General Partnership
A General Partnership is formed by at least two and not more than twenty partners who are jointly and severally liable for the partnership's debts. Only the names of the actual partners may be included in the partnership's name. A partnership's interest may be transferred with the approval of all partners or in accordance with conditions established in the partnership agreement. The management of the partnership is vested with one or more managers who are individuals and who may or may not be partners in the partnership. According to the Company Law, if the partnership consists of two partners, the withdrawal of one of the partners will not lead to the dissolution of the partnership. Instead, the remaining partner may seek to replace the absent partner with another. Failure to do so within three months of the partner's withdrawal will result in the partnership's dissolution by virtue of law.
Formation of General partnership: All partners must be over 18, not less than two, with a maximum number of 20 natural person unless the increase is due to inheritance.
Registration of the General Partnership
The statement of the company's agreement must include the following:
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Title of the company and its trade name.
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Names of the partners and their nationality, including their age and address.
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Company's headquarter.
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Objective of establishing the company.
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The company's capital and the shares of the partners.
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Name of the authorized partner who will manage on behalf of the other partners.
- The status of the company in the event of death, or bankruptcy, or the declaration of incompetence of any or all of its partners.
The approval of the registration of the company will take place in 15 days from the date of submission the registration application.