General Partnerships can usually formed by two or more UAE nationals who are jointly and separately liable for all kinds of debts. This form of partnership is generally not available to non-nationals in UAE. The names of actual partners can be included in the company name but the company may have a special trade name.
There can be different Partnership shareholding structure mutually agreed and decided by all the shareholders and all terms and Conditions can setup among all the shareholders. The management of a company may include one or more managers who are UAE nationals and who may or may not be partners in the company.
In the commercial and legal parlance of most countries, a General Partnership or simply Partnership refers to an association of persons or an unincorporated company with the following major main features like Formed by two or more persons, The owners are all liable for legal actions and debts the company may face personally, Created by agreement, proof of existence and estoppel.
All the partners own the business assets together and are personally liable for business debts. Profits are shared equally amongst the partners. A partnership agreement, however, will usually provide for the manner in which profits and losses are to be shared. Each Partner is, jointly and severally, personally liable for debts and taxes of the partnership. Each general partner has an equal right to participate in the management and control of the business.