Overview:

• This partnership may be established by at least two natural or legal persons or organizational units without legal personality to which legal capacity based on a separate act was granted.
• LP has no legal personality. Nevertheless, it has a legal capacity and may in its own name acquire rights, incur liabilities, sue or be sued.
• There is no requirement as to the minimum amount of the nominal capital.
• LP is represented by the general partners who were not deprived of the right to represent the partnership under a memorandum of association or by a valid court decision.
• A limited partner may represent the partnership only as a plenipotentiary.
• LP may be also represented by a holder of commercial power of attorney.

Liability:

• The partnership bears unlimited liability for its obligations up to the full value of all of its assets.

The scope of the partner’s liability:

a) in case of a general partner – with all his assets,

b) in case of a limited partner – up to the amount of limited liability amount, whereas he is

free from the liability within the contribution made to the partnership.