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Partnerships

According to the Civil and Commercial Code (CCC), partnerships can be divided into 2 types:

  1. Ordinary Partnerships
  2. Limited Partnerships

Ordinary Partnership

Set up Partnerships in Thailand

In an ordinary partnership, at least 2 investors are required and they become partners who are jointly and wholly liable for all obligations of the partnership. An ordinary partnership may or may not register as a juristic person. Therefore, an ordinary partnership can be divided into 2 types:

  • 1.  Non-registered Ordinary Partnership has no status as a juristic person and is treated, for tax purposes, as an individual.
  • 2.  Registered Ordinary Partnership is registered with the Commercial Registrar as a juristic person and is taxed as a corporate entity.

Limited Partnership

Limited Partnership in Thailand

Limited partnerships can take two forms:

  1. One or more partners whose individual liability is limited to the amount of capital contributed to the partnership, or
  2. One or more partners who are jointly and unlimitedly liable for all the obligations of the partnership.

Limited partnerships must be registered and are taxed as a corporate entity.

Partnerships registered under the CCC have a duty to provide a balance sheet for each fiscal year submitted to the Department of Development (DBD) or the same in their province within 5 months after the closure of their accounting period even though the business is not being operated otherwise a fine of 50,000 THB shall be imposed.

Partnership Registration

Partnership Registration in Thailand

When two or more people agree to invest in one of the aforementioned types of partnership, the appointed managing partner is responsible for registering the partnership with the commercial registration office of the province that the head office of the partnership is located in. A limited partnership must be only managed by a partner with unlimited liability.

 

WHY SHOULD YOU FIND TRUSTED CORPORATE LAWYER TO ASSIST YOU IN DOING BUSINESS IN THAILAND?

Corporate Law Firm in Thailand

On behalf of international clients, a corporate lawyer in Thailand with a depth of experience can assist in setting up and registering Thai and Amity treaty companies. Our legal counsel and business consultants are strong in business and conflict resolution experience. That depth of experience, coupled with a contemporary perspective, means our corporate lawyers and business consultants tend to be forward- thinking and innovative in satisfying client needs.

Let M & S Law Office 2006 help you by calling us at (+66)2 693-2036 or send email via contact@mslaw2006.com or send us enquiry.

 

 

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