Firms with female owners show differences with those formed only by men (concerning capital, the number of partners, family ties, involvement in the management of the partners, etc.).This paper analyzes the characteristics of female partners of the Spanish multi-owner firms during the period 1886-1936. Over 10% of the new firms registered had at least one female-owner, and more than half of these women were widows. Almost 70% of the women-owned business join the firm for family reasons. And another 70% of those ladies had management responsibilities. The paper aims to contribute to the literature on family business and women entrepreneurship.