Limited Partnership Company

Japanese: 合資会社 - ごうしがいしゃ

It is a dual-organization company consisting of direct unlimited liability partners who are jointly and severally liable to the company's creditors for the company's debts, and direct limited liability partners who are jointly and severally liable to the company's creditors for the debts, but only liable up to the amount of their investment (Companies Act, Article 576, Paragraph 3, Article 580). Along with general partnerships and limited liability companies, it is collectively known as an equity company. From an economic perspective, a limited partnership company has the following relationships: Limited liability partners provide capital and conduct business together with unlimited liability partners. Limited liability partners are responsible for sharing profits arising from the business. If the company's assets are not sufficient to repay the debts, limited liability partners are only liable up to the amount of their investment, but unlimited liability partners are liable without limit. In other words, it is an original corporate form in which the status of an investor and the status of a non-investor are separated.

[Shuzo Toda and Norihiko Fukuhara]

Employee Composition

It consists of unlimited liability members and limited liability members. However, unlike a joint stock company, there is no full payment system. Therefore, limited liability members are not obligated to contribute the full amount of their investment until the company is established (Article 578 of the Companies Act). If the company's assets are not enough to pay off the company's debts, they are obligated to pay the difference between the amount of investment by the members stated in the articles of incorporation (Article 576, Paragraph 1, Item 6 of the Companies Act) and the amount of investment already made to the equity company (Article 580, Paragraph 2 of the Companies Act). It should be noted that if a limited liability member acts in a way that causes others to believe that he or she is an unlimited liability member, he or she will be held liable in the same way as an unlimited liability member against the other party who misrepresents himself or herself as an unlimited liability member and enters into a transaction based on that misrepresentation (Article 588, Paragraph 1 of the Companies Act).

[Shuzo Toda and Norihiko Fukuhara]

Executive Officer/Representative

Under the old Commercial Code, only unlimited liability partners were involved in business execution, and limited liability partners only had the right to monitor business execution. In the Companies Act enacted in 2005, this was amended as follows. In principle, each partner has the right and the obligation to execute business, but only certain partners can be designated as executive partners by provisions in the articles of incorporation (Companies Act, Article 590, Paragraph 1). In other words, in principle, both unlimited liability partners and limited liability partners have the right to execute business. When there are multiple executive partners, the business is decided by a majority vote (Companies Act, Articles 590, Paragraph 2 and 591, Paragraph 1). In addition, non-executive partners have the right to monitor business execution (Companies Act, Article 592). Executive partners are subject to the duty of care, the duty of loyalty, and other transaction restrictions (Companies Act, Articles 593 to 596). In principle, it is the executive partners who represent the company (Companies Act, Article 599). However, a representative member may be selected from among the executive members through mutual election of the members based on the articles of incorporation or the provisions of the articles of incorporation (Article 599, Paragraphs 1 and 3 of the same law). The right to represent is comprehensive and unrestricted (Article 599, Paragraphs 4 and 5 of the same law).

[Shuzo Toda and Norihiko Fukuhara]

Transfer of Equity

The status of being a member is called an equity interest. In principle, in order for a member to transfer his/her equity interest and leave the status of being a member, the consent of all other members is required (Article 585, Paragraph 1 of the Companies Act). However, the equity interest of a limited liability member who does not execute business can be transferred to another person with the consent of all executing members (Article 585, Paragraph 2 of the Companies Act).

[Shuzo Toda and Norihiko Fukuhara]

"Registration of LLCs and LLPs - Including General Partnerships and Limited Partnership Companies," edited by the Fukuoka Legal Affairs Bureau Commercial and Corporate Registration Study Group (2007, Nippon Kajo Publishing)

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

Japanese:

会社の債務について、会社債権者に対して連帯して直接無限の弁済責任を負う直接無限責任社員と、会社債権者に対して連帯して直接の弁済責任を負うが、出資額を限度とする責任しか負わない直接有限責任社員とで構成される、二元的組織の会社である（会社法576条3項、580条）。合名会社・合同会社とともに、持分(もちぶん)会社と総称される。合資会社を経済的にみれば、以下のような関係が成り立つ。有限責任社員が資本を提供し、無限責任社員とともに事業を行う。有限責任社員はその事業から生ずる利益の分配にあたる。仮に会社財産をもって債務を弁済できないときには、有限責任社員は出資額を限度として責任を負うのみであるが、無限責任社員は無限の弁済責任を負う。すなわち、出資者である地位と非出資者である地位とが分離した、原初的な会社形態である。

［戸田修三・福原紀彦］

社員構成

無限責任社員と有限責任社員とからなる。ただ、株式会社とは異なり全額払込制がとられていない。よって、有限責任社員は会社成立までに出資額全額を出資する義務はない（会社法578条）。仮に会社財産をもって会社債務を完済できないときには、定款記載の社員の出資額（同法576条1項6号）とすでに持分会社へ履行した出資額との差額について弁済義務を負う（同法580条2項）。なお、有限責任社員が、自分が無限責任社員であると誤認させるような行為をしたときには、それによって誤認して取引を行ってしまった相手方に対して、無限責任社員と同一の責任を負わされる（同法588条1項）ことに注意を要する。

［戸田修三・福原紀彦］

業務執行・代表

旧商法時代では、無限責任社員のみが業務執行にかかわり、有限責任社員は業務執行の監視権しかなかった。2005年（平成17）制定の会社法においては以下のように改正された。原則として各社員が業務執行の権利を有し義務を負うが、定款の定めにより一定の社員のみを業務執行社員とすることができる（会社法590条1項）。すなわち、原則的に無限責任社員にも有限責任社員にも業務執行権が存する。業務執行社員が複数存在するときには、その過半数をもって業務を決する（同法590条2項、591条1項）。なお、非業務執行社員には業務執行の監視権が存在する（同法592条）。業務執行社員には善管注意義務・忠実義務・その他取引規制が課される（同法593条～596条）。会社を代表するのは原則的に、業務執行社員である（同法599条）。ただ、定款または定款の定めに基づく社員の互選によって業務執行社員のなかから代表社員を定めることができる（同法599条1項・3項）。代表権は包括的で不可制限的である（同法599条4項・5項）。

［戸田修三・福原紀彦］