Establishing a partnership is an important move for every business. Turning to expert legal advice is vital to ensure everything goes smoothly and that all the essentials are legally covered. Failure to do it right the first time may come back to haunt you later, specifically if the partnership encounters a certain difficulty.
The first issue prior to establishing a partnership is whether to establish a registered limited partnership, or an unregistered partnership. The answer to this question lies in many practical, legal and tax aspects.
Unlike an unregistered partnership, a registered partnership is subject to the provisions of the law (the Partnership Ordinance) and canmay be a limited partnership, subject. A limited partnership must adhere to various provisions and limitations, affecting its establishment and management by the partners.