the general partnership in hong kong
TRANSCRIPT
The General Partnership in Hong Kong
A presentation brought to you byOpenCompanyHongKong.com
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Business Partners in Hong Kong
• Business partners in Hong Kong who share the same business goals can incorporate a special type of legal entity, the partnership.
• The investors work together to grow their business and split the profits.
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The General Partnership in Hong Kong
• The general partnership is one of the two types of partnerships that are available for investors in Hong Kong.
• This legal structure has a simple set-up process and must be formed by at least two members.
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The Characteristics of the General Partnership in Hong Kong
• In the general partnership, the founding members will combine their resources and assets. The success of this business form relies on its members ability to unite their expertise for a common business goal.
• Unlike other types of companies, the Hong Kong general partnership enjoys less stringent requirements for annual reporting and accounting.
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The Advantages Offered by the General Partnership in Hong Kong
• The main advantage of the general partnership is its low incorporation cost and lower maintenance costs than for corporations.
• The business set-up costs are an important consideration when choosing the type of company most suited for incorporation.
• In time, the general partnership can expand and attract employees.
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Considerations about the General Partnership in Hong Kong
• A special aspect that needs to be taken into consideration regarding the general partnership in Hong Kong is the unlimited liability of its members.
• All the members are liable for the business debts and, like the sole-proprietorships, the partners lack the protection of their assets.
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General Partnership Taxation and Registration in Hong Kong
• The business registration regime is simpler in case of partnerships in Hong Kong. The application for registration is made with the Business Registration Office.
• General partnerships in Hong Kong are subject to the corporate tax on their profits derived from Hong Kong in relation to the performed business, trade or profession.
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Terminating a General Partnership in Hong Kong
• Partnerships in which members disagree on the business goals or no longer share the same business vision can be dissolved. Personal disputes between partners can also be a cause for terminating a Hong Kong general partnership.
• Our company formation experts in Hong Kong can help you dissolve a partnership.
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Other types of Partnerships in Hong Kong
• The limited partnership is another option for entrepreneurs who want to work together with another partner.
• In this business form, a general partner has unlimited liability and a limited partner is only liable to the extent of the assets invested in the partnership.
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Partnership Formation in Hong Kong
• Investors in Hong Kong who want to co-own a business can open one of the two available forms of partnerships.
• Our Hong Kong company formation agents can help you open a general partnership and start your business in Hong Kong.
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