   .  III
  


    #3
    ,     .                  . . .

    , ,        .





   .  .  III

  ... . . 



         . . 



   ... . . 







    ,         .      , ,          ..      .

         ,   .

            ,   -   . ,  ,        ,     ,  , ,   . -      ,        ,   ;             .

           .         ,                     .

 ,     ,        . , ,          ,       .

      ,     :     ;         ;             ;             .

       ,  .           .

      ,    . ,         . .     . ,          .

          . .    ()  .

  , ,    .



. . ,

  , ,         . . 




 


        ,           .          .  .      ,                   . . .       ,       ,          .         ,    ,  -  .      .        .       ,           .

   ,            . .    .     ,        .

,  ,     ,        ,            . .    .

. . ,

  ,  




-               



 

        . . 







        ,       ,           ,          ,     .                          .         ,    ,          ,        .    [1 -  . .      3  2011. 380-    (). .:  , 2012,   .]         (Uniform Partnership Act Ch. 614 Limited Liability Partnership)          ,      2012 .

           , ,                      ,       ,         -   .

             ,  ,                     - ,       .    ,      ,   ,   ,                   .

    :

1)            a)     , b)  ;

2)          a)   b)   c)  ;

3)     .




.    



     -      ,   ( ),    .          ,   ,  ,    .              -  .              ,           ,      .

         . ,                  [2 - Andenas M., Wooldridge F. European comparative company law, Kindle Edition  May 1, 2010, . 101.].

                   , ,  ,      -   (  ,   [3 - Act of 24 February 2000 transposing, inter alia, Directive 90/605 into German Law [2000] Federal Gazette I 154.])    ,        .        ,              .           ,       ,    .  ,       ,     ,            .




1. 


       (civil partnerships).              ,         ,     ,       [4 - Dabbah M. International and comparative competition law, Kindle Edition  august 1, 2010,  165.].

 ,        . 1842  .  ,            ,     ,          ,          Gesellschaft burgerlichen Rechts (GbR).     2001      ,    ,        ,  ,       .     [5 - BGH, judgment of 29 January 2001, II ZR 331/00, reported in BGHZ 146, 341.].                [6 - BGH, judgment of 7 April 2003, II ZR 56/02, reported in BGHZ 154, 370.].

             ,        ,  ,    societa semplice.




2.     


              (silent partnerships).       ,      ,   ,       ,      .  ,          [7 - Article 1872-1 of the French Civil Code.].

       ,         .    (Stille Gesellschaft)     ,             .  ,     ,     ,           ,   .     ,        ,        .         ,  ,       ,      ,     .          ,     ,       [8 - Dabbah M. International and comparative competition law, Kindle Edition  august 1, 2010, . 166.].   ,           ,          .

 4654        .           .           .          .        societe momentanee,         , ,    .           ,    ,          .          .                ,           .            ,        ,      ,          .     5253  ,      ,          ,          ,       .              .

   ,  silent partnerships     ,            ,         .       . .  . .            - ,  ,       .




3. 



3.1. 

          1890    ,      ,     ,       .  ,          ,    ,          ,       .   ,      ,     .        ,  ,      . 24       .          .        ,                 [9 - Law Commissions Consultation Paper, No. 159 (2000), p. 23.].

                    ,            [10 - Value Added Tax Act 1994, s. 45.].

,          ,     ,    ,       .

   ,                  .             [11 - Partnership Act 1890, s. 9.]. ,    ,   ,                  ,     .

         2006                          . ,  [12 - Para. 3.11 of the Joint Consultation Paper (Law Commissions Consultation Paper, No. 159 (2000)).]   ,                   ;   ,     ,     .


3.2. 

  (societe en nom collectif  SNC)       .      . L221-1  ,      [13 - M.Cozian et al., Droit des societes, 18th edn (Paris: Litec, 2005), pp. 453.],       ,    .           ,          ,  ,      .

        ,              .

      ,        .                :

   ,

    ,

   .

 ,            :

   ,

   ,

  ,      .

            [14 - Article L221-15 of the Commercial Code.].                ,       ,                 ,      (,     / )          .


3.3. 

           .   (Offene Handelsgesellschaft  OHG)              ,   ,   [15 - German Commercial Code, para. 105.];                   [16 - Dabbah M. International and comparative competition law, Kindle Edition  august 1, 2010, 70.].

         ,        ,     .  ,       ,    ,           .

                   [17 - German Commercial Code, para. 128.].   ,      ,          ,       .

    , ,      ,         ,     ,      [18 - German Commercial Code, para. 130.].


3.4. 

