Acts Expressly Authorised for the Limited Partner (SLP/SCSp) - SLP XIII - #333-322*

In a special limited partnership (SLP - société en commandite spéciale), the principle laid down by the law is that the limited partner (LP) may not perform any management act (acte de gestion) vis-à-vis third parties. The LP is also indefinitely, jointly and severally liable, vis-à-vis third parties, for all the commitments of the company in which he has participated in contradiction to the foregoing prohibition, as stated in paragraph 3 of article 320-4 of the law of 10 August 1915 on commercial companies. Finally, the limited partner is also indefinitely, jointly and severally liable to third parties, even for commitments to which he has not been participating, if he has habitually performed acts of management with respect to them, as the law also states.

But then, how can the limited partner act without incurring liability? The actions authorised for the limited partner and therefore not constituting acts of management (actes de gestion) sanctioned by law are the following:

1. the exercise of the prerogatives of a partner;

2. advice and guidance given to:

   1. the SLP;

   2. its affiliated entities; or

   3. their managers;

3. acts of control and supervision;

4. granting of: 

   1. loans;

   2. guarantees; or

   3. security interests; or

5. any other assistance to : 

   1. the company; or

   2. its affiliated entities; and

6. authorisations given to the managers in the cases provided for in the SLP's partnership agreement for acts which exceed their powers.

References: Article 320-4, §2, 4, 5 of the law of 10 August 1915 on commercial companies as amended; De certains actes expressément autorisés pour l’associé commanditaire (SCSp) - #212-201*, 19 juillet 2020, Bertrand Mariaux.

*Podcast #333

333-322* Acts Expressly Authorised for the Limited Partner (SLP/SCSp) - SLP XIII *Article #333-322* *YouTube Video 322* . . . . . . . . #ImpactInvesting , #corporate , #avocat , #ServeAndThrive , #ThriveAndAccomplishYourMission , #MariauxAvocats , #MissionDriven , #MissionDrivenVenture , #alternativeinvestment , #limitedpartnership , #LP , #SpecialLimitedPartnership , #SLP , #SCSp , #sociétéencommanditespéciale, #DFI To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum.

*YouTube Video 322* 

333-322* Acts Expressly Authorised for the Limited Partner (SLP/SCSp) - SLP XIII*Article #333-322**Podcast #333*YouTube Video 322*To see this publication, g...

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)
Editor: Niki Shillinglaw

Liability of the Limited Partner and Management Act - SLP XII - #332-321*

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

Two Specific Features of the Limited Partner - SLP XI - #331-320*

It should be noted that the provisions applicable to the special limited partnership (SLP - société en commandite spéciale) are identical to those applicable to the common limited partnership (société en commandite simple) in this respect. 

The question of the impact of the ranking as (possible) creditor (in the event that the limited partner (LP - associé commanditaire) enters into a transaction with the SLP) - vis-à-vis the SLP of which - he is a partner is interesting.

I - The Possibility of Entering Into Transactions With the SLP and the Impact of the LP's Creditor Rank

An LP may enter into any transaction with the SLP. Its ranking as a preferred creditor status or not (unsecured creditor) - depending on the terms of the transaction - will not be affected by its LP position. The fact that an LP is an LP of the SLP has no impact in this regard. There is no conflict of interest by that fact alone. There is, however, an important limitation to the position of LP when it comes to the management of the SLP.

II - Can a Limited Partner Perform Management Acts With Regard to Third Parties?

The law is clear: an LP may not perform any act of management with respect to third parties.

References: article 320-4, §1 & 2 of the law of 10 August 1915 on commercial companies as amended; with regard to the société en commandite simple: Deux particularités de l’associé commanditaire (limited partner) (SCS) #189-178*, 27 juillet 2020, Bertrand Mariaux.

