Civil law. Parts I, III and IV. Business partnerships (most important)

Lecture notes, cheat sheets
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Civil law. Parts I, III and IV. Business partnerships (most important)

Lecture notes, cheat sheets

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13. ECONOMIC PARTNERSHIPS

Business partnerships - legal entities, the common feature of which is that their property is conditionally divided into shares, in which the obligations of the participants in relation to the legal entity are expressed: to receive a share from the distribution of profits; to receive a share of the value of property when a participant leaves a legal entity; to receive a share of the liquidation balance; to participate in the management of a legal entity.

Full partnership - a business partnership, the participants of which jointly and severally bear subsidiary liability for its obligations with all their property.

Limited partnership (limited partnership) - a partnership in which, along with participants carrying out entrepreneurial activities on behalf of the partnership and liable for the obligations of the partnership with their property (general partners), there are one or more participants - investors (limited partners) who bear the risk of losses associated with the activities of the partnership, within amounts of contributions made by them and do not take part in the implementation of entrepreneurial activities by the partnership.

All differences legal status partnerships and societies stem from the concept that a partnership is an association of persons, and a society is an association of capitals. Other differences.

1. Despite having legal personality, a partnership is considered a contractual and not a statutory association. The founding document of the partnership is the founding agreement.

2. Since a partnership is created for joint business activities, only entrepreneurs and commercial organizations can be its full members; there is no such restriction for companies.

3. General partners bear unlimited joint and several liability for the obligations of the partnership, unlike other participants who bear limited liability; in this regard, a person can be a general partner in only one partnership.

4. To protect the interests of creditors of business companies whose participants bear limited liability, the law more strictly regulates the issues of forming the authorized capital of the company, changing it, and maintaining the company’s assets at a level not less than the authorized capital.

5. The number of participants in a partnership is, as a rule, small, and their relationships are of a personal and fiduciary nature: decisions are made on the basis of mutual agreement, there is no system of governing bodies, and the affairs of the partnership (representative functions) are carried out by the participants themselves. The company has a system of governing bodies established by its constituent documents on the basis of law: decision-making and management of the company's affairs is carried out by its governing bodies on the basis of the powers granted to them by law and the constituent documents of the company.

6. In the legal regulation of societies, the weight of imperative norms is quite high; Partnerships are regulated mainly by dispositive rules.

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