General Partner

Portuguese translation: sócio ostensivo / associante

18:50 Sep 14, 2020
English to Portuguese translations [PRO]
Law/Patents - Law: Contract(s)
English term or phrase: General Partner
Acceptance by the General Partner of its duties as trustee under this Trust Agreement is subject to the following terms and conditions, which the parties to this Trust Agreement hereby agree shall govern and control the rights, duties and immunities of the Trustee.
Luiza Ribeiro
Brazil
Local time: 10:32
Portuguese translation:sócio ostensivo / associante
Explanation:
There is a lack of context as to the nature of the partnership in question. However the term General Partner suggests that the partnership in question is a so-called silent partnership. In simple terms, in a silent partnership there is a general partner that runs the business and who has unlimited liability for the partnership debts and a silent partner, who is a mere investor, whose liability is limited to the amount of his/her investment.

There are two candidate "figuras" in Brazilian/Portuguese law with a status more or less equivalent to a silent partnership.

The first, as Dayane implies, is a sociedade em comandita, which trades under corporate name (& Cia.) and in which there are two types of sócios: the sócios comanditados (general partners), who have unlimited liability for the company's debts, and sócios comanditários (silent partners) whose liability is limited to the amount of their investment. Unlike a silent partnership a sociedade em comandita has a legal/corporate personality.

The second candidate "figura" which is called a "sociedade em conta de participação" in Brazilian law, and an "associação em participação" in Portuguese law and which, like a silent partnership, does not have a legal/corporate personality.
In a sociedade em conta de participação/associação em participação, there are also two types of sócios, which are referred to in Brazilian law as socios ostensivos (general partners) e sócios ocultos (silent partners) and in Portuguese law as the associantes (general partners) and the associados (silent partners). A sociedade em conta de participação/associação em participação normally trades under the name(s) of the sócio(s) ostensivo(s)/associante(s).

So for Brazil: sócio ostensivo
For Portugal: associante

For Brazilian law see Vocabulário Jurídico, De Plácido e Silva, 28ª Edição páginas 1305 - 1306.

For Portuguese law see Decreto-Lei 231/81, de 28 de Julho, arts 21 - 32.

https://dre.pt/pesquisa/-/search/579479/details/normal?jp=tr...
Selected response from:

Mark Robertson
Local time: 13:32
Grading comment
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +1Sócio Comanditado
Dayane Zago Furtado
5member of a business partnership who has unlimited liability for debts incurred by the business
David Hollywood
5Partner of its duties as trustee under this Trust Agreement
Pallavi Mehta
4sócio ostensivo / associante
Mark Robertson
Summary of reference entries provided
Definition
Amir Akbarpour Reihani
general partner
Daryo

Discussion entries: 9





  

Answers


3 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
Sócio Comanditado


Explanation:
General Partner é o Sócio Comanditado.

Veja: https://static1.squarespace.com/static/56f1ef9045bf21ad0eb86...

• sócio comanditado Æ administrator; general partner.
sócio comanditado = general partner

https://claudiaxavierdelima.wixsite.com/dicionario-juridico/...

Dayane Zago Furtado
Brazil
Local time: 10:32
Specializes in field
Native speaker of: Native in PortuguesePortuguese
PRO pts in category: 4

Peer comments on this answer (and responses from the answerer)
neutral  Daryo: not impossible, but not the only possibility, and not the most likely.
6 hrs

agree  ferreirac
2 days 19 hrs
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3 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
general partner
sócio ostensivo / associante


Explanation:
There is a lack of context as to the nature of the partnership in question. However the term General Partner suggests that the partnership in question is a so-called silent partnership. In simple terms, in a silent partnership there is a general partner that runs the business and who has unlimited liability for the partnership debts and a silent partner, who is a mere investor, whose liability is limited to the amount of his/her investment.

There are two candidate "figuras" in Brazilian/Portuguese law with a status more or less equivalent to a silent partnership.

The first, as Dayane implies, is a sociedade em comandita, which trades under corporate name (& Cia.) and in which there are two types of sócios: the sócios comanditados (general partners), who have unlimited liability for the company's debts, and sócios comanditários (silent partners) whose liability is limited to the amount of their investment. Unlike a silent partnership a sociedade em comandita has a legal/corporate personality.

The second candidate "figura" which is called a "sociedade em conta de participação" in Brazilian law, and an "associação em participação" in Portuguese law and which, like a silent partnership, does not have a legal/corporate personality.
In a sociedade em conta de participação/associação em participação, there are also two types of sócios, which are referred to in Brazilian law as socios ostensivos (general partners) e sócios ocultos (silent partners) and in Portuguese law as the associantes (general partners) and the associados (silent partners). A sociedade em conta de participação/associação em participação normally trades under the name(s) of the sócio(s) ostensivo(s)/associante(s).

So for Brazil: sócio ostensivo
For Portugal: associante

For Brazilian law see Vocabulário Jurídico, De Plácido e Silva, 28ª Edição páginas 1305 - 1306.

