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LIMITED PARTNERSHIP – KOMANDITNÍ SPOLEČNOST

Basic information about the legal title of limited partnership.
A limited Partnership is a combination of both a personal and capital company. Some partners (unlimited partners, or “komplementář” in Czech) are liable for the company with all their property, whereas some partners (limited partners, or “komanditista” in Czech) are liable for the company only for the value of their unpaid contribution.

Legal regulation
Legal regulation of a limited partnership is embedded in the Commercial Code. The common base for all trading companies is in § 56 and consecutive. The particular definition of a limited partnership is determined in § 93 and consecutive.   

Trading company
The trading company of a limited partnership has the attribution of „komanditní společnost,“ which can be replacing by the abbreviation „kom. spol.“ or „k.s.“. When the name of trading company includes the name of a limited partner, this limited partner is liable for the company as a unlimited partner (§ 95, Commercial Code). The trading company must also fulfill general requirements, especially the one that the trading name cannot be commutable with the company of another entrepreneur and cannot act delusively. It is not enough to have a different addendum indicate legal title to differentiate (§ 10, Commercial Code).

Basic capital
A limited partner is required to contribute a share in the company’s fixed capital in an amount determined in the articles of partnership, which can be no less than CZK 5000.  The share is required to be paid within a period agreed upon in the articles of partnership or without unnecessary delay after the inception of the company, or if needed after the partner’s par­ticipation in the company.

Statutory body
Only unlimited partners are authorized to business representation for the company.

Non compete
The non-compete rule applies only to unlimited partners, unless stipulated differently in the articles of the partnership.

Advantages

  • No basic capital needed
  • Non-compete does not apply to limited partners 
  • Disadvantages
  • Unlimited partners are liable for the company with all their property
  • Limited partners are not authorized to business representation for the company

How to establisch a Limited Partnership in ten steps see here.