the Proprietorship, a partnership must consist of at
least two members who agree to combine their assets
or labour in running a business for their joint profit.
unregistered ordinary partnership is the most common
type of business organization because it requires less
formality in comparison with other types of partnerships.
This is simple to establish which requires no filing
of particulars e.g. names of members, authorized partners
principal place of business it dopes not provide a potential
contracting party with any information to assess the
partnership creditability. Very often, an unregistered
partnership involves a claim over the partnerships assets
by a silent partner whose name does not appear in the
contracts or business.
of Partner. The
partners have unlimited liability for the debts of the
partnership. A withdrawing partner is still liable for
the debts of the partnerships incurred up to the time
of his withdrawal.
ordinary partnership may voluntarily be registered according
to the provisions of the Civil and Commercial Codes,
to become a separate juristic entity from the partners.
proposed registered ordinary partnership must file the