Company partnership

General partnership (Tikroji ùkine bendrija, TUB)

General partnerships are enterprises with unlimited liability established on the basis of a partnership or joint venture agreement between several individuals and/or legal persons. The general partnership is created through transfer of property from individual ownership to co -ownership within the partnership, with the purpose of conducting business activities under a common name of the firm. All partners of a general partnership are jointly liable for the obligations of the general partnership, including with their personal property. The partners remain liable even after the liquidation of the general partnership. The general partnership, however, is not liable for the obligations of it s partners if such obligations arise in their activity unrelated to the activities of the general partnership.

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