GENERAL PARTNERSHIPS
General partnerships are companies established, and maintained, by at least two individuals for the purpose of operating a commercial undertaking and where the shareholders are liable without limitation towards company creditors. Each shareholder of a general partnership has management rights, however, the articles of association may bestow management upon one shareholder or multiple or all shareholders. In the event of a shareholder being granted management rights through the articles of association, he/she may only be removed from such position through a court judgment based on justifiable reasons. However, shareholders who have been granted management rights through a decision of the shareholders may be removed from their positions upon a majority vote of the shareholders. Although a manager may perform all acts and transactions required for the company to achieve its purpose of establishment, all actions and transactions which are outside the ordinary scope of business require the unanimous vote of the shareholders.
