General Characteristics

A partnership is a legal relationship between two or more persons who carry on a business with the objective of making profit and sharing it between them. As a partnership is not an entity in law, it cannot sue or be sued in its own name and it cannot own property.

Partners are personally liable for all debts and obligations and personal assets are at risks.

A minimum of two owners to a maximum of 20 owners can be either natural persons, companies or natural persons and companies.

While registration with ACRA must be renewed annually there is no need to audit accounts or file annual returns with ACRA.