15th Oct 2015
An approved amendment to the Partnership and Business Names Law (Cap 116) as well as the relevant Regulations now also allows limited partnership by shares, in an effort to attract private capital and further encourage partnerships’ business activities. Specifically, in addition to the existing provisions, the amending legislation also allows limited partners to contribute by shares on the condition that a limited partner by shares shall not take part in the management and the business of the partnership, neither shall have the power to bind the firm.
Furthermore, the “Commissioner of Partnership and Business Names” is inserted as a new term in the law. The said Commissioner shall mean the Registrar of Companies and Official Receiver and may include any other person appointed by the Council of Ministers in order to exercise the powers and duties of such a Commissioner.
The amended application form regarding the registration of a partnership is included in Annex II of the said Regulations.