Chapter V
PARTNERSHIPS
Article 95.- Partnership
1. A partnership is an enterprise in which:
a/ There must be at least two partnership members; besides such members, there may be capital-contributing members;
b/ The partnership members must be individuals who have professional qualifications and credibility, and shall be liable for the obligations of the partnership with all their assets;
c/ Capital-contributing members shall only be liable for the debts of the partnership within the amount of capital they have contributed to the company;
2. Partnerships shall not be entitled to issue any type of securities.
Article 96.- Rights and obligations of members
1. The partnership members may manage the partnership; conduct business activities in the name of the partnership; and shall be jointly liable for the obligations of the partnership.
2. The capital-contributing members shall be entitled to the distribution of profits according to the ratio stipulated in the Charter of the partnership; shall not be entitled to take part in the management of the partnership or to conduct business activities in the name of the partnership.
3. Members of a partnership shall have other rights and obligations as prescribed by law and the Charter of the partnership.
Article 97.- Management of partnerships
1. The organizational and managerial structure of a partnership shall be agreed upon by partnership members in the Charter of the partnership.
2. The partnership members shall have equal right in deciding issues related to the management of the partnership.
Article 98.- Specific provisions on the establishment, organization, management and operation of partnerships
Based on this Law and other relevant provisions of law, the Government shall specify the establishment, organization, management and operation of partnerships.