*Podcast #331

331-320*-Two Specific Features of the Limited Partner-SLP XI *Article #331-320* *YouTube Video 320* . . . . . . . . #ImpactInvesting , #corporate , #avocat , #ServeAndThrive , #ThriveAndAccomplishYourMission , #MariauxAvocats , #MissionDriven , #MissionDrivenVenture , #alternativeinvestment , #limitedpartnership , #LP , #SpecialLimitedPartnership , #SLP , #SCSp , #sociétéencommanditespéciale, #DFI https://mariauxavocats.com/vademecum/prgb5h9e8s7d6zcgjh3f4hgalxr9ew https://www.linkedin.com/pulse/two-special-features-limited-partner-slp-xi-bertrand-mariaux To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum.

*YouTube Video 320*

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

Editor: Hannah Seulgee Jung

Powers of the Managers & Delegation - SLP IX - #329-318

The principle laid down by the law is that: each manager may carry out on behalf of the company all acts necessary or useful for the achievement of the company's purpose.

The partnership agreement of the Luxembourg special limited partnership (SLP, société en commandite spéciale) may restrict the powers of the managers. However, such restrictions are not binding on third parties, even if they are published. 

The articles of association may also mention that one or more managers are entitled to represent the company alone or jointly. And in this case, this clause is binding on third parties under the conditions provided for in Title I, Chapter Vbis of the amended law of 19th December, 2002 on the register of commerce and companies and the accounting and annual accounts of undertakings.

Finally, and still on a contractual basis (in the partnership agreement), the managers of an SLP may delegate their powers to one or more agents who are only responsible for the execution of their mandate.

References: Article 320-3, paragraphs 3 and 4 of the law of 10 August 1915 on commercial companies; #208-197* Les pouvoirs des gérants et la délégation (SCSp), 15 juillet 2020, Bertrand Mariaux.

*Podcast #329

Powers of the Managers & Delegation - SLP-IX #329-318* *Article #329-318* *YouTube Video 318* . . . . . . . . #ImpactInvesting , #corporate , #avocat , #ServeAndThrive , #ThriveAndAccomplishYourMission , #MariauxAvocats , #MissionDriven , #MissionDrivenVenture , #alternativeinvestment , #limitedpartnership , #LP , #SpecialLimitedPartnership , #SLP , #SCSp , #sociétéencommanditespéciale, #DFI https://mariauxavocats.com/vademecum/hywycpm7r69m5nmsmns77zc6jrnmpr https://www.linkedin.com/pulse/powers-managers-delegation-slpscsp-slp-ix-329-318-bertrand-mariaux To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum.

*YouTube Video 318*

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

Editor: Nikolai Shillinglaw

The Liability of the Managers of an SLP (Excl. GP) - SLP VIII - #328-317

It is interesting to remember that general partners (GPs - associés commandités) have unlimited, joint and several liability for all obligations incurred by the special limited partnership (SLP - société en commandite spéciale). What about the liability of managers who are not GPs? In this case, general law (droit commun) provisions apply. This implies that these managers are liable to the SLP for the execution of the mandate they have received and for any faults committed in the course of their management.

Joint & Several Liability Towards Third Parties and Towards the Company for Breaches of the Law as well as the Partnership Agreement

The aforementioned managers are jointly and severally liable either:

1. towards the company;

2. towards any third party;

for any damage resulting from infringements of: 

1. the law of 10 August 1915 on commercial companies as amended; or 

2. the limited partnership agreement.

Release From Liability 

The said managers are discharged from liability for offences in which they did not take part under two cumulative conditions: 

1. if no fault is attributable to them; and

2. if they have reported such offences to the management board and the nearest general meeting of shareholders following the commission of the offence(s).

References: Articles 320-3 §2, 320-1 (1) and 441-9 of the law of 10 August 1915 on commercial companies as amended; #207-196* La responsabilité des gérants d’une SCSp (hors associé commandité), 13 juillet 2020, Bertrand Mariaux; the common limited partnership (société en commandite simple - SCS) is subject to the same rules as those mentioned in this article - in this respect, see publication : La responsabilité des gérants de la SCS (hors associés commandités) #185-174*, 22 juin 2020, Bertrand Mariaux.

