A General partnership — one of the oldest forms of partnerships. Nowadays rarely used, but some entrepreneurs still give it preference. Those who decided to organize a General partnership, incorporation documents which should be prepared in advance, it is recommended to read the rules of the organisation.
A General partnership — one of the types of economic partnerships in which the participants enter into a contract in accordance with the business. Each participant (or full partner) is responsible for the entrusted property in full, i.e. has unlimited liability.
The Civil code regulates General partnership, incorporation documents which indicate the following features:
- created on the basis of the contract;
- full partners are required to personally participate in the activities of the organization;
- have the same rights as a legal person;
- the primary goal is the pursuance of entrepreneurial activities;
- the responsibility of all participants is unlimited.
There are rules for those who want to become a member of the full partnership. By law, individual entrepreneurs can become them, like any commercial organization (according to article 66 CC).
When choosing names for the full partnership should be aware that it must contain the words "full partnership" and all names or the names of several of the participants, but then need to add the words "full partnership” or “company”. An example of a full partnership — an imaginary firm «Ivanov and the company”.
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A General partnership, incorporation documents which you must provide for registration, is created on the basis of the Foundation agreement. It's founders define their participation in the activities of the partnership, agree on the distribution of income and expenditure and ways of managing the organization.
Each participant is required to sign a Memorandum, stating the following information:
- the name of the relevant legislation;
- the location
- the size and composition of the share capital;
- the management of the partnership;
the size, composition and timing of deposits;
- responsibility for breaches of the Treaty.
The Foundation agreement several appointments. It contains the items which define the relationship between the General partners. Moreover, the contract indicates the conditions of work of partnership with other organizations. Like any document, the contract shall be in accordance with the legislation and should include all the items. It is in written form, compiled in one document and signed by each participant.
The law includes no requirement that the contract must be in a single document. However, it is a prerequisite in the provision for registration. Moreover, upon presentation of the contract to third parties is necessary to show a single document.
Since the signing of the contract participants of a full partnership must carry rights and responsibilities. However, for third parties, it shall enter into force only after registration. Registration of Memorandum is in accordance with the Law on registration of legal entities the Name must match all rules. An example of a full partnership with the right name — “Abzal & K”.
A General partnership, incorporation documents which were signed by all participants, impose rights and obligations. It is important to know. Participants of a full partnership may not consist of more than one partnership. By law, they have no right to make transactions on its behalf without the consent of the other. Everyone is obliged to contribute not less than half its contribution in capital at the time of registration of the partnership. The remainder must be paid within the period specified in the contract. Each fellow is required to participate in the activities of the organization according to the rules specified in the articles of incorporation.
The Founders of a full partnership may leave the partnership before the specified date. In this case, the person is obliged to declare his desire at least for 6 months. If a General partnership created for a fixed term, then a solution is possible only for cause.
The Participant may be excluded from the Association in court, if it was voted by the rest of the participants. In this case, he shall be paid the value corresponding to its share capital. The share of retired participants are transmitted in succession, but the successor needs to vote the other fellow. The composition of the comrades may be changed without exception anyone. In this case, the share of the folding equity is transferred to the other party or a third party. For surgery requires the consent of the others.
As a General partnership is highly dependent on each participant, there are many events that can lead to its elimination. Of course, the death of the party is the reason for the termination of the partnership. If the friend is a legal entity, its liquidation will be the basis for the liquidation of the organization.
Other causes are:
- a request from the creditors to one of the parties in connection with foreclosure of the property;
judicial procedures against one of his comrades.
- the participant's bankruptcy.
A Full partnership has the right to continue activities if such item is specified in the articles of incorporation.
If the number of participants was reduced to one, then the party has 6 months to convert a General partnership into a business company. Otherwise, it is subject to liquidation.
Full and limited partnerships differ in several points. A limited partnership, which is also called a limited partnership, differs from the full the fact that it includes not only full partners, but also investors (limited partners). They assume the risk for losses associated with the activities of the partnership. The amount depend on the submitted contributions. Limited partners do not participate in business activities. Unlike General partners, investors can be not only individual entrepreneurs and commercial organizations and legal entities.
The limited partners shall be entitled to:
- to make a profit according to their share in the share capital;
- to require annual reports on the work of the partnership.
There are a number of restrictions that apply to investors. They can't be public authorities and bodies of local self-government. They have no right to speak on behalf of the partnership, except by proxy.
One of the forms of collective enterprise called a cooperative. Full partnership, in contrast, is more restrictive in terms of participants. Members of a production cooperative cannot be individual entrepreneurs, but personally, working in the cooperative. Each member has one vote regardless of the size of the contribution.
In the civil code production cooperative called the artel', as the profit depends on the labor of the participant's contribution, not his contribution. In the case of debt each carries liability for its repayment in the amount, predetermined by the Charter.
The Advantage of this form of entrepreneurship is that the profits are distributed in accordance with the labor contribution. Also distributed property in the case that a production cooperative was liquidated. The maximum number of members is not limited by the legislation that allows you to create cooperatives of all sizes. Each member has equal rights and one vote, which stimulates the interest of members of the organization.
The Minimum number of members limited to five. The downside is that it greatly limits the possibility of establishing a cooperative....
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