The day-to-day management
The day-to-day management of a German partnership is reserved to the general
partners, that is, to those with unlimited liability. These may, as a body, appoint
an employed manager to act on their behalf, although they still carry the
responsibility to the limited partners for the successful management of the
business.
The limited partners have rights to meet and to be consulted on
matters of overall importance including business policy decisions; in most
cases these rights are specified in detail in the partnership agreement.
Where all the partners in a general partnership are themselves limited companies,
the abbreviation oHG is replaced by GmbH & Co. Or AG & Co. A limited
partnership where all the general partners themselves have limited liability
is referred to as a GmbH & Co. KG or an AG & Co. KG. These abbreviations,
however, merely indicate that there is no ultimate unlimited liability for the
partnership’s debts and obligations; they are not different legal forms. By far
the most common form of limited partnership is the GmbH & Co. KG.
EU Forecast
euf:ba18e:69/nws-01