What is incumbency?

What is incumbency?

Ownership synonym

The beneficial owner is the individual whose shareholding in a commercial company exceeds 25% (regardless of its legal form -SL, SA, SLL, etc.-). For example, in a limited company with a share capital of 3,000 euros, all those partners who have more than 750 shares will be beneficial owners.

This is a measure adopted by the Ministry of Economy and Competitiveness, for the purpose of accrediting that the participants are the owners of the business, of the assets or rights related to the commercial operation in question, and that they are not operating as front men for third parties, which could also constitute a criminal offense.

Ownership of a company

The Nota Simple identifies the owner or owners of the property, that is to say, the owners at that moment of time. In this step, sometimes there are surprises when, for example, a property is the result of an inheritance and the signature of all the heirs is necessary to make the purchase effective.

The Nota Simple examines to whom the property corresponds, who is its current owner or owners. It will identify the owner or owners, sometimes being able to include the fiscal identification, indicating if it has acquired it like privative or ganancial (in this case the other spouse can or not appear, although it is the most frequent thing). It will tell us how the condition of owner has been acquired (purchase-sale, inheritance, etc), which can be very relevant, giving us information about the document that was registered and by whom (generally a notary) and when it was issued.

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Legal ownership

If you are the seller of a vehicle, we advise you, for your peace of mind, to make the notification of sale of the vehicle as soon as the sale is completed. Do not wait for the buyer to complete the transfer procedure:

If you sell your vehicle to another individual, we recommend that you never hand over the vehicle without having in your hands the original contract of sale (the details of the vehicle, DNI, NIE or NIF of the buyer and seller, the purchase price and the date and time at which the contract is signed must not be missing. Do not forget that the contract must be signed by both the buyer and the seller in each of the sheets that compose it) and a photocopy of the DNI, NIF or Residence Card of the buyer. Indicate in the contract the exact time in which you deliver the vehicle: remember that the fines of the fixed radars and for not having passed the ITV will continue arriving to you as long as the change of ownership or notification of sale does not take place.

Before making the transfer or notification of sale, you must check that the vehicle is transferable: The vehicle must be registered and up to date in the payment of local taxes and penalties related to the vehicle (not with the circulation, such as speeding, parking …). The existence of a reservation of title, seizure, or a sealing order on the vehicle may entail certain limitations when transferring or notifying the sale.

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Principle of ownership

The concept of ownership may have two or three different meanings, but they ultimately refer to the same thing: the possession of that which gives us power over a specific element or object, as well as over a situation or an office.

But in addition, the idea of tenure also has to do with the official and non-temporary possession of the position. Another clear example of teaching is that of the substitute or substitute teacher who only replaces the tenured teacher for a more or less determined period of time. The tenured teacher is the official for that position. This same situation is repeated in all areas of work, and can even be observed in sports when talking about a regular or substitute player.

What is incumbency?
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