PARTNERS’ OF A LIMITED PARTNERSHIP LEGAL POSITION

Abstract

The main purpose of this article is to present the role and position of partners in a limited partnership. The growing interest in choosing this organizational and legal form is due to its specificity. A limited partnership allows shaping the rights and obligations of the company’s partners, who are divided into two groups: general partners and limited partners. The reason for different legal nature of these entities who are relative to each other should be noticed. Furthermore their liability for the company’s liabilities is shaped differently, as well as the issue of running company’s affairs and its representation. Currently a common type of limited partnership called Limited Liability Limited Partnerships (LLLP), wherein Limited Liability Company as a legal person becomes the general partner. This legal solution is beneficial for its partners. In doctrine is considered as an atypical legal company.