What about the acts authorised for the limited partner (LP) which do not constitute acts of management (actes de gestion) and for which it is jointly and severally liable to third parties, in a common limited partnership (CLP - société en commandite simple)? The law sheds light on a series of acts that do not fall within the category of sanctioned acts of management (actes de gestion).
The acts authorised for the LP and therefore not constituting acts of management (actes de gestion) sanctioned by law are the following:
the exercise of the prerogatives of a partner;
advice and guidance given to:
the CLP;
its affiliated entities; or
their managers;
acts of control and supervision;
granting of:
loans;
guarantees; or
security interests; or
any other assistance to :
the company; or
its affiliated entities; and
authorisations given to the managers in the cases provided for in the CLP's partnership agreement for acts which exceed their powers.
References: Article 310-3, §5 of the law of 10 August 1915 on commercial companies as amended; #354-343* Liability of the Limited Partner and Management Act - CLP/SCS XXI, May 17, 2021; #353-342* Conclusion by the LP of Transactions With the CLP Itself - CLP/SCS XX, May 12, 2021, Bertrand Mariaux.
*Podcast #355
*YouTube Video 344*
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