general partnerships in cyprus
TRANSCRIPT
A presentation brought to youby Lawyers-Cyprus.com
General Partnerships in Cyprus
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What is a General Partnership in Cyprus?
• A general partnership in Cyprus is a type of legal entity in which the investors – who have the quality of partners, not shareholders, conduct a company together, having unlimited liability for the debts incurred by the company.
• This means that the partners will become liable for the company’s debts with their personal assets.
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What is a General Partnerin Cyprus?
• A general partner in Cyprus refers to the person who owns the business and who has unlimited liability.
• A general partner can act on the behalf of the company without receiving the approval of other partners.
• A general partnership can be incorporated by signing a partnership agreement, in which the rights and obligations of all the partners are stated.
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The Partnership Law in Cyprus >>
• Partnerships in Cyprus are regulated by the Partnership Law.
• The Partnership Law is part of the Cypriot Civil Law and it distinguishes two types of partnerships:
the general partnership the limited partnership.
• The Partnership Law recognizes the legal relation between the founders of the partnership, but does not recognize the partnership as a separate legal entity.
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>> The Partnership Law in Cyprus
• The activities carried out under a partnership in Cyprus are distinguished from the activities carried out by companies registered under the Cypriot Commercial Law.
• Cypriot general partnerships may be set up if the following three conditions are met: it must carry out a business; it must have at least two partners; it must have the purpose of obtaining
a profit.
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Legal Aspects for a Partnership in Cyprus
• Partnerships registered as Cypriot limited liability companies under the Commercial Law are not considered general partnerships.
• General partnerships may have a maximum of 20 members.
• If they carry out banking activities, general partnerships can have maximum 10 partners.
• Our team of lawyers in Cyprus can offer more details on this matter.
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Register a General Partnership in Cyprus
• In order to register a general partnership, a written statement signed by all the founding members must be submitted with the Cypriot Companies Registrar.
• When registering a general partnership, it is important to know that the partners will be jointly and separately liable for the debts incurred by the respective business.
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Registration Statement for a Partnership in Cyprus >>
• When opening a company as a general partnership, the partners will have to provide the following information:
the partnership’s name;
the nature of the business activities;
the place where the business will take place;
details about the partners such as names, nationality, residency and business occupation.
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>> Registration Statement for a Partnership in Cyprus
• The document should also contain the following information:
the date of commencing the business activities;
the contribution of each partner;
the authorized representatives of the general partnership.
• Our team of attorneys in Cyprus can offer legal assistance.
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Consultancy Services in Cyprus
• Investors can receive legal assistance from our law firm in Cyprus for other related corporate aspects.
• Our lawyers can help foreign investors to reserve a company name, as well as for various aspects related to the legal system applicable in Cyprus.
• Do not hesitate to contact our law firm in Cyprus for any legal issue you may deal with.
Thank you for your attention!
• For more information please contact us at:
(+44)203-287 0408 (for international clients)
www.lawyers-cyprus.com 11