Partnership: reorganisation.

A partnership can be transformed into a limited liability company or joint-stock company by decision of the partners. In such a case each general partner who has become a participant (or shareholder) of the company bears for two years subsidiary liability with all his property for obligations that have passed to the company from the partnership. Alienation by the former partner of the shares (or stock) belonging to him does not free him from such liability.

 

 

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