Limited Joint-Stock Partnership

Established for the purpose of conducting a larger-scale business (eg large family enterprises).

Must be established and conducted by at least two individuals or legal persons.

Minimum capital
50,000 PLN

Legal personality
None. Personal partnership

At least one partner is liable to the creditors for the debts and obligations of the partnership without limitation (the general partner) and at least one shareholder is not liable for debts and obligations of a partnership. However, if a business name of a limited joint-stock partnership includes name or a business name of a shareholder, this shareholder is liable for obligations of a partnership without any limitation.

PIT declaration - Personal Income Tax, or CIT - Corporate Income Tax; each partner is paying taxes separately.

Establishment process
The deeds of the partnership should be executed in a notarised form and signed by all general partners, whereupon the partnership should be entered into the National Court Register (Krajowy Rejestr Sądowy).

Additional requirements for foreign investors
International agreements on reciprocity should be in place. Otherwise, a foreign investor is required to present a certificate issued by the competent Polish representation abroad, stating that, in accordance with the principle of reciprocity, Polish entrepreneurs are permitted to conduct business activity in the country in which the investor has permanent residency or registered office.

Representation/organs of a partnership
Limited joint-stock partnership may be represented exclusively by a general partner. A shareholder may represent a company only as a plenipotentiary, in other cases he is fully liable for obligations of a company assumed without prior company’s authorisation. In limited joint-stock partnership a Supervisory Board may be optionally appointed. Limited joint-stock partnership may be represented by a proxy.