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General Partnership (GP) - Pilnsabiedriba (PS)

A general partnership is a partnership the aim of which is doing business by two or more persons joining together based on the partnership agreement not limiting their liability towards creditors. Latvian GP is registered in the Commercial Register. The application for registration must include the name, surname, personal ID number, address of the place of residence of every member of the company or in case of a legal person, a name, registration number, registered address, name and registered address of the company, information on type of company and types of business activities pursued. All partners are personally liable for the company’s obligations as co-debtors with their whole property. After taxes in Latvia the profit and losses are divided amongst members in proportion to their investments in the partnership.

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