Two or more persons may establish a general partnership, which is a partnership but not a limited partnership, in the QFC under the QFC Partnership Regulations.
- Not a separate legal entity; It is a partnership between two or more persons carrying on business together
- Each of the partners in a general partnership has unlimited liability and is personally liable jointly and severally with other partners for the partnership’s debts and liabilities
- A general partnership may, at its option, register with the CRO
- Partners are required to enter into a partnership agreement
- No partner may be required to contribute capital to the partnership
- An address for service of each partner must be disclosed
- Proper accounts and accounting records must be kept and available