Cyprus Limited Partnership
These are similar to general partnerships except that they have one or more general partners with unlimited liability and one or more limited partners (whose liability is limited to the amount declared in the partnership return filed with the Registrar).
Main Features:
- Regulation – Partnerships and Business Names Law
- Joint venture by partners to undertake any legal activity
- Operated in accordance with a Partnership Agreement
- General Partnership
- Each partner assumes unlimited liability; is jointly and severally responsible for liabilities accumulated during time as partner
- Limited Partnership
- Partners are divided into general and limited partners; general partners assume unlimited liability and involved in management; limited partners assume limited liability and have restricted powers in management