Partnership limited by shares

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A partnership limited by shares is a hybrid between a partnership and a limited liability company. The capital and ownership of the company is divided between shareholders who have a limited liability and one or more partners who have full liability for the remainder of the company's debts. The partner(s) will usually direct the operations of the company while the shareholders are passive investors.

In Germany, this structure is known as Kommanditgesellschaft auf Aktien (KGaA). It is not common.[1]

In Belgium, this structure is known as Commanditaire vennootschap op aandelen (CVA).[2]

In France, this structure is known as "Société en commandite par actions (SCA).Reference is from Compagnie Générale des Etablissements Michelin (CGEM) website, the French-based group holding company of Michelin.

In Denmark, this structure is known as either Partnerselskab or Kommanditaktieselskab.

In Italy, this structure is known as "Società in accomandita per azioni" (s.a.p.a).

In Poland, this structure is known as "Spółka Komandytowo - Akcyjna", and in Poland is as for 15.08.2012 year fully tax transparent, although Polish Ministry of Finance is working on inputing income tax on the income of the "Spółka Komandytowo - Akcyjna".


  1. ^ Marco Ardizzoni (2005), German tax and business law 
  2. ^ Michael Johannes Oltmanns (1998), European company structures, p. 22