General Partnership

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.

Key Features

  • 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
 

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