PARTNERSHIP AND BUSINESS NAMES LAW

Partnership and Business Names Law Chapter 116 also provides for two general types of partnerships.

1. General Partnership


2. Limited Partnership

International business Partnerships enjoy all the advantages extended to international business companies.

There are two general types of Partnerships, the General Partnership and the Limited Partnership.

I. General Partnership

In the General Partnership every partner is liable jointly and severally with all the other partners for an unlimited amount for the debts and obligations of the Partnership.  Partner can also be a company with limited liability or another Partnership.  The partners of a Partnership may be only companies with limited liability, or only Partnerships or both.

II. Limited Partnership

The Limited Partnership is a Partnership in which at least one of the partners must have unlimited liability for the debts and obligations of the Partnership, whereas the remaining partners may have limited liability.  Limited liability companies may also be partners in a Limited Partnership, as the partner with unlimited liability.

The minimum number of partners required for Partnerships (whether general or limited) is two and the maximum is twenty.

Registration

The procedure for registration of a Partnership is as follows:

• Securing the partnership’s name.

• Preparing the partnership contract.

• Filing with the Registrar of Companies a special form in which certain information is given as to the names, addresses, description of the partners, the unlimited or limited liability of each partner, the duration of the partnership, the person authorised to sign and bind the Partnership etc.

• Payment of the registration fees.