Under general partnerships, all administrative tasks, expenses, liabilities and profits are divided between two or more owners. In the case of limited partnerships, the complementary shareholders share responsibility for ownership and the limited partners serve only investors. Yes, assets can be purchased by the partnership. This is done either through a partner who transfers ownership to the partnership, or through the partnership that uses its profits and other assets to acquire more property. The property acquired by the partnership is held in the name of the partnership, but is not the individual property of the partners. If the property is held in the name of a partner, it must not be partnership property, even if it is used by the partnership. Yes, a partner can delegate their participation in the partnership if the partnership agreement does not limit the transfer. When a partner goes into debt or goes bankrupt, a third party can claim the partner`s participation in the partnership. However, under the terms of the social contract, the beneficiary of a transferred interest may not be granted the right to vote or participate in decision-making. The rights and obligations of a beneficiary of a partnership may be limited to the profits and losses of the partnership.
The aim is to ensure that the remaining partners are not affected by the extravagance or incompatible ideas of a new partner who did not participate in the original partnership agreement. Articles of association and shareholder agreements generally contain their own procedures for amending or amending, and both may be amended without submitting any amendment to the Secretary of State. .