SIMPLE, GENERAL, LIMITED PARTNERSHIPS€¦ · THEY HAVE UNLIMITED LIABILITY FOR ALL THE DEBTS....

SIMPLE, GENERAL, LIMITED PARTNERSHIPS

General remarks

• No “corporate” model

• Liability of members

• Every member having unlimited liability is director and has the powerof legal representation

• Unanimous consent to amendments

AA 2019/2020 - Italian and European Company Law -dott. Giulia Gabassi

SIMPLE PARTNERSHIP

GENERAL PARTNERSHIP

LIMITED PARTNERSHIP

APPLICABLE RULES…

SIMPLE PARTNERSHIP

GENERAL PARTNERSHIP

LIMITED PARTNERSHIP

SIMPLE PARTNERSHIP

•General remarks

•Contributions

•Participation in profits and losses

•Management

•Representation

•Liability

SIMPLE PARTNERSHIP

GENERAL REMARKS

• No commercial business

• No particular requirements of form for the deed of incorporation

• Amendments only unanimously

SIMPLE PARTNERSHIP

CONTRIBUTIONS

• TANGIBLE ASSETS

• ENJOYMENT OF RIGHTS

• RECEIVABLES

• WORK

SIMPLE PARTNERSHIP

PARTICIPATION IN PROFITS AND LOSSES

•Articles of association• limits

•Proportional

•Equally

• Leonine pact

SIMPLE PARTNERSHIP

MANAGEMENTArt. 2257 - Amministrazione disgiuntiva. (testo riformato dal d.lgs.

N. 14 del 2019)[I]. La gestione dell'impresa si svolge nel rispetto della disposizionedi cui all'articolo 2086, secondo comma, e spetta esclusivamenteagli amministratori, i quali compiono le operazioni necessarieper l'attuazione dell'oggetto sociale. Salvo diversa pattuizione,l'amministrazione della società spetta a ciascuno dei socidisgiuntamente dagli altri.

[II]. Se l'amministrazione spetta disgiuntamente a più soci, ciascunsocio amministratore ha diritto di opporsi all'operazione che unaltro voglia compiere, prima che sia compiuta.

[III]. La maggioranza dei soci, determinata secondo la parteattribuita a ciascun socio negli utili, decide sull'opposizione.

SIMPLE PARTNERSHIP

MANAGEMENT

• Unlimited liability = management and representative

• Jointly or severally

• Powers and duties

MEMBERS’ SUPERVISION

SIMPLE PARTNERSHIP

REPRESENTATION

• Every managing partner

• Object

• Limits/revoke: 1396 c.c.

SIMPLE PARTNERSHIPLIABILITY

• Partnership’s creditors partners

• Some or all partners? 2267 c.c.

• Beneficium excussionis (2268 c.c.)

• New partner?

• Partner’s creditor

GENERAL PARTNERSHIP

•GENERAL REMARKS

•REPRESENTATION

•PROFITS AND LOSSES

•LIABILITY

GENERAL PARTNERSHIP

GENERAL REMARKS

• Rules of SIMPLE PARTNERSHIP are applicable

• Entry in the Business Register• what happens if not…? 2297 C.C.

• Article of incorporation

• Non-compete obligation (2301)

GENERAL PARTNERSHIP

REPRESENTATION

• General• Limits

GENERAL PARTNERSHIP

PROFITS AND LOSSES

• LIMITS

GENERAL PARTNERSHIP

LIABILITY

• Of partners: beneficium excussionis (≠ simple partnership)

• Partner’s creditor

• NO ENTRY IN THE BUSINESS REGISTER: general partnership “irregular” consequences?

LIMITED PARTNERSHIP

•PARTNERS, MANAGEMENT AND LIABILITY

•GENERAL REMARKS

LIMITED PARTNERSHIP

PARTNERS, MANAGEMENT AND LIABILITY

PARTNERS HAVING UNLIMITED LIABILITY

PARTNERS HAVING LIMITED LIABILITY

LIMITED PARTNERSHIP

PARTNERS HAVING UNLIMITED LIABILITY

• Manage the partnership

• Are personally, jointly and severally liable

LIMITED PARTNERSHIP

• Don’t manage the partnership

• Are liable only for the contributions

LIMITED PARTNERSHIP

WHAT HAPPENS IF

• manage the partnership

• let their name been filed in the partnership’s name?

THEY HAVE UNLIMITED LIABILITY FOR ALL THE DEBTS

LIMITED PARTNERSHIP

GENERAL REMARKS

• Applicable rules of general and simple partnerships

• Sale of the quota

PARTNERSHIPS LIMITED BY SHARES

• JOINT STOCK COMPANY

WINDING-UP

CAUSES

• Term expiry

• The purpose of the partnership is realised or there is the ascertainedimpossibility of its realisation

• Decision of the partners

• Sole partner (or category if limited partnership)

• Causes in articles of association

• Bankrupticy

WINDING-UP

Common rules

• Managing partners > only urgent acts

• Liquidators

TERMINATION OF THE PARTICIPATION

• DEATH

• WITHDRAWAL

• EXCLUSION

ARTICLES OF ASSOCIATION LEGAL RULES

WINDING-UP CONTINUATION

PAY OFF THE QUOTA TO THE HEIRS

WITHDRAWAL

UNLIMITED TERM (OF THE PARTNERSHIP) LIMITED TERM

3 MONTHS NOTICE ONLY IF JUST CAUSE

EXCLUSION

• Failure to fulfill obligations

• Disqualified/ debarred

• Contributions impossible

• Bankrupt declaration

• The creditors have obtained the liquidation

EXCLUSION

•Majority of partners

•Notification

•Possible opposition

LIQUIDATION OF THE QUOTA

• Determined on the basis of the financial situation of the partnership on the winding up date

• De facto partnership• Vs

• Hidden partnership• Vs

• Apparent partnership

SIMPLE, GENERAL, LIMITED PARTNERSHIPS€¦ · THEY HAVE UNLIMITED LIABILITY FOR ALL THE DEBTS....

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