For Portuguese law see Decreto-Lei 231/81, de 28 de Julho, arts 21 - 32.

https://dre.pt/pesquisa/-/search/579479/details/normal?jp=tr...

Mark Robertson
Local time: 13:32
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 36

Peer comments on this answer (and responses from the answerer)
neutral  Daryo: this person being most likely some kind of lawyer (they are usually the ones setting up trusts), now many law practices in any English speaking country are structured as " société en commandite"? The existence of even a single one would surprise me.
3 hrs
  -> See my discussion entry.

neutral  Yvonne Gallagher: why Portuguese for a "monolingual" question?// ok I just changed it. Makes more sense. You could have edited target lang. when you noticed it was wrong
2 days 15 hrs
  -> 1. The question was asked by a first-time poster. The language settings were wrong for what was obviously a bilingual question as was confirmed when the answer was selected. 2 The target language is Portuguese.
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7 hrs   confidence: Answerer confidence 5/5
general partner
member of a business partnership who has unlimited liability for debts incurred by the business


Explanation:
a member of a business partnership who has unlimited liability for debts incurred by the business.

--------------------------------------------------
Note added at 7 hrs (2020-09-15 02:27:08 GMT)
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What Is a General Partner?
A general partner is one of two or more investors who jointly own a business and assume a day-to-day role in managing it.

A general partner has the authority to act on behalf of the business without the knowledge or permission of the other partners. Unlike a limited or silent partner, the general partner may have unlimited liability for the debts of the business.

David Hollywood
Local time: 10:32
Native speaker of: English
PRO pts in category: 8

Peer comments on this answer (and responses from the answerer)
neutral  Daryo: perfectly good definition, but without knowing the exact nature of the partnership you might get the translation wrong. Unfortunately, the combination "poetic licence" + legal text won't work ...
8 mins
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11 hrs   confidence: Answerer confidence 5/5
Partner of its duties as trustee under this Trust Agreement


Explanation:
As it is mentioned that "General Partner of its duties as trustee under this Trust Agreement", one have to read it as single sentence or phrase, as in trust act liabilities of trustees are unlimited (much more than in partnership) as there is lot of compliances to be meet by a trust and trustees as well.
so here general partner will mean "a partner responsible for trust only as per provisions of trust deed and not otherwise".
This will limit duties of partner, no doubt other provisions of trust deed will also apply.

Pallavi Mehta
India
Local time: 19:02
Specializes in field
Native speaker of: Native in GujaratiGujarati

Peer comments on this answer (and responses from the answerer)
neutral  AllegroTrans: Your explanation is in very jumbled English
2 days 7 hrs
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Reference comments


5 mins peer agreement (net): +1
Reference: Definition

Reference information:
A general partner is one of two or more investors who jointly own a business and assume a day-to-day role in managing it.
A general partner has the authority to act on behalf of the business without the knowledge or permission of the other partners. Unlike a limited or silent partner, the general partner may have unlimited liability for the debts of the business.


    https://www.investopedia.com/terms/g/generalpartner.asp#:~:text=What%20Is%20a%20General%20Partner,permission%20of%20the%20other%20partners.
Amir Akbarpour Reihani
Works in field
Native speaker of: Native in Persian (Farsi)Persian (Farsi)

Peer comments on this reference comment (and responses from the reference poster)
agree  Daryo
1 hr
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7 hrs
Reference: general partner

Reference information:
general partner n.

1) usually one of the owners and operators of a partnership, which is a joint business entered into for profit, in which responsibility for management, profits, and, most importantly, the liability for debts is shared by the general partners. Anyone entering into a general partnership (the most common business organization involving more than one owner) must remember that each general partner is liable for all the debts of the partnership. Furthermore, any partner alone can bind the partnership on contracts. For example, Joe Doright and Sam Sleazeball are partners in a retail store. Sleazeball runs up a large American Express card bill in the name of the company while on a toot in Las Vegas, contracts for purchase of $30,000 worth of maxi-dresses which are out of fashion, and then takes off with a girlfriend for Tahiti. Doright is responsible for the entire debt.

2) in the 40 states which recognize limited partnerships, the managing partner (or partners) operate the partnership and are liable for its debts beyond the value of the investments by limited partners. The general partners usually receive a management fee and share in profits. Limited partners are prohibited by law from participating in management, can lose more than their investments, and get less than the general partners of unusually high profits. (See: partnership, partner, limited partnership)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

https://legal-dictionary.thefreedictionary.com/general partn...

There is clearly NO AUTOMATIC LINKS between the existence of "general partners" and "limited partners" - what is more, in USA, in 10 states (50-40) a partnership is forbidden from including "limited partners" - in these 10 states that possibility doesn't even exist!

There ALWAYS MUST BE at least one "general" partner but it may well happen that there is NOT A SINGLE ONE "limited" partner.

So basis of what are we to assume that there is ANY "limited partner" in this ST???

Daryo
United Kingdom
Specializes in field
Native speaker of: Native in SerbianSerbian, Native in FrenchFrench
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