*Podcast #328

The Liability of the Managers of an SLP (Excl. GP)-SLP-VIII *Article #328-317* *YouTube Video 317* . . . . . . . . #ImpactInvesting , #corporate , #avocat , #ServeAndThrive , #ThriveAndAccomplishYourMission , #MariauxAvocats , #MissionDriven , #MissionDrivenVenture , #alternativeinvestment , #limitedpartnership , #LP , #SpecialLimitedPartnership , #SLP , #SCSp , #sociétéencommanditespéciale, #DFI https://mariauxavocats.com/vademecum/mcjzl8thhl7wd9wd6bynysxzarmanx https://www.linkedin.com/pulse/liability-managers-slp-excl-gp-slp-viii-bertrand-mariaux To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum.

*YouTube Video 317* 

328-317-The Liability of the Managers of an SLP (Excl. GP)-SLP-VIII*Article #328-317*: https://mariauxavocats.com/vademecum/mcjzl8thhl7wd9wd6bynysxzarmanx *...

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

Editor: Nikolai Shillinglaw

Management of an SLP/SCSp - Introduction - SLP VII - #327-316*

As in the case of a Luxembourg common limited partnership (CLP, société en commandite simple), the management of a Luxembourg special limited partnership (SLP, société en commandite spéciale) belongs to one or more managers, whether general partners (associés commandités) or not. As in the case of a CLP, the managers of the SLP are appointed in accordance with the provisions of the partnership agreement. 

Managers who are not general partners are liable to the SLP, in accordance with general law provisions (droit commun), for the mandate they have received and for any faults committed under their management. 

References: Article 320-3, § 1, 2 and 441-9, § 1 of the law of 10 August 1915 on commercial companies as amended; #206-195* La gérance d’une SCSp - Introduction, 13 juillet 2020, Bertrand Mariaux; and by way of comparison (the same rules) to CLPs in this matter: La gérance des SCS - introduction #184-173*, 21 juin 2020, Bertrand Mariaux.

*Podcast #327

Management of an SLP / SCSp - Introduction-VII *Article #327-316* *YouTube Video 316* . . . . . . . . #ImpactInvesting , #corporate , #avocat , #ServeAndThrive , #ThriveAndAccomplishYourMission , #MariauxAvocats , #MissionDriven , #MissionDrivenVenture , #alternativeinvestment , #limitedpartnership , #LP , #SpecialLimitedPartnership , #SLP , #SCSp , #sociétéencommanditespéciale, #DFI https://www.linkedin.com/pulse/management-slp-scsp-introduction-vii-bertrand-mariaux To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum.

*YouTube Video 316*

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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

How may an SLP be declared void? - SLP VI - #326-315*

This question is interesting in order to determine what has to be included in the limited partnership agreement of a special limited partnership (SLP - or société en commandite spéciale, SCSp). Let’s see how we may avoid taking any risk in this respect.

An SLP may only be declared void:

1. if the constitutive document does not contain any indication as to: 

   1. the denomination of the partnership; or

   2. its corporate purpose.

2. if the corporate purpose is:

   1. unlawful; or

   2. contrary to public policy (ordre public);

3. if the partnership does not include at a minimum - validly committed and distinct from each other ; 

   1. a general partner (associé commandité); and

   2. a limited partner (associé commanditaire).

References: Article 320-1 (8) of the law of 10 August 1915 on commercial companies as amended; Les cas de nullité d’une SCSp - #205-194*, 12 juillet 2020, Bertrand Mariaux ; #325-314*Domicile and presumption of central administration - SLP/SCSp V, February 10, 2021, Bertrand Mariaux.

*Podcast #326

How may an SLP be declared void? #326-315* *Article #326-315* *YouTube Video 315* . . . . . . . . #ImpactInvesting , #corporate , #avocat , #ServeAndThrive , #ThriveAndAccomplishYourMission , #MariauxAvocats , #MissionDriven , #MissionDrivenVenture , #alternativeinvestment , #limitedpartnership , #LP , #SpecialLimitedPartnership , #SLP , #SCSp , #sociétéencommanditespéciale, #DFI https://www.linkedin.com/pulse/vi-how-may-slp-declared-void-bertrand-mariaux To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum.

