Foundation of General Partnership and Limited Partnership in Lithuania

BY / IN Без рубрики

2016-07-29

The general partnership in Lithuania shall be an enterprise all of whose members are general partners. The limited partnership shall be an enterprise whose members are general partners and limited partners. The general partnership shall have not less than two and not more than twenty general partners. The limited partnership shall have not less than three members (two general partners and one limited partner) and not more than twenty members. The founders of the partnership shall be the persons who have concluded the partnership agreement. The partnership agreement shall also constitute both the contract for the founding of the partnership and the partnership founding document. The partnership agreement must be notarised.

The partnership agreement shall state:

 

  • the name of the partnership;
  • the legal form taken by the partnership (general partnership or limited partnership);
  • the head office of the partnership;
  • the object of the partnership activities;
  • data of the general partners (natural person’s name, surname, personal number, place of residence; legal person’s name, legal form; code number, head office);
  • procedure for compensating the costs of partnership founding;
  • partnership founders’ contributions, the procedure and time limits for making the contributions. Where the contribution is made otherwise than in cash the value thereof must be stated;
  • liability of the general partners for failure to discharge the obligations;
  • the procedure for transferring the rights of the general partner to another person;
  • the procedure for admitting new general partners;
  • the procedure for effecting settlement with the general partners who retire from the partnership;
  • the procedure for drawing on the partnership cash at hand as profit paid in advance for the personal needs of the general partners;
  • the procedure for establishing branches and representations of the partnership and for the dissolution thereof;
  • whether or not the partnership draws up financial statements;
  • the daily of the Republic of Lithuania in which public notices shall be published when required under the Civil Code and this Law;
  • the procedure for amending the partnership agreement;
  • duration of the partnership where it is limited;
  • the date of drawing up the partnership agreement.
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Foundation of General Partnership and Limited Partnership in Lithuania
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