        ,       [19 - Italian Civil Code, Art. 2296-1.]       . ,         2        ,    .

               .       ,     ,       .            [20 - Art. 2267(2) of the Civil Code.].

              :           . , ,    ,     ,   .      ,           ,   [21 - B. Libonati, Diritto Commerciale, Impresa e Societ (Milan: Giuffr, 2005), p. 162.]   - .




.        



    ,   ,     ,        -    -  .         :  ,  ,    .

                   .             -         .




1. 


      75   . ,          - . ,    ,      399          .  ,            .     , ,            ,     .        ,               .           ,        , ,   ,  [22 - , . .       ,  ,  2011, ,   . 1047.].

                .   1047        ,           ,        [23 -     ( )  30.11.1994 51-, . 325.].

              ,                . ,      ,        ,      . 2. 75  ,     ,       . ,   ,    ,     ,                 [24 -     ( )  30.11.1994 51-, . 75.].       .    . 3 ,            [25 -   -   28  2010.    28-13731/2009.],           .          :      (    ),      (     ).




2. 


   ,   1  2012       03.12.2011 380-   ,                .

    ,     . 2. 2   ,                 .

        , , ,       ,         .

   ,            - ,      ,         .

        , ,       ,       ,    ,            .       ,                     [26 -  . .      3  2011. 380-    (). .:  , 2012,   .],      .




3. 


 28.11.2011         01.01.2012.       ,       .

             .             .

,   ,    ,        ,     ,      .                 .              ,      .

    ,        silent partnerships,               ,            ;            [27 -  . .      28  2011. 335-    (). .:  , 2012,   .].

   , ,   ,         , ,             .  . 4. 14       ,               .        ,  , , .







                               ,          .

          (   27  2012 ),        -    ,    ;                 .

    ,           ,         ,                    .

,           . ,             , ,  ,         ,   .




                 


 

        .. 



 78%                 (),     ,        ,       (  )     .         ,      [28 -     ,        ,       :        ,      12,4 ,     9,5       .                    //  . 7. 2010. . 3.],    [29 -              -   ʻ/ . . . . . ., 2009.  . . 125.].    ,       ,                 (   ). ,     ,     , ,   ,      .   ,   .

      ,    -             (     ).                ( ).         2005 .

      . ,       -  ()        2010                     [30 -                    //  . 2010. 7. .932.].

       ,    ( ),   ();      ().

          86%,     ()  7%[31 -     ʻ 3%  1% ,    3%.].

 ,   27 ,     252   .       7%.         .

            2011 :   (19,80 %)    89,50 %;  ˻ (17,64 %)    99,86 %;  - (11,92 %)  95,61 %;   (8,21%)    100,24%;   (5,71%)    98,16 %;   (0,86 %)    30,31%;  -л (9,40%)    87,96%;   (0,02%)    78,00%;   (8,17%)    86,13%[32 -       - 2011.  . 1. 2012. .106197.].






 1.



      ,             .          ,              .

 ,            .                   ,         ()    ,     .      20%        3,54,0   ,   4550   .

    :  65%         ( ,  ,  ˻,  -л)     ().

  ,       ,        (23,%)    (20,2%).

   (1)        .

        ,                [33 -  . .       // . 1971. 4. . 59; , . .             .  . .      . . 120; . .    ,            .  . .     . . 188; . .     ,  ,     .  . .       //    . 1972. 6. . 67; . .  ,         ,             .  . .  . . 1960. . 15;       :            ,    -               ,      .  . .,  . .   . ., 1955. . 59; . .  ,          .        ,        , ,         .  . .       . ., 1967. . 72.           . .              ,   ,       ;    ,    ,             ,       .  , . II /  . . . , . . . ., 1944. . 22.].

          ,           . , .  ,         ,     -  [34 -   (  ..). ., 1977. . 334;  . .      . . 68.].              ,         ,     ,      [35 -  . . . . . 331.].      , ..    -      ,   [36 - ... . . . 330, 334: . . ,       , ,           .                    .                 -       ,  ,      .  . .   : . ., 2010. .198199.].

,                .          - .

  ,      .          ()       .   ,    (),    ()          ,     ,          .                                .

    -     (    )                   (     ) , ,         .

           .       ,   ,        .

 ,         ,               ,   :    (), -  (),        (),  ,  ,  .

 ,    -           ,     ;         ,   ,           .

   ,          ,      ,   -      :

     ;

 ,              ;

          ;

            ;

  ;

  ,       .

 ,  ,         (   ),        (. 7. 12   )[37 -    21  1992 2395-1  .  . 1995. 10. . 823. (  ).].

