What is COMMANDITE? Definition of COMMANDITE in Black’s Law Dictionary – Legal dictionary – Glossary of legal terms.
In French law. A partnership in which some furnish money, and others furnish their skill and labor in place of capital.
A special or limited partnership, where the contract is between one or more persons who are general partners, and jointly and severally responsible, and one or more other persons who merely furnish a particular fund or capital stock, and thence are called “commanditaires,” or “commenditaires,” or “partners en commanditë,” the business being carried on under the social name or firm of the general partners only, composed of the names of the general or complementary partners, the partners in commanditë being liable to losses only to the extent of the funds or capital furnished by them. Story, Partn. § 78; 3 Kent, Comm. 34. The term includes a partnership containing dormant rather than special partners. Story, Partn. § 109.
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That’s the definition of COMMANDITE in Black’s Law Dictionary – Legal dictionary – Glossary of legal terms. Courtesy of Cekhukum.com.
