Partnerships

The main feature of a partnership is the personal commitment of the partners to their working efforts to the partnership. Any partnership requires at least two partners.

The liability of the partners for the partnership's debts and liabilities is generally unlimited and personal. No minimum share capital is required, and the accounting obligations and publication requirements are less extensive than those for corporations.

There are four major forms of partnerships. Their main difference lies in the liability of their partners and required registration obligations.

A Partnership Company (Partnergesellschaft or PartG) is a form of partnership specifically designed for the joint exercising of professional freelance activities, such as architects. This company form is not further explained on the following pages.