    - ,           : 1)          ( )  2)          ( ).          .

          ,             . -,    ,   .       : , , ,  .                ,  ,               .   ,       .     ,       .         ,     ,   . 3.26              [38 -           .  .  50.2.040-2004. (.    23.12.2004 125-).    .   .].

-,               .           .                  (        ).

       .    ,        (    )   ()    .                         .

                        ,        :  (),  (,   ).         ()  ,   .          .

 ,                ,   .

    ,       (.. .    - )           ,        .                        , ..        .     -        ,             - .

 ,             ,       .             ,           , ,   ,         (   ).

   :     -     (   )    ,   ,         ?    . 2. 548  ,  ,       ,       ,      ,     ,         .

    .   ,          [39 -  : . . II. / . . . , . . . ., 2006. . 85.].                [40 -  .  .  :   / . . . . . ., 1997. . 128. ( . . ).].  ,  . . ,   .        ,     ,   ,     ,    ,   ,              [41 -  . .,  . .  .  :    . ., 2000. (   . .). .132134.   : :  2. . II:   / . . . . . ., 2011. (  . . ). . 234.].

 . 2. 539  ,           ,       [42 -  . .         . -, 1975. . 37.].         ,        (. 426  )[43 -   : :  2. . II:   / . . . . . ., 2011. (  . . ). . 239.].

    ,        ( , , , ),   ()    .    ()   .            -.    ( )    ,   ;        ,      .

        ,                  ;                .

     ,  ,   ,  . ,                  (. 541  ).               (. 1. 544  ).     ,    ,       ,     (. 542  ).

               .          ,         , ..     .

 , ..   ,    ,    .          .

     .         .  ,      , ,   ,     (. 2, . 3. 540  ),      .                        - .

  ,      ,    ,             .              ,             .    ,           .

 ,    -             ,     .             , ..                 ,   ,      .   ,    ,       .

,  ,         ,       - ()         .          ,   .




        



 

        . . 



               .          .            ,    ,  ,        .              ,  ,     ,         ,    .

                 .      ,         ,        [44 - . 60.1    29.11.2001 156-   .].  ,    ,           ,     ,    [45 - . 17.1    29.11.2001 156-   .] ..            .       ,          ,    ,       ,      .

 ,       ,    .         ,          .         ,      ,         ,   .

              ,           ,         .




1.    


            [46 -    28.11.2011. 335-   .] (  ),     1  2012 .        investment vehicles, ..  ,      .  ,    ,         [47 -                            .].             .  ,    ,               ,         .          , ,       ;  ,           .     ,   1994.,       - ,      680  ,          [48 -         哻.].     ,             ,     -.  ,   ,       ,     [49 -      28  2011. 335-    () (. . . . ) (-, 2012).].

                    . ,       ,   ;         ,   ,   .  ,     ,  -       ,           .

  ,               .              ,     ,         .     ,     ,        . ,                                   .              ;          [50 - . 5. 3   28.11.2011. 335-   .].      ,      ,      ; ,         .

          .          ,      ,  ,   ,  ,   ,         .  ,    ,      ,        ;    .     ,    ,       .  ,                 ;             .  , ,     ,       .     :                ,        .          ,      .

     ,      ,      ,        .            ,            .   ,  ,     [51 - . 5. 4   28.11.2011. 335-   .].

     15 ,       .  ,   ,               .               .             [52 -    28.07.2004. 98-   .],           .      ,  ,            .                 .       [53 -      15.08.2012 160           .].               .  , ,          ,         , , ,  ,   .

      ,      .          ,          ,    ,  , ,    .             ;  ,        .      ,      [54 - . 2. 1042  .],         .            .

                ,     .   ,                       .

,     ,     ,      ;               .

      ,                  .                 .         ,     ,      .       ,            ,                      .




2.Kommanditgesellschaft   


     Kommanditgesellschaft (  KG)  161-177   [55 - 161177, Handelsgesetzbuch (http://www.gesetze-im-internet.de/hgb/index.html).].  ,   ,              ,    .

 , KG     ,      ,   ,   ,     ,       .      (Komplement re)   (Kommanditisten) ,    ,   ,  ,               ,          .            .  ,      ,          ;             [56 - 176, Handelsgesetzbuch.].      ,       ,    ,      .

    ,   ,        KG,     ,               ,            [57 - Sch. w. J., Bundesgerichtshof 45, 204, 17.03.1966 (http://www.uni-konstanz.de/FuF/Jura/ fezer/BGHZ%2045,%20204.pdf).].

