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General Partnership Company in UAE

Two or more natural persons can establish a general partnership in UAE who are jointly and personally liable for company obligations with all of their funds.

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General Partnership Company in UAE

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  1. General Partnership Company It is the most common and less complex form of a legal entity with which one can start a new business. I hope so; with help of this article, the reader may get all the information required in setting up the General Partnership Company in UAE. I have years of experience in setting up companies in the UAE. This information is tailored not only for an investor who wants to set up companies in UAE but also for those persons who are working as business consultants in UAE. This article provides in-depth knowledge of General Partnership Company. The primary source of this article is the commercial companies law UAE. General Partnership Company in UAE Two or more natural persons can establish a general partnership in UAE who are jointly and personally liable for company obligations with all of their funds. Who is competent to set up a General Partnership Company in UAE? All natural persons irrespective of their nationalities may establish a general partnership company in the United Arab Emirates. What types of activities can be exercised in General Partnership Company in UAE? One can conduct, by means of a General Partnership Company in the United Arab Emirates, almost all kinds of commercial, industrial and professional activities. General Partnership Company’s Liability The general partnership company is that legal entity which can be sued for the compensation of loss which is inflicted on a third person by the actions of any partner with the consent of other partners or in conducting the ordinary course of business in the company. Company’s transactions •The partner’s obligations and rights shall remain intact in the general partnership company after the expiry of the term/purpose for which it is incorporated.

  2. •If a party deals with one or more partners of the company after dissolution or amendment in MOA of the company with bona fide intention then the partner will be held liable toward the third party. Mutual liability of the company and the partner •The company is liable to pay any amount which is paid by the partner of the company personally to carry out the ordinary work or activities of the company. •The partner shall also compensate the company for any benefit obtained due to performing any work relating to the company, using its properties without the company’s prior consent. Profit and Loss of the general partnership company The company losses and profits shall be calculated at the end of the company’s financial year based on the company’s budget and profits and losses account statement.

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