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Partnership (China)
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Partnership (China)
A partnership in the People's Republic of China is a business entity governed by the Partnership Enterprise Law passed by the Standing Committee of the National People's Congress to authorize and govern partnership enterprises. A partnership is a type of business entity in which partners share with each other the profits or losses of the business undertaking in which all have invested.
From 1368 to 1911, partnerships with distributive shares were the principal form of a business entity that investors ran coal mines.
In the modern era, most enterprises were partnerships in the form of general partnerships levying unlimited liability on the partners. In 1933, 41% of factories were run by partnerships and 20% were sole proprietorships. After the end of the 1950s centralization of the economy caused the partnership form to vanish for nearly 30 years. In the 1980s partnerships returned with different names to avoid the sensitive label of private ownership.
On 1 June 2007, the Partnership Enterprise Law came into force and established partnerships as a legal business entity.
The term partnership enterprise refers to general partnerships and limited partnerships which may be established within China by natural persons, legal persons and other organizations. A state-funded company, state-owned company, listed company, public welfare-oriented public institution or social organization may not become a general partner of a limited partnership.
A general partnership (Chinese: 普通合伙) may be formed by general partners, who bear unlimited joint and several liability for the debts of the partnership.
A limited partnership (Chinese: 有限合伙) is formed by a combination of general partners and limited partners, where the limited partners bear the liabilities for the partnership's debts to the extent of their capital contributions.
A special general partnership (Chinese: 特殊普通合伙) resembles a general partnership except that it must be a professional service institution offering services requiring professional knowledge and special skills. The structure shields co-partners from unlimited liabilities due to the willful misconduct or gross negligence of one partner or a group of partners. It is intended as the preferred form of organization for law and accounting firms.
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Partnership (China)
A partnership in the People's Republic of China is a business entity governed by the Partnership Enterprise Law passed by the Standing Committee of the National People's Congress to authorize and govern partnership enterprises. A partnership is a type of business entity in which partners share with each other the profits or losses of the business undertaking in which all have invested.
From 1368 to 1911, partnerships with distributive shares were the principal form of a business entity that investors ran coal mines.
In the modern era, most enterprises were partnerships in the form of general partnerships levying unlimited liability on the partners. In 1933, 41% of factories were run by partnerships and 20% were sole proprietorships. After the end of the 1950s centralization of the economy caused the partnership form to vanish for nearly 30 years. In the 1980s partnerships returned with different names to avoid the sensitive label of private ownership.
On 1 June 2007, the Partnership Enterprise Law came into force and established partnerships as a legal business entity.
The term partnership enterprise refers to general partnerships and limited partnerships which may be established within China by natural persons, legal persons and other organizations. A state-funded company, state-owned company, listed company, public welfare-oriented public institution or social organization may not become a general partner of a limited partnership.
A general partnership (Chinese: 普通合伙) may be formed by general partners, who bear unlimited joint and several liability for the debts of the partnership.
A limited partnership (Chinese: 有限合伙) is formed by a combination of general partners and limited partners, where the limited partners bear the liabilities for the partnership's debts to the extent of their capital contributions.
A special general partnership (Chinese: 特殊普通合伙) resembles a general partnership except that it must be a professional service institution offering services requiring professional knowledge and special skills. The structure shields co-partners from unlimited liabilities due to the willful misconduct or gross negligence of one partner or a group of partners. It is intended as the preferred form of organization for law and accounting firms.