Representation of the Company
Each partner has the right to represent the general partnership independently. In a limited partnership the general representation right belongs to the general partner and the silent partner has no right to represent the partnership without an authorization. Partners of a general partnership and general partners of a limited partnership can also agree on the representation. Often, the provisions of the partnership agreement stipulate e.g. that partners only have a joint right to sign for the partnership. This type of limitation to the authorization to sign for the partnership has to be registered with the Trade Register in order for it to be valid in relation to third parties. Partners of a general partnership and the general partners of a limited partnership may also entitle the holder of a procuration to represent the partnership in all its business activities. The procuration [1.5.4 Procuration] right must also be registered in the Trade Register.
The partnership and the limited partnership do not have mandatory organs. The partners and the general partners may at their own discretion, elect a managing director for the partnership, which must be registered in the Trade Register.