Uruguayan laws gather all the existing business types of the world, with the possibility of organizing a new legal entity and establishing a foreign company branch. As for the organization of a new legal entity, the most frequently used business types are: Corporations and Limited Liability Companies.
Other less used corporate types are general partnerships (sociedades colectivas), limited partnerships (sociedades en comandita), labor and capital partnerships (sociedades de capital e industria) and De facto partnerships (sociedades de hecho). Furthermore, cooperatives, foreign branches, consortia and economic interest groups (GIEs, for its Spanish acronym) and, in the case of individual undertakings, sole traders can also be organized. With the exception of consortia and single-member companies, every business type mentioned above as well as GIEs should have legal status.
Thanks to the program Company in a Day (Empresa en el Día), Corporations, Limited Liability Companies and sole traders can organize a company in a single procedure, thus saving time and money.