A partnership en commandite (or limited
partnership) operates under a partnership name and has its obligations
guaranteed by the unlimited and joint and several liability of one or
more partners, called general partners, and by the liability, limited to
the amount, if any, unpaid on the contribution, of one or more partners,
called limited partners.
At least one of the general partners shall be either an individual or a
body corporate which has its obligations guaranteed by the unlimited and
joint and several liability of one or more of its members.
The administration and representation of the partnership en commandite
is vested in the general partner(s), and unless the deed of
partnership otherwise provides, such administration and representation
shall vest in each of the general partners severally. A limited partner
cannot take part in the management of a partnership en commandite.
The capital of a partnership en commandite may be divided into