The Partnership Ordinance 1994 sets out:
- The definition of partnership
- The rules for determining the existance of a partnership
- The power of partners to bind the firm
- The nature of partnership property
- The interests and duties of partners
- The types of dissolution
- The rights of third parties against apparent members of the firm
- The rights and duties of partners on dissolution
- The distribution rules on final settlement of accounts
- Confidentiality
The Limited Partership Ordinance 1994 sets out:
- The essential elements of a limited partnership
- Registration and record keeping
- Returns of Contributions
- Transactions by partners with the limited partnership
- Dissolution
- Proceedings
- Tax Exemptions
The Limited Partnership Ordinance provides an attractive investment vehicle, particularly for the raising of venture capital, permitting the limited partners to be insulated from liability. Full details can be found under the Financial Services Legislation Menu of our website (Click Contact Link).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
