By law the name of such joint ventures must include the names of all or part of its members, indicating legal form of the contract. Another type of contract is an agreement of limited partnership (Partnership). The company created such a treaty, usually called a limited liability company. On conditions of this type of agreement, participants limit their liability (for possible claims against the joint venture) a certain amount of equity in the company. Click angel tang to learn more. Payment of this percentage, any party may consider itself immune from any other claims, so their property does not serve as collateral for these claims, or be subjected to their maturity. The total amount of shares of all participants contract is thus the limit of liability of joint venture (or rather, its members) to third persons, company, even after accumulating debts in excess of this limit, they did not put him in front of the participants need to pay these debts – on the contrary, the excess debt is simply written off in the liquidation business by proportional reduction of payments to each creditor. Another important factor distinguishes the status of the participants in these two types of contracts, is that participants complete (unlimited) partnerships are required to take personal part in its work (run it affairs, to represent him at the conclusion of transactions, to respond to employees, if any, etc.). Not by chance, such enterprises are often called 'associations of persons.
" In limited partnerships, participants can take part (for a fee or without it), but not required – sufficient for their participation in this partnership is a contribution of cash in their stake in the company. Therefore, enterprises based on the contracts of the type commonly referred to as 'associations of capital'. Particular form of limited partnerships are joint stock companies or associations other than ordinary limited partnerships that their capital is composed of a number of equal and indivisible shares more – actions. In stock partnerships their members (shareholders) are not only not required, but are not eligible participate in the affairs of the partnership, except for the choice of board members and vote at annual shareholder meetings. In addition, if a limited partnership in the usual number of parties the law limited (usually at least two but not more than 30 – 50), in the equity partnership, the maximum number of participants is limited only by the number of shares constituting its capital. For large public companies – there are millions shares or potential participants. At the same time the sheer number of participants and their composition for such companies – non-permanent value for securities that meet the right one to share in their capital (usually also called shares) may be freely bought and sold by anyone, to anyone and in any desired quantity. In ordinary limited partnerships of their members are usually fairly constant, known to one other, and in the treaties of their creation is usually present article (forbidden for joint partnerships), stating that no participant may transfer his share (share) capital partnership to other persons without the knowledge or consent of the other participants. Joint-stock companies in each country there are usually no more than several hundred. The exception is the United States, where there is a single form for all limited partnerships – the corporation, all of which has the right to issue its shares for sale, and there of about 2 million corporations really use this right more than a few thousand, but they often account for hundreds of thousands or even millions of members (shareholders).