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By joining two or more UAE nationals, a General Partnership can be forms in which individuals have separate liability for all kinds of debts. The non-nationals in UAE cannot avail these type of partnership. In the name of the company, the names of actual partners can be included but the company must have a special trade name.
The partnership can be of different types depending on the shareholding structure mutually agreed and confirmed by all the shareholders and all the terms and conditions are precisely laid among all shareholders. One or more managers can be included in the management of a company but they should be UAE nationals and may or may not be partners in the company.
In the legal and commercial dialect of many countries, a general partnership means an association of two or more persons that forms an incorporated company in which they are liable for debts and legal actions the company may face.
The business assets are owned by partners together and are liable for business debts personally. The profits are equally shared among partners. A partnership agreement provide the way in which profits and losses are shared among partners. The right to participate in the management and control of business is equally provided to all the partners.