Some considerations on the general partnership

Ana-Maria Lupulescu ()
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Ana-Maria Lupulescu: Department of Law, Bucharest University of Economic Studies, Romania

Juridical Tribune - Review of Comparative and International Law, 2017, vol. 7, issue 2, 6-16

Abstract: The general partnership is the prototype of company of persons, since it is set up and functions based on the personal qualities of the associates, who know each other and trust each other, reason for which they agree to be unlimitedly and jointly bound for the obligations of the company they set up. Although this legal form of company is not very widespread in practice, which is undoubtedly explained by the risk determined by the unlimited and joint liability of the associates, the general partnership still presents some unquestionable advantages, worth to be emphasized, starting from the simplicity of the rules concerning its setting up and functioning, or the possibility of its creation even in the absence of initial contributions of significant value. Moreover, the continuity of the associates' options for this legal form of company demonstrates that it is not totally obsolete and lacking in practical interest, but it has successfully survived the passage of time, also considering the fact that its legal regulation has not changed significantly over the years. Within this context, we consider that an analysis of this form of company, even though is not intended as exhaustive, but highlights particular significant aspects that underline its juridical specificity, may appear important and particularly useful, both for analysts in law and practitioners.

Keywords: general partnership; specific aspects; companies of persons; unlimited and joint liability (search for similar items in EconPapers)
JEL-codes: K22 (search for similar items in EconPapers)
Date: 2017
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