What is a Partnership?
A partnership is an association of persons united voluntarily to carry together a business with aim to profit. Partnerships are registered with the Registrar of Companies according to the General and Limited Partnership and Business Names Law (Cap. 116). The relationship between members of any company or association which is registered as a company in accordance to the Company’s Law or constitutes or has legal personality in accordance with any other law is not considered to be a partnership under the provisions of Cap. 116.
Unlike companies, a partnership does not have an independent legal entity. The general partners are jointly responsible for the debts and liabilities of the partnership, whereas the limited partners are only liable for up to the amount they have contributed as capital of the partnership or its property.
For further information please refer to the initial and relevant obligations of a partnership.