Management of the simple limited partnership (art. 136 LGS)
Article 136 identifies who may manage a simple limited partnership and the sanction for breach.
What article 136
Article 136 identifies who may manage a simple limited partnership and the sanction for breach.
Management and representation shall be exercised by the general partners or appointed third parties, and the rules on management of general partnerships shall apply. Violation of this Article and Article 134 makes the signatory jointly and severally liable with the company for obligations so incurred.
Source: Law 19,550, art. 136 — InfoLEG (updated official text)
Commentary
Limited partners do not manage. Management belongs to general partners or appointed third parties; breaching that separation may destroy the liability shield.
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