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Articles of partnership is a voluntary contract between/among two or more persons to place their capital, labor, and skills into a business, with the understanding that there will be a sharing of the profits and losses between/among partners. Outside of North America, it is normally referred to simply as a partnership agreement. [1]
Must be created by agreement, proof of existence and estoppel. Formed by two or more persons; The owners are jointly and severally liable for any legal actions and debts the company may face, unless otherwise provided by law or in the agreement. It is a partnership in which partners share equally in both responsibility and liability. [1]
As with the KG, the legal form of the general partner, followed by "& Compagnie" (shortened to & Co.), must be included if it is another limited company, resulting in combined legal forms such as: GmbH & Co. KGaA: the general partner is a GmbH; AG & Co. KGaA: the general partner is an AG; SE & Co. KGaA: the general partner is a societas Europaea
In addition, a domestic partner affidavit could be viewed as a de facto agreement by the courts, potentially making partners financially responsible for each other’s support and debts.
The law does not require written partnership agreement between the partners to form a partnership. A partnership is not required to be registered, but a partnership is considered as a separate legal identity from its owners only if the partnership is registered.
Partnerships also have constitutional documents in the form of a partnership agreement.In some jurisdictions, a more formal constitution, sometimes referred to as articles of partnership or a partnership deed is used (particularly where the partnership has certain corporate aspects, such as a Limited Liability Partnership).
An obligation of a partnership incurred while the partnership is a limited liability partnership, whether arising in contract, tort, or otherwise, is solely the obligation of the partnership. A partner is not personally liable, directly or indirectly, by way of contribution or otherwise, for such an obligation solely by reason of being or so ...
The limited partnership provides the limited partners a return on their investment (similar to a dividend), the nature and extent of which is usually defined in the partnership agreement. General Partners thus bear more economic risk than do limited partners, and in cases of financial loss, the GPs will be the ones which are personally liable.
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