Submit

Partnerships

There are three types of partnership set out in the Law on Partnerships:

In an unlimited partnership, the partners are jointly and severally liable for the obligations of the partnership, without limit to their capital contribution and personal property.

In a limited partnership, there is at least one partner who has unlimited exposure to the liabilities of the partnership and the rest have their liability limited to their capital contribution.

Limited liability partnership type was introduced by changes to the Law on Partnership on July, 2013. According to the Law, two or more individuals with professional licenses can establish limited liability partnership in which partners’ liabilities are limited to their capital contribution, except for a failed partner who will be accountable for loss with his/her capital contribution and personal property. 

Partnerships are required to register with their local State Registration Office, are able to trade internationally and merge or be liquidated.