We explain what a collective society is and the structure of its administration. Also, examples and what is a limited partnership.
What is a partnership?
At commercial law, a collective partnership is understood to be one of the existing commercial partnership modes, that is, an external partnership (which acts as a person other than its partners) that carries out commercial or civil activities under the same name or business name. In other words, it is a form of commercial grouping.
Being a direct descendant of the commercial companies originating in the Middle AgesIt is one of the oldest corporate forms that exist. It is usually given as a continuation of the inheritance from a merchant, and even as an extension of a family business.
The collective society has as its main and distinctive feature a responsibility unlimited before the debt, that is, in case of not being able to cover their debts even due to the liquidation of their assets, bankruptcy cases, suspension of payments, among others, the partners of the same will have to take charge of the payment to the creditors . In the latter it is distinguished from other ways such asanonymous society wavelimited liability company.
On the other hand, the administration of this type of society can occur from a structural point of view, as follows:
- Legal. Any partner of the same will be the administrator, whose action must be agreed upon plurally. East method is imposed when the statutes do not say anything about the management of the society.
- Privative. The company has an express administrator, appointed by an express agreement or by the company statutes, and said responsibility will not be transferable without the signing of another agreement.
- Not exclusive. The figure of one or more possible administrators is established by agreement or contract, but said position will not be linked to the individual, but may be occupied by others, according to the instructions of the partners.
Examples of partnership
Possible examples of partnerships are law firms, architectural firms, economists, or auditors, if not medical groups; collective organizations in which the prestige of their members and the trust they arouse is key to obtaining new customers.
Limited partnership
A limited partnership or limited partnership is, on the other hand, a type of partnership of a personal nature, which at the same time presents general partners who are unlimitedly liable to the debts contracted and participate in the management of the company; and limited partners that do not take part in the management but neither in the responsibilities that exceed the capital Strictly committed to the limited partnership.