Practice question · Multiple choice
The S.L. restricts transfers of participations by default while the S.A. allows shares to move freely. What difference in purpose does that encode?
Hints
- Ask who each form was designed for, then ask what those people would fear.
- Would a founder of a three-person firm want a stranger to arrive as co-owner?
Show the answer
D. The S.L. is built for partners who chose each other
Why
Intuitu personae, the identity of the co-owners is part of the bargain in a small firm, and the pre-emption right lets the others buy rather than accept an unknown partner. The S.A. faces the opposite problem, since capital from strangers requires an exit they can use.
Practise Limited Liability Companies (S.L.)
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More questions on Limited Liability Companies (S.L.)
- Which statements about S.L. participations are correct?
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- Complete the S.L. capital rule.
- Sort each partner right by its bundle.
- Match each S.L. feature to its description.
- A partner wants to sell her participations to an outside investor. What does the default legal regime say?