Limited societies are the corporate structures most used by entrepreneurs as their constitution is one of the fastest and easiest. They only require a minimum capital of 3,000 euros. The liability of members is limited to the capital of the Constitution and has no obligation to audit. But, although the partners do not respond personally to debts, the capital being divided into shares always raises some doubts about responsibility.

In refining business Consulting we can help you to solve the main efforts on the responsibility of partner and other issues that may concern you. If you also need information on how to form a company you can click on this link.

What commitments do the partners of a limited partnership acquire?

The limited company is one of the most recommended legal figures for small and medium businesses, especially because it has a structure that protects the members. Because they are not personally responsible for the obligations or commitments that the company acquires.

In a limited capitalist society the risk of the partners is limited to the disbursed capital. This is a real advantage, because if the company will fail only lose the amount invested.

Basic characteristics of limited partnerships with respect to partners

• Minimum number of member is one and there is no limit to establish a maximum. Although if it is only a partner, we are talking about a one-person limited partnership.
• Partners may be natural persons as legal entities
• The responsibility of the partners is limited to the capital contributed.
• Partners do not respond to debts with their own personal assets.

Commitments acquired by partners of a limited company

In most countries, limited societies have a number of commitments to partners from the outset. For example they cannot enter any new partners without the permission of the others. Although the most important commitment is given at the time of the departure of a partner. If a partner wants to retire by selling his or her share, he/she must submit to an assembly to negotiate. Then the principal commitment of a partner is to preserve the interests of the other partners.

Exceptions where debts may fall into partners of a limited company

On the other hand, despite the fact that in this type of company, the debts cannot be claimed to the members, some exceptions should be taken into account in specific cases such as the following.

• Irregular society. They are companies that have not come to register in the Mercantile register. Debts could fall on the partners.
• Reality of the contributions made. In the event that the disbursed capital is the property of which it is proved to have been overvalued. The partner will have the commitment to access the amount falsely disbursed
• Capital reduction. If there is a reduction in capital, the partner who recovers your contribution or part of it. You will be responsible for the debts that have occurred as a result of that reduction in the next 5 years.
• Separation of the partner. If a partner wants to leave the company, it will have responsibility for the debts that occur as a result of it since the recovery of the capital until the next five years.

Settlement. After the liquidation of a company and the reimbursement of amounts to each one of the partners. They will continue to be responsible for the appearance of debts, although the limit will be the settlement figure.
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