We mentioned earlier that the limited partner (associé commanditaire) may not perform any act of management with respect to third parties in a special limited partnership (SLP - société en commandite spéciale). It is interesting to note that, as in the case of a common limited partnership (société en commandite simple), the general partner (associé commandité) is in principle jointly and severally liable for the commitments of the SLP.

If, however, a limited partner was to perform any act of management despite the prohibition set out in the foregoing principle, he would be held indefinitely, jointly and severally liable with the SLP, vis-à-vis third parties, for all the commitments of the company in which he had participated.

Finally, the limited partner will also be held jointly and severally liable with the SLP, indefinitely, vis-à-vis third parties and creditors, for commitments in which he has not participated, if he has habitually performed acts of management for the said commitments. We shall see how the concept of management act fits into the framework by addressing in particular what does not constitute a prohibited management act for the limited partner.

References: articles 320-1 (1), 320-4 § 2, 3 et 4 of the law of 10 August 1915 on commercial companies as amended ; Two Specific Features of the Limited Partner-SLP XI-#331-320*, March 24, 2021, Bertrand Mariaux ; #200-189* Qu’est-ce qu’une société en commandite spéciale ? July 7, 2020, Bertrand Mariaux.

*Podcast #332

Liability of the Limited Partner and Management Act - SLP XII *Article #332-321* *YouTube Video 321| . . . . . . . . #ImpactInvesting , #corporate , #avocat , #ServeAndThrive , #ThriveAndAccomplishYourMission , #MariauxAvocats , #MissionDriven , #MissionDrivenVenture , #alternativeinvestment , #limitedpartnership , #LP , #SpecialLimitedPartnership , #SLP , #SCSp , #sociétéencommanditespéciale, #DFI https://mariauxavocats.com/vademecum/f5xrypc59rtxbtkfggffdkzbwy49cr https://www.linkedin.com/pulse/liability-limited-partner-management-act-slp-xii-bertrand-mariaux To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum.

*YouTube Video 321*

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