Quick & Hassle-Free China Partnership Firm Formation & Registration with Jilian Consultants
“Partnership Enterprise” means a profit-making organization, which is established within the territory of China and all the partners in which conclude a partnership agreement, make joint capital contributions, conduct business jointly, share incomes and risks and bear unlimited joint and several liabilities for debts of the partnership enterprise.
The words “limited” and “limited liability” shall not be used in the name of a partnership enterprise.
To establish a partnership enterprise, the following conditions shall be met:
(1) two or more partners who shall each bear unlimited liabilities according to law;
(2) having a written partnership agreement;
(3) having capital actually contributed by all the partners;
(4) having a name for the partnership enterprise; and
(5) having premises for business and the necessary conditions for joint operations.
A partner shall be a person who has full capacity for civil acts. And A person who is prohibited by laws or administrative rules and regulations to engage in profit-making activities shall not become a partner in a partnership enterprise.
A partner may make capital contributions in cash or in kind, or in the form of land-use right, intellectual property rights or other property rights; the contributions mentioned above shall be the lawful property or property rights of the partner. In the case of non- monetary contribution or Labor service made by partner then contribution is determined by assessment institution authorized by all partner.
Partnership agreement and Identity papers of partner is mandatory documents for applying registration of Partnership enterprises.
If a partnership enterprise wishes to set up a branch, it shall apply for registration to the enterprise registration authority in the place where the branch is to be located and shall have to obtain a business license.
No partner may, by himself or through cooperation with another, engage in business in competition with the partnership enterprise in which he is a partner.
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