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

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SIMPLE PARTNERSHIP

GENERAL PARTNERSHIP

LIMITED PARTNERSHIP

APPLICABLE RULES…


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SIMPLE PARTNERSHIP

GENERAL PARTNERSHIP

LIMITED PARTNERSHIP

SIMPLE PARTNERSHIP

•General remarks

•Contributions

•Participation in profits and losses

•Management

•Representation

•Liability


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SIMPLE PARTNERSHIP

GENERAL REMARKS

• No commercial business

• No particular requirements of form for the deed of incorporation

• Amendments only unanimously


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SIMPLE PARTNERSHIP

CONTRIBUTIONS

• TANGIBLE ASSETS

• ENJOYMENT OF RIGHTS

• RECEIVABLES

• WORK


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SIMPLE PARTNERSHIP

PARTICIPATION IN PROFITS AND LOSSES

•Articles of association• limits

•Proportional

•Equally

• Leonine pact


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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.


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SIMPLE PARTNERSHIP

MANAGEMENT

• Unlimited liability = management and representative

• Jointly or severally

• Powers and duties

MEMBERS’ SUPERVISION


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SIMPLE PARTNERSHIP

REPRESENTATION

• Every managing partner

• Object

• Limits/revoke: 1396 c.c.


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SIMPLE PARTNERSHIPLIABILITY

• Partnership’s creditors partners

• Some or all partners? 2267 c.c.

• Beneficium excussionis (2268 c.c.)

• New partner?

• Partner’s creditor


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GENERAL PARTNERSHIP

•GENERAL REMARKS

•REPRESENTATION

•PROFITS AND LOSSES

•LIABILITY


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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)


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GENERAL PARTNERSHIP

REPRESENTATION

• General• Limits


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GENERAL PARTNERSHIP

PROFITS AND LOSSES

• LIMITS


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GENERAL PARTNERSHIP

LIABILITY

• Of partners: beneficium excussionis (≠ simple partnership)

• Partner’s creditor

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


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LIMITED PARTNERSHIP

•PARTNERS, MANAGEMENT AND LIABILITY

•GENERAL REMARKS


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LIMITED PARTNERSHIP

PARTNERS, MANAGEMENT AND LIABILITY


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PARTNERS HAVING UNLIMITED LIABILITY

PARTNERS HAVING LIMITED LIABILITY

LIMITED PARTNERSHIP

PARTNERS HAVING UNLIMITED LIABILITY

• Manage the partnership

• Are personally, jointly and severally liable


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LIMITED PARTNERSHIP


• Don’t manage the partnership

• Are liable only for the contributions


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LIMITED PARTNERSHIP

WHAT HAPPENS IF

• manage the partnership

or

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


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THEY HAVE UNLIMITED LIABILITY FOR ALL THE DEBTS

LIMITED PARTNERSHIP

GENERAL REMARKS

• Applicable rules of general and simple partnerships

• Sale of the quota


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PARTNERSHIPS LIMITED BY SHARES

• JOINT STOCK COMPANY


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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


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WINDING-UP

Common rules

• Managing partners > only urgent acts

• Liquidators


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TERMINATION OF THE PARTICIPATION

• DEATH

• WITHDRAWAL

• EXCLUSION


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DEATH


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ARTICLES OF ASSOCIATION LEGAL RULES

WINDING-UP CONTINUATION

PAY OFF THE QUOTA TO THE HEIRS


WITHDRAWAL


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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


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EXCLUSION

•Majority of partners

•Notification

•Possible opposition


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LIQUIDATION OF THE QUOTA

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


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• De facto partnership• Vs

• Hidden partnership• Vs

• Apparent partnership


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

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