On June 1, 2021, the LC 182/21 was sanctioned by President Jair Bolsonaro establishing the legal framework for startups and innovative entrepreneurship. Businesses or organizations that have been recently established or are in early stage operations in which innovation is applied to their business model, products or services are classified as startups. Individual entrepreneur, individual limited liability company, companies, corporations, cooperatives and simple companies are entitled to be startups, according to the criteria defined in the law. The LC 182/21 also amends the Law 6.404/76 (Corporation Law) allowing the corporations to have the Board of Officers with one or more members, among other relevant amendments. The LC 123/2006 is also amended. The LC 182/2021 was published today and it shall have full force and effects after 90 days from today. Read more