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Main features of its legal status :
- 2 partners (natural or legal persons) who both have the capacity of craftsman + director(s)
- no notion of capital
- possible for commercial activities, in particular
- indefinite joint and several liability for personal property + civil and criminal liability of the partners
- appointment of director in the articles or in OGA. If this has not been provided for, all of the partners are directors
- dismissal in OGA by unanimous vote and by simple majority if the director is not a partner
- duration determined by the articles, if not, unlimited
- social security scheme for employees if the director owns a minority of the shares; social security scheme for non-wage earners if the director owns a majority of the shares
- partners may receive a salary
- everyday management decisions are made by the director. Decisions beyond the power of the director are made in an Ordinary General Assembly. Decisions concerning the modification of articles are made in an Extraordinary General Assembly
- must have recourse to a registered auditor if two of the following three conditions are met : balance sheet > 1,5 million €, annual turnover, before taxes > 3 millions €, + 50 employees
- free transfer of stocks between partners, ascendants, descendants, spouses or by transfer to a third party
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