Gun Control Crime
Thursday, May 7, 2009 11:50
Panama – US unite against Crime
The implementation of the Merida Initiative signals the joint efforts of Panama and the United States in fighting regional crime, with specific emphasis on combating organized crime, gang violence as well as narcotic and firearm trafficking. The primary allocation of over $2 million provided by the United States will be implemented in Panama’s participation in the Central American fingerprint exchange, better prison management, improved policing and equipment and the Central American Sensitive Investigative Units.
The Merida Initiative is a cooperative agreement which was announced in October of 2007 and came into effect on June 30, 2008. This was originally implemented with the United States and Mexico and subsequent Central American countries including Panama, Belize, Costa Rica, Guatemala, El Salvador, Honduras and Nicaragua.
Limited Liability Companies enjoy more flexible legal framework.
The Limited Liability Companies will enjoy a more flexible governance due to the repealing of Act 24 from 1966, with a new more internationally aligned law that came into effect on January 4th 2009. The main issues that are relevant include:
Companies can use a different name than that of the partners;
The companies can engage in civil and commercial activities;
Partners in the company can consist of between 2 and 20 partners;
Partners may consist of both individuals and / or legal entities; and
Social capital limits lifted from $500,000 to no limits.
The promulgation of the new law is hailed as making the company regulations more aligned in terms of international standards and offers great flexibility in setting up and managing the Limited Liability Company.
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