Partnership (Amendment) Act n°26 of 2018, as published in the Official Gazette dated January 9 2019, has made some significant changes to the Partnership Act.
In short, partnership is the relation which subsists between persons carrying on a business (ie. every trade, occupation or profession) in common with a view of profit (this definition does not apply to companies or associations which are registered under the Companies Act n°25 of 2012 or any other Act).
You may have, in the course of your business, entered into an agreement, to share the profits of a business, which might characterize a partnership.
Whereas the Partnership Act did not require the registration of partnerships, the Act n°26 now set forth the obligation to register partnerships and to fulfil all annual requirements (renewal, annual report).
According to the information that you may provide, we will be glad to help you determine if some of your businesses can be seen as partnerships.
When appropriate, we can propose to organizeyour registration and to take in charge your annual obligations.
If you need more information, please contact us.
