Succinctly, as the law states, a common limited partnership (CLP - société en commandite simple) is a contract between one or more general partners (GP(s)) with one or more limited partners (LP(s)).

The GP(s) (associé(s) commandité(s))

The GP(s) is/are indefinitely, jointly and severally liable for the partnership's commitments.

The LP(s) (associé(s) commanditaire(s))

The LP(s) only commit(s) a certain amount, constituting partnership interests, which may or may not be represented by instruments in accordance with the terms of the partnership agreement.

References: Article 310-1(1) of the law of 10 August 1915 on commercial companies as amended; Mentions obligatoires des statuts - SNC, SCS & sociétés civiles #113-102*, April 11, 2020, Bertrand Mariaux Avocats.

*Podcast #344

*YouTube Video 333*

Bertrand Mariaux, Avocat à la Cour, LL.M. (hons.)

Prestation de serment (Swearing-in oath): Luxembourg (2011), Certificat d’Aptitude à la Profession d’Avocat, École de Formation professionnelle des Barreaux de la Cour d’appel de Paris (2009), Bond University (LL.M. (distinct.), International Legal Practice, 2010), Université Sorbonne Paris Nord & University of Limerick (Master in European & International Law - major in economics, 2008), certified Expert in Microfinance (Frankfurt School of Finance & Management, 2015), social entrepreneurship (University of Oxford, 2015 & The Wharton School of Social Policy & Practice, 2014) and social & solidarity economy (International Labour Organization Academy - Social & Solidarity Economy, Organisation Internationale du Travail - Économie Sociale et Solidaire, 2017)

Contributor: Cédric Buisine, Avocat