Initial and relevant obligations
Partners
A partnership must have at least two (2) and up to one hundred (100) partners. A partnership with more than 10 persons cannot be established for the purposes of carrying out banking business.
General partners
Every general partner represents the partnership and all other partners for the purposes of carrying out the business of the partnership. As a result, every general partner is jointly liable with the other partners for the debts and obligations of the partnership arising while he/she is a partner.
It is noted that the general partner are responsible for submitting the relevant documents and notifications, regarding the updating of the partnership’s particulars, to the Registrar of Companies.
Limited partners
A limited partner contributes to the partnership a specific amount or property valued at a specific amount. The limited partner is not liable for any debts or obligations of the partnership in excess of the amount he has contributed to the partnership.
It is also noted that the limited partner does not participate in the managment of the business of the partnership and does not have any authority to commit the partnership. If however, a limited partner participates in the management of the partnership’s business, then he/she is liable for all the debts and obligations of the partnership, arising while he/she participates in the management as if he/she was a general partner.
A limited partner by shares cannot participate in the managment of the business and does not have any authority to commit the partnership.
Notifying the Registrar of Companies
The information regarding the first partners (whether limited or general) are notified to the Registrar of Companies by completing and submitting form Σ1 while applying for the registration of a partnership. It is noted that the Registrar of Companies shall be notified of the names of the general partners who will be authorised to manage the affairs of, run and sign on its behalf of lthe partnership.
Following the incorporation of the partnership, any changes relating to the partners are notified by the submission of form Σ2. For more details, please visit page updating partner's particulars.
It is also noted that the details of the partners are published in the electronic register of the Registrar of Companies.
