Eternity Law International News Registration of a General Partnership

Registration of a General Partnership

January 26, 2020

A partnership where the participants jointly are entrepreneurs on equal terms for obligations is called general.

Such a partnership has a number of its own characteristics:

  1. the participants conclude an agreement among themselves, according to which the partnership works
  2. the goal of GP is entrepreneurship;
  3. members of such a partnership are legal entities or entrepreneurs;
  4. there are no governing bodies in the software, the participants themselves regulate their activities;
  5. entrepreneurs conduct their business on behalf of the GP and do not have the right to be fully members of other legal partnerships;
  6. if a certain legal entity does not have the funds to fully repay the software debt, then all persons in the company are liable.

Creation of a General Partnership in Ukraine

To begin with, you should decide on the name of your general partnership. It must either have the names of all the participants and the prefix GP or the names of only a few with the prefix “and company”, but the term “general partnership” must appear.

Next, you and your colleagues must decide how you do business in your firm. Business will be handled by everyone on equal terms, or by several people whom you appoint together or only one on behalf of.

This is done primarily in order to indicate this in the agreement, because representatives must give reports.

You must also understand that the exclusion of an accomplice from the GP can be in three cases:

  1. if the participant refuses to do his job;
  2. if one of the accomplices put forward a demand for the exclusion of his colleague;
  3. if your society has ceased to exist.

The procedure for creating GP does not differ much from the procedure for creating another legal entity. The only thing that is different is the status of a business entity for each participant and the presence of a memorandum of association, which speaks about the type of activity of the GP.

Required documents for registration of a General Partnership

As previously stated, there must be a memorandum of association that defines the type of business of the GP. It should include:

  1. total capital of all partners;
  2. the share of each participant, indicating its size;
  3. information about the form of participation of each member in the partnership;
  4. the exact timing of the contribution of each member of the society and also any information about their changes;

Now in Ukraine there is no law that would regulate the size of the constituent capital of each side, but it can be controlled with the help of acts created to control commercial business.

Registration takes place as follows:

  1. fill out an application for GP creation;
  2. submit your documents;
  3. provide documentation confirming personal information in the application and contract;
  4. if the founder is an individual, he provides a copy of his passport and identification code. If the founder is a legal entity, he provides a power of attorney of the one who will represent the legal entity in the GP, copies of the charter, certificate of state registration and a certificate of entry into the EDRPOU, as well as a handwritten decision to create software;
  5. copies of the passport and identification code of the participant, who will lead the GP.

After the register receives your documents, statistics services, the Pension Fund and fiscal authorities are informed. Then your GP should be considered registered within 24 hours.

By contacting Eternity Law International, you can make the registration process easy and fast. We will help you with the preparation of all documents and their submission.

The term will be no more than 6 working days, excluding the receipt of a certificate from the single tax payer (it takes up to 10 working days on average). Come to us and we will be happy to help you!

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