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50C H A P T E R I I Iabove-mentioned companies, except for the cooperative which, due to its nature, isgoverned by a special law.The above-mentioned companies are considered Mexican, since they are incorporatedin Mexico under Mexican law, regardless of the nationality of their partners orshareholders or the source of their capital. It is important to note that the LGSM allowsgeneral partnerships, limited liability partnerships, limited liability companies, stockcorporations, and limited liability stock partnerships to be formed as variable capitalcompanies. As such they have a fixed minimum capital that cannot be less than thelegal minimum and a variable capital that can be increased by subsequent contributionsof the partners/shareholders or by the admission of new partners/shareholders anddecreased as the result of a partial or total withdrawal of contributions with a minimumof formalities.The business entities regulated by the LGSM can be divided into two large groups:partnerships and stock companies. In partnerships, the personal characteristics of thepartners are taken into account and, therefore, the inclusion or exclusion of partners,or the exercise of the right of withdrawal of a partner, are treated or regulated in a specialmanner. Furthermore, these types of companies are intuitu personae and the numberof partners is limited. Partnerships recognized or regulated by the LGSM are thegeneral partnership, the limited liability partnership, the limited liability stock partnership,and the cooperative. Stock companies are those for which investment of largesums of capital is required and therefore, regardless of the personal characteristics of theshareholders, they are invited to invest in the business through the contribution of capital.The stock company par excellence regulated by the LGSM is the stock corporation(sociedad anónima).Above we have referred to partnerships and stock companies and we have specifiedfive of the six types of companies that the LGSM regulates, deliberately excluding referenceto the limited liability company (sociedad de responsabilidad limitada), is neither apure partnership nor a pure stock corporation, but rather mixed, its existence and regulationhaving characteristics of both types of companies: intuitu personae elements of thepartners and elements of stock companies.The types of business entities most common in Mexican law are, based on the numberof companies formed, first, the stock corporations, and next the limited liabilitycompanies. This is due to the fact that both the shareholders in a stock corporation andthe partners in a limited liability company have limited liability before the companyand third parties. The liability of the partners or shareholders in either a limited liabilitycompany or a stock corporation is limited to the amount of the contributions madeby the partners or shareholders to the capital of the company, while the liability of the partnersin partnerships is unlimited, joint and secondary, and therefore the assets of thepartners could be affected.