This document discusses the history of Hermès and differences between limited partnerships and sociétés en commandite par actions (SCAs). It summarizes that Hermès was founded in 1837 as a saddle company and is now a luxury goods company. The Hermès family uses an SCA structure to maintain control through a supervisory board. An SCA is taxed as a corporation while an LP is a flow-through entity. The document outlines recent events threatening the Hermès family's control, including LVMH increasing its Hermès stake, and the family's defensive plans to transfer shares to a holding company.