limited liability partnership (Kommanditgesellschaft)

A German limited liability partnership (Kommanditgesellschaft, KG) is a parternship, the purpose of which is aimed at operation of a commercial trade under a joint corporate name. At least, one partner, the general partner (Komplementär), is personally liable without limitation; however, if the general partner is a limited liability corporation (GmbH) - in this case it is generally referred to the KG as "GmbH & Co KG", the liability is limited to the capital of the limited liability company. The liability of the limited partners (Kommanditisten) is limited to their respective share of the partnership capital. The German limited liability partnership must be entered in the commercial register (Handelsregister). Upon the death of a genral partner, the partnership is continued with the remaining general partner unless it was agreed in the partnership agreement that the partnership ends. § 131 Abs. 3 Satz 1 Nr. 1 HGB. Upon the death of a limited partner, the partnership is, in the absence of any agreement to the contrary, continued with his heirs. § 177 HGB. The death of a gneral or limited partner and the entry of his/her heirs into the company must be registered in the  commercial register. See § 161 (2), § 143 (2), § 107 HGB.


Rate this description
 
 
 
 
 
 
 
2 Rates (100 %)
Rate
 
 
 
 
 
 
1
5
5
 

Glossary

Please select a letter in the character list and then select the desired expression in the left column.