The Possibility for a Limited Partner to Act in the Management of an SLP - SLP XIV - #334-323*
In our previous publications we stated that in a special limited partnership (SLP - société en commandite spéciale) one of the specific attributes of the limited partner (LP) is that he is prohibited from performing acts of management with respect to third parties.
If he were to disregard this prohibition, the LP would be held indefinitely, jointly and severally liable to third parties for all the company's commitments in which he had participated.
However, it will be possible for an LP:
to act as a member of a management body; or
to act as a proxy for a manager of the SLP (a manager who may also be general partner as well); or
to be granted a corporate signature power by the latter even when acting as a representative of the company.
The LP will be able to act in this manner without incurring joint and several liability vis-à-vis third parties for the company's commitments, provided that the representative capacity in which he is acting is indicated, as required by law.
References: Article 320-4, §6 of the law of 10 August 1915 on commercial companies as amended; #213-202* De la possibilité pour un associé commanditaire d’agir dans la gestion d’une SCSp, 20 juillet 2020, Bertrand Mariaux; #331-320*-Two Specific Features of the Limited Partner-SLP XI-March 24, 2021, Bertrand Mariaux; #328-317-The Liability of the Managers of an SLP (Excl. GP)-SLP-VIII, March 3, 2021, Bertrand Mariaux; #211-200* Responsabilité de l’associé commanditaire (limited partner) et acte de gestion (SCSp), 18 juillet 2020, Bertrand Mariaux; #210-199* Deux particularités de l’associé commanditaire (limited partner) - SCSp, 17 juillet 2020, Bertrand Mariaux.
*Podcast #334
*YouTube Video 323*
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