A partnership limited by shares is a hybrid between a

partnership A partnership is an agreement where parties agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations. Organizations ...

and a

limited liability company A limited liability company (LLC) is the United States-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of ...

. The

capital Capital and its variations may refer to: Common uses * Capital city, a municipality of primary status ** Capital region, a metropolitan region containing the capital ** List of national capitals * Capital letter, an upper-case letter Econom ...

and ownership of the

company A company, abbreviated as co., is a Legal personality, legal entity representing an association of legal people, whether Natural person, natural, Juridical person, juridical or a mixture of both, with a specific objective. Company members ...

is divided between

shareholder A shareholder (in the United States often referred to as stockholder) of corporate stock refers to an individual or legal entity (such as another corporation, a body politic, a trust or partnership) that is registered by the corporation as the ...

s who have a limited liability and one or more partners who have full liability for the remainder of the company's

debt Debt is an obligation that requires one party, the debtor, to pay money Loan, borrowed or otherwise withheld from another party, the creditor. Debt may be owed by a sovereign state or country, local government, company, or an individual. Co ...

s. The partner(s) will usually direct the operations of the company while the shareholders are passive investors. * In Belgium and the Netherlands, this structure is known as '' Commanditaire vennootschap op aandelen'' (CommVA/CVA). * In Denmark, this structure is known as '' Partnerselskab'' (or ''Kommanditaktieselskab''). * In France and Luxembourg, this structure is known as ''

Société en commandite par actions Groupe Lactalis S.A. (doing business as Lactalis) is a French multinational dairy products corporation, owned by the Besnier family and based in Laval, Mayenne, France. The company's former name was Besnier S.A. Lactalis is the largest dairy p ...

'' (SCA). * In Germany, this structure is known as ''

Kommanditgesellschaft auf Aktien A (abbreviated KG, ; from + ) is the German name for a limited partnership Types of business entity, business entity and is used in Germany, German, Belgium, Belgian, Netherlands, Dutch, Austrian, and some other European Union, European law, le ...

'' (KGaA) and is not common. * In Italy, this structure is known as '' Società in accomandita per azioni'' (s.a.p.a). * In Iceland, this structure is known as '' Samlagshlutafélag'' (slhf.). * In Poland, this structure is known as '' spółka komandytowo-akcyjna'' (S.K.A.). *In Spain, this structure is known a
sociedad comanditaria por acciones
(SCA). *In Portugal, this structure is known a
sociedade em comandita por acções

References

Corporate governance {{law-stub de:Kommanditgesellschaft auf Aktien nl:Commanditaire vennootschap ja:株式合資会社