Legal English Challenge 2022 – Day 17 Reading
Dear Legal English Ninjas! The countdown has strated. 🙂 Here is your challenge for the 17th day.
A partnership (személyegyesítő jellegű társasági formák gyűjtőneve) is a type of business entity which is usually owned by a limited/small number of people. If there are two types of owners, with some of them having limited liability and the others having unlimited liability, a so-called limited partnership (betéti társaság) can be formed/established.
The general partner (beltag) has unlimited and joint and several liability (egyetemleges felelősség / helytállási kötelezettség) for the debts and the obligations of the business, together with the other general partner(s). The limited partner (kültag), on the other hand, has limited liability, up to the amount of money they have invested in the business. Furthermore, an executive officer (vezető tisztségviselő), in this case, a managing director (ügyvezető), has to be appointed (kijelöl, kinevez) to represent the limited partnership.
All the information mentioned above, together with the address of the registered office (székhely), is contained in the limited partnership agreement (bt. létesítő okirata – társasági szerződése) signed by the partners. Based on this document and on some other forms, the registrar of companies (cégbíró) registers the limited partnership.