflicto de interés | conflict of interest |
| operaciones vinculadas | related-party transactions |
| préstamo participativo | participating loan (Spanish-specific subordinated loan, RD-Law 7/1996) |
| depósito de cuentas anuales | filing of annual accounts (at the Commercial Registry) |
