The komplenurr is replaced, in accordance with the provisions of the social contract or, if the social contract is silent, by the president of the district court (borough court) at the request of an interested party. Lux LP replicates many of the characteristics that have made Anglo-Saxon companies as popular as fund vehicles, and their introduction has certainly expanded land options for fund managers when they structure new funds, separate accounts, co-investments and carry arrangements. Lux LPs are also quick to establish and are confidential vehicles. It is not necessary for the agreement on the single limited partnership to be made public or for a notary to be associated with its signature, although some limited information on the formation of Lux LP (for example, the .B the identity of the directors (i.e. the directors of the Kompleum) are published in the Official Journal (Memorial C) and the objects of Lux LP). It is important that the identity of the commanders and their respective contributions can be treated confidentially. While there are currently limited circumstances in which a CBS must submit its accounts to the Register of Commerce and Companies in the public registry, these circumstances are unlikely if the CBS is used as a vehicle of funds. A SCSp is not currently required to file its accounts in public. As a result, Lux LP accounts used in fund structures are generally confidential documents. Shareholders who are not based in Luxembourg should not themselves be subject to Luxembourg taxes because of the investment in a Lux LP. On the contrary, they should think about how to tax them on the amounts allocated to them by Lux LP in their country of origin. In general, we expect the tax authorities that treat English, Scottish and Channel Island limited partnerships as transparent tax limited partnerships to treat Lux LPs in the same way – although the Lux LPs have recently been introduced in their current form, this has not been tested. Decisions of the partners are taken at the general meeting.
The partnership agreement may include specific provisions regarding the operation of the SCSp. If not, the following provisions apply.