Commandite, Partnerships En - Definition - Law Dictionary Home Dictionary Definition commandite-partnerships-en

Definition :

Commandite, Partnerships en, partnerships in France which are limited, where the contract is between one or more persons, who are general partners, and jointly and severally responsible, and one or more other persons, who merely furnish a particular fund or capital stock, and thence are called commanditaries or commenditaries, or partners en commandite.-'The salient features of that system in its simplest form are these: There is a managing partner, who manages the affairs of the partnership and is under unlimited liability to creditors, and there is a sleeping partner, who contributes, or agrees to contribute, capital of specified amount for the purposes of the partnership. His liability is limited to the amount of his capital, and he is not allowed to take part in the management of the business. Particulars are registered. Sometimes there are several managing partners and several sleeping partners.' See Pollock on Partnership, 9th Edn. P. 207; Code of Commerce of France, arts. 23, 24; Pothier tr. De la Societe, n. 60, 102. These partnerships are allowed in several of the states of America, 3 Kent's Com. 35. See LIMITED PARTNERSHIP.