5. Types of Business Organisations:
5.2 Partnerships (Limited or General)
Formation
- A minimum of two or more persons.
- Two kind of partnerships, general and limited. General partnership is where all the partners are jointly responsible to meet all the business liabilities without any limits as compared to limited partnerships where at least one limited partner exists.
- Trade name should have one or more partners’ names.
- Copy of partnership act should be published at the Court of First Instance where the partnership head office is located.
- The partnership act should to be published in two daily newspapers of wide circulation.
- Partnerships are registered in the Commercial Register. Partnership capital, share of each partner (general or limited), the activity/business of the partnership, duration, and the appropriation of its profits or losses are required.
Capital-
No minimum capital is required.
Management- At least one of the partners should be in the management team.
- Foreigners do not have the right to manage even if they are partners.
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