The partnership is the only company form without legal personality and is, in fact, an agreement between two or more persons. In partnership agreements, the partners undertake to contribute to the community, having the aim of paying a(n) direct/indirect pecuniary advantage. No minimum capital is required, but by the contributions made by the partners, the partnership has, nevertheless, a capital which belongs in collective ownership to the partners.
The partners of a partnership are severally and unlimitedly liable to the extent of their private capital for the debts of the company.
The partnership is incorporated through an agreement among the partners. The incorporation of a partnership can be done both without and with an authentic deed. The articles of association of the partnership need not be published.
A partnership can be managed by one or more business managers. They can be the partners themselves, as well as third parties to whom the management is assigned. The business managers can be appointed in the formation agreement or by a later resolution passed by the partners.
Unless other arrangements are made, the company is managed by all partners. The partners are bound toward third parties by the act of one of them or of the business manager, insofar as the act falls within the limits of his/her competence.
The powers of the business managers are established by the relevant certificate of appointment. The business managers act in the capacity of mandatary and can perform their tasks separately, unless the agreement or certificate of appointment stipulates that they have to act together.