Limited Partnership in Poland
Under Polish Law limited partnership Is a form of partnership without any restrictions on availability to foreigners.
Limited partnership doesn’t have a legal personality, but it does have a legal capacity instead. In fact it may acquire rights in its own name as well as sue or be sued.
To establish limited partnership the deed of partnership should be executed in notary form and later registered in the National Court Register. There are no capital requirement for establishing this type of company.
Liability is divided in limited partnership, there should be at least one general partner present who is fully liable for all debts and obligations of the company, additionally there may limited partners present who are liable only up to height of particular quota. In the event a limited partner is present in the name of the limited partnership his liability for the debts and obligations is not limited. In addition limited partner is fully liable for an obligation or debt which arose from a legal action he undertook without disclosing his power of attorney or while acting beyond the authorization.
The limited partnership is represented by general partner, a limited partner on basis of power of attorney or by an appointed proxy.
Limited partnership is an interesting type of company especially in more advanced forms where a limited liability company is a general partner. Even in its most basic forms it is actually quite a complex type of company which requires legal assistance in relation to establishment because of multiple opportunities this form of company offers with regard to liability or taxation.