Sole Proprietorship
How to Setup a General Partnership in UAE
Learn how you can set up a partnership firm in the United Arab Emirates.
Key steps to setting up an Establishment or Sole Proprietorship:
A general partnership can be considered as an arrangement between two or more partners whereby each of the partners is jointly and severally liable to the extent of all their assets for the company’s liabilities.
What is a General Partnership?
A general partnership in UAE has the following features:
- General partnerships are formed by two or more UAE nationals who are jointly and separately liable for its debts.
- Only UAE nationals are allowed to be partners in a general partnership.
- The name of the business must contain the name of one or more of the partners, with the addition of a word signifying that it is the name of a business. If a non-partner is named in the business name, with his or her knowledge, that individual is jointly responsible for the business’s debts.
- All partners shall be considered dealers, and the bankruptcy of any partner leads to the bankruptcy of all partners.
- The company shares may not be represented in negotiable certificates.
- Partners are severally responsible for all their money for the company’s obligations and any agreement to the contrary might not be made against third parties.
- The company administration is undertaken by all partners unless the company contract or an independent contract assigns the administration to a partner party.
- The company may practice all industrial, commercial, and professional businesses.
What are the documents required for setting up a general partnership?
The following documents are required to setup a general partnership in UAE:
- A general partnership contract duly authenticated by the notary public.
- Other required documents
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Business Setup in UAE
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