  , ,    ,         ,        ,     .    , ,             ;     , ,  ,     ,   ,     ..   ,       ,         .    ,              ,     ,  ,    ,    (        )[58 - 169, Handelsgesetzbuch.].     ,       KG,      ,     .           ,    .        ,      ,         KG.




3.Limited partnerships   


         limited partnership,        1907.   ,         (separate legal entity),         (corporate personality).                . Limited partnership      ,    ,        . ,                    4%-       (stamp duty land tax),     . ,       ,          .

    ,  limited partnerships     ,     (general partners)    (limited partners).         .  ,         .  ,        2  (    general  limited partner)    20[59 - Sec. 4 (2) Limited Partnership Act 1907 (http://www.hmrc.gov.uk/manuals/bimmanual/ bim72515.htm).],    (,            )[60 - Sec. 717 Companies Act 1985 (http://www.legislation.gov.uk/ukpga/1985/6).].

General partners         .        ,         .      ,              general partner.        ,     ;      ,   ,   .

        ,      ,     general partners          .             ,  ,         [61 - Sec. 4 (2) LPA 1907.].          (              ), limited partners     .      ,   [62 - Sec. 24 (1) Partnership Act 1890.].         , ,         [63 - Sec 6 (1) LPA 1907.],        ,          ,    .          ,      ,          .                 , ,    general partners,            .

  ,    ,       (Financial Services Authority),         .           ,           (collective investment scheme).

Limited partnership         ,   ,     ,          (general partnership).           ,     . ,       limited partners,  ;        ,          [64 - Sec 9 (1)(d), 10 LPA 1907.].

   limited partnership  limited liability partnership,       ,  ,    LLP,    limited partnership,     (legal entity[65 - Sec 1 (1), Limited Liability Partnership Act 2000.]).          LLP        , , ,    general  limited partners.




4.Master limited partnerships   


Limited partnership          .               .          ,         .          ,             ,         .         ,       ,  .

  limited partnership    master limited partnerships (  MLP),       .        limited partnership         .

   MLP    ,      . , ,    ,    ;      , .         ,       .    MLP      90%      ,         (IRS, Internal Revenue Service).         ;    Fortress Investment Group  Blackstone Group.

   ,         ;       .      ( 2%) ,       ,         .

            ,  ,        .

     MLP  ,          ,       .                   MLP ,  ,   .   MLP           .

Master limited partnerships   ..     (exchange-traded funds, ETF);  , 25  2010       MLP  Alerian MLPETF,      .   ,     ,   ,       ,    .          MLP[66 - Alerian Benchmarks First-Ever MLP ETF, 25.08.2010 (http://www.alerian.com/ wp-content/uploads/2010.08.25-Alerian-Benchmarks-First-Ever-MLP-ETF.pdf).].




5.       Exchange-traded funds   


Exchange-traded funds    ,      .        ,         .  ,  ETF      ,          ,     .  ETF      ,    ,    ,    .  ETF,     ,         ,         .   ETF    ,          .

 exchange-traded funds       ; ,    2012.     145- (  145-ǻ)[67 -    28.07.2012 145-         .],         .         .        ,         ,   .           ,    , ,   .            .

       ,         ,          .       ,    ,           .

          .     ,           ,     ,        . 145-         ,      .

            ,   :          ,       .        [68 -    29.11.2001 156-   .]               ,         .           ,      ,       ,  .

                     ,     ,           .



 1.      , ,   .







6.


            .      ,       ,       ;               .   ,           ,  ,                         .




   :  



 

        . . 




  .


   .

   ,     (https://www.litres.ru/sbornik-statey/aktualnye-problemy-predprinimatelskogo-prava-vypusk-iii/)  .

      Visa, MasterCard, Maestro,    ,   ,     ,  PayPal, WebMoney, ., QIWI ,       .



notes








1


 . .      3  2011. 380-    (). .:  , 2012,   .




2


Andenas M., Wooldridge F. European comparative company law, Kindle Edition  May 1, 2010, . 101.




3


Act of 24 February 2000 transposing, inter alia, Directive 90/605 into German Law [2000] Federal Gazette I 154.




4


Dabbah M. International and comparative competition law, Kindle Edition  august 1, 2010,  165.




5


BGH, judgment of 29 January 2001, II ZR 331/00, reported in BGHZ 146, 341.




6


BGH, judgment of 7 April 2003, II ZR 56/02, reported in BGHZ 154, 370.




7


Article 1872-1 of the French Civil Code.




8


Dabbah M. International and comparative competition law, Kindle Edition  august 1, 2010, . 166.




9


Law Commissions Consultation Paper, No. 159 (2000), p. 23.




