In contrast to general partnerships and limited partnerships, whose share capital are not divided into shares, the share capital of partnerships limited by shares, as the name suggests, is divided into shares, which are transferrable. Partnerships limited by shares must be established and maintained by at least five shareholders, at least one of whom must have unlimited liability towards creditors. Only shareholders with unlimited liability may have management rights in partnerships limited by shares and, although such companies have no board of directors, the shareholder(s) with management rights have the duties and responsibilities of the board of directors of a joint stock company.