*YouTube Video 315*

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

Editor: Nikolai Shillinglaw

What shall the register of a special limited partnership include? - SLP IV - #324-313*

The law states that a special limited partnership (SLP - or société en commandite spéciale - SCSp) must keep a register. What shall this register contain? The register of an SLP shall include the following items:

1. A complete and true copy of an up-to-date version (“copie intégrale et conforme”) of the partnership agreement;

2. A list of all partners, including:

   1. for natural persons:

      1. their surname; 

      2. their first name; 

      3. their profession; and 

      4. their private or professional address; 

   2. for partners who are legal entities:

      1. their company name;

      2. their legal form;

      3. their precise address;

      4. their registration number in the trade and companies register (if the legislation to which the company is subject provides for such a number);

   3. the partnership interest held by each partner;

3. A record of all transfers of issued partnership interests as well as: 

   1. the date of notification; or 

   2. acceptance of such transfers.

References: Article 320-1 (6) of the law of 10 August 1915 on commercial companies as amended; #323-SLP/SCSp-ii/III - Some of the particularities of the partners, January 26, 2021, Bertrand Mariaux; #203-192* Que doit contenir le registre d’une société en commandite spéciale ?, July 10, 2020, Bertrand Mariaux.

*Podcast #324:

What shall the register of a special limited partnership include? - SLP/SCSp IV - #324-313* *Article #324-313* *YouTube Video 313* . . . . . . #ImpactInvesting , #corporate , #avocat , #ServeAndThrive , #ThriveAndAccomplishYourMission , #MariauxAvocats , #MissionDriven , #MissionDrivenVenture , #alternativeinvestment , #limitedpartnership , #LP , #SpecialLimitedPartnership , #SLP , #SCSp To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum.

*YouTube Video 313*:

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

Editor: Nikolai Shillinglaw

Some of the particularities of the partners - SLP III - #323-312*

In our recent publication defining the special limited partnership (SLP - or société en commandite spéciale, SCSp), we referred to the fact that the SLP is a contractual partnership between two types of partners: the limited partner (associé commanditaire) on the one hand and the general partner (associé commandité) on the other.

In keeping with its contractual nature, the SLP may, unless otherwise provided for in the partnership agreement, have a general partner who is also a limited partner. This is only possible if the SLP has at least one limited partner and one general partner who are legally separate from each other.

We will also see that every SLP must keep a register and that, within the limits of the partnership agreement, any partner may consult it.

References: article 320-1 (5) and 320-1 (6) - last sentence - of the law of 10 August 1915 on commercial companies as amended; What is a special limited partnership? (#321-310*), Bertrand Mariaux; #202-191* De certaines particularités des associés (SCSp).

*Podcast #323:

Some of the particularities of the partners - SLP - #323 *Article #323-312* *YouTube Video 312* . . . . . . . . #ImpactInvesting , #corporate , #avocat , #ServeAndThrive , #ThriveAndAccomplishYourMission , #MariauxAvocats , #MissionDriven , #MissionDrivenVenture , #alternativeinvestment , #limitedpartnership , #LP , #SpecialLimitedPartnership , #SLP , #SCSp To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum.

*YouTube Video 312*:

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

What Is a Special Limited Partnership ? (Société en Commandite Spéciale) - SPL I - #321-310*

A special limited partnership (SLP) or société en commandite spéciale (SCSp - in French) is one of the limited partnerships under Luxembourg law.

The SLP is formed by a partnership agreement which provides for the terms and conditions of the company. The SLP agreement is entered into, for a limited or unlimited duration, by: 

• one or more general partners (associés commandités) with unlimited, joint and several liability for the commitments of the partnership, with 

• one or more limited partners (associés commanditaires) who commit only a predetermined amount of partnership interests, whether or not represented by securities, in accordance with the terms and conditions provided for in the partnership agreement.

References: Article 320-1 (1) of the law of 10 August 1915 on commercial companies as amended; Qu’est-ce qu’une société en commandite spéciale ? July 7, 2020, Bertrand Mariaux.

*Podcast #321

What Is a Special Limited Partnership (Société en Commandite Spéciale) - #321-310* *Article #321-310* *YouTube Video 310* . . . . . . . .

*YouTube Video 310*

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

Editor: Hannah Seulgee Jung