A general partner company in Dubai implies a company owned by 2 or more partners, who bear unlimited liability, i.e., are responsible for the debts and obligations of the company in a personal capacity. They also enjoy the entirety of its profits. This type of company can be opened by UAE nationals only. Each general partner has an equal right to participate in the management and control of the business.
A partnership may dissolve in the event of withdrawal, bankruptcy, insanity or death of a partner. The partnership may, however, be continued if the rest of the partners unanimously ratify it. Such a decision must be duly filed in the commercial register.
The name of a general partner company may be a special trade name or may include the names of actual partners. Its management may include 1 or more managers who are UAE nationals and who may or may not be partners in the company. In the interest of a partner, a partner can be moved as specified in the partnership agreement or with the approval of all partners.
Company formation in Dubai is a lucrative proposition, and it is crucial that one selects the most appropriate legal entity to represent one’s business. Commitbiz offers a wide range of highly reliable business management services that can help you in the realization of your business initiatives in Dubai. Our team of experts specializes in company incorporation, registration, tax advisory, accounting, and bookkeeping services. If you are looking to set up a company in Dubai, do contact us. We’ll be glad to assist you.