10


Value Added Tax Act 1994, s. 45.




11


Partnership Act 1890, s. 9.




12


Para. 3.11 of the Joint Consultation Paper (Law Commissions Consultation Paper, No. 159 (2000)).




13


M.Cozian et al., Droit des societes, 18th edn (Paris: Litec, 2005), pp. 453.




14


Article L221-15 of the Commercial Code.




15


German Commercial Code, para. 105.




16


Dabbah M. International and comparative competition law, Kindle Edition  august 1, 2010, 70.




17


German Commercial Code, para. 128.




18


German Commercial Code, para. 130.




19


Italian Civil Code, Art. 2296-1.




20


Art. 2267(2) of the Civil Code.




21


B. Libonati, Diritto Commerciale, Impresa e Societ (Milan: Giuffr, 2005), p. 162.




22


, . .       ,  ,  2011, ,   . 1047.




23


    ( )  30.11.1994 51-, . 325.




24


    ( )  30.11.1994 51-, . 75.




25


  -   28  2010.    28-13731/2009.




26


 . .      3  2011. 380-    (). .:  , 2012,   .




27


 . .      28  2011. 335-    (). .:  , 2012,   .




28


    ,        ,       :        ,      12,4 ,     9,5       .                    //  . 7. 2010. . 3.




29


             -   ʻ/ . . . . . ., 2009.  . . 125.




30


                   //  . 2010. 7. .932.




31


    ʻ 3%  1% ,    3%.




32


      - 2011.  . 1. 2012. .106197.




33


 . .       // . 1971. 4. . 59; , . .             .  . .      . . 120; . .    ,            .  . .     . . 188; . .     ,  ,     .  . .       //    . 1972. 6. . 67; . .  ,         ,             .  . .  . . 1960. . 15;       :            ,    -               ,      .  . .,  . .   . ., 1955. . 59; . .  ,          .        ,        , ,         .  . .       . ., 1967. . 72.           . .              ,   ,       ;    ,    ,             ,       .  , . II /  . . . , . . . ., 1944. . 22.




34


  (  ..). ., 1977. . 334;  . .      . . 68.




35


 . . . . . 331.




36


... . . . 330, 334: . . ,       , ,           .                    .                 -       ,  ,      .  . .   : . ., 2010. .198199.




37


   21  1992 2395-1  .  . 1995. 10. . 823. (  ).




38


          .  .  50.2.040-2004. (.    23.12.2004 125-).    .   .




39


 : . . II. / . . . , . . . ., 2006. . 85.




40


 .  .  :   / . . . . . ., 1997. . 128. ( . . ).




41


 . .,  . .  .  :    . ., 2000. (   . .). .132134.   : :  2. . II:   / . . . . . ., 2011. (  . . ). . 234.




42


 . .         . -, 1975. . 37.




43


  : :  2. . II:   / . . . . . ., 2011. (  . . ). . 239.




44


. 60.1    29.11.2001 156-   .




45


. 17.1    29.11.2001 156-   .




46


   28.11.2011. 335-   .




47


                           .




48


        哻.




49


     28  2011. 335-    () (. . . . ) (-, 2012).




50


. 5. 3   28.11.2011. 335-   .




51


. 5. 4   28.11.2011. 335-   .




52


   28.07.2004. 98-   .




53


     15.08.2012 160           .




54


. 2. 1042  .




55


161177, Handelsgesetzbuch (http://www.gesetze-im-internet.de/hgb/index.html).




56


176, Handelsgesetzbuch.




57


Sch. w. J., Bundesgerichtshof 45, 204, 17.03.1966 (http://www.uni-konstanz.de/FuF/Jura/ fezer/BGHZ%2045,%20204.pdf).




58


169, Handelsgesetzbuch.




59


Sec. 4 (2) Limited Partnership Act 1907 (http://www.hmrc.gov.uk/manuals/bimmanual/ bim72515.htm).




60


Sec. 717 Companies Act 1985 (http://www.legislation.gov.uk/ukpga/1985/6).




61


Sec. 4 (2) LPA 1907.




62


Sec. 24 (1) Partnership Act 1890.




63


Sec 6 (1) LPA 1907.




64


Sec 9 (1)(d), 10 LPA 1907.




65


Sec 1 (1), Limited Liability Partnership Act 2000.




66


Alerian Benchmarks First-Ever MLP ETF, 25.08.2010 (http://www.alerian.com/ wp-content/uploads/2010.08.25-Alerian-Benchmarks-First-Ever-MLP-ETF.pdf).




67


   28.07.2012 145-         .




68


   29.11.2001 156-   .


