STUDIES AND COMMENTS Some considerations on the general partnership Lecturer Ana-Maria LUPULESCU 1 Abstract The general partnership is the prototype of company of persons, since it is set up and functions based on the personal qualities of the associates, who know each other and trust each other, reason for which they agree to be unlimitedly and jointly bound for the obligations of the company they set up. Although this legal form of company is not very widespread in practice, which is undoubtedly explained by the risk determined by the unlimited and joint liability of the associates, the general partnership still presents some unquestionable advantages, worth to be emphasized, starting from the simplicity of the rules concerning its setting up and functioning, or the possibility of its creation even in the absence of initial contributions of significant value. Moreover, the continuity of the associates' options for this legal form of company demonstrates that it is not totally obsolete and lacking in practical interest, but it has successfully survived the passage of time, also considering the fact that its legal regulation has not changed significantly over the years. Within this context, we consider that an analysis of this form of company, even though is not intended as exhaustive, but highlights particular significant aspects that underline its juridical specificity, may appear important and particularly useful, both for analysts in law and practitioners. Keywords: general partnership, specific aspects, companies of persons, unlimited and joint liability. JEL Classification: K22 1. Introduction The general partnership is the prototype of company of persons 2 , since this legal form of company is set up and functions based on the personal qualities of the associates, who know each other and trust each other, reason for which they agree to be unlimitedly and jointly bound for the obligations of the company they set up. As far as the legal framework applicable to the general partnership is concerned, we emphasize that it is included among the forms of company 1 Ana-Maria Lupulescu – Department of Law, Bucharest University of Economic Studies, Romania, anamarialupulescu@yahoo.com 2 According to the traditional classification of the companies regulated by Law no. 31/1990 republished, a distinction is made between the companies of persons, whose setting up and functioning are determined and based on the personal element, and the companies of capitals, in which the personality of the associates is indifferent, and their setting up and functioning only take into account the material element, namely the contributions of the associates.