Partnership / Joint Ventures

Are you going to enter into a partnership for a business in Thailand? If yes, reading this page might interest you, as it shares some vital information associated with Thai Partnership and Limited Partnership. Getting into a Thai Partnership involves a procedure, along with a set of documents that needs to be submitted to the concerned authorities, and also has several conditions attached to it. BLS is undoubtedly the right place to help you with the various aspects associated with partnership types in Thailand. These aspects include the procedure of various partnerships, the documentation required, and additional assistance, as required, within the scope of our services. Our years of expertise and experience in offering advice on Thai Partnership would help you with insights on every little detail involved in it. Continue reading to find out what is a Thai Partnership, and also factors associated with Limited Partnership.

Let us take a look at some of the important conditions associated with Thai Partnership.

• An Ordinary Partnership is a business established by a minimum of two individuals.
• The individuals are joint partners, sharing an unlimited liability for all the obligations of the partnership.
• It isn’t imperative to register an Ordinary Partnership. However, in case the partners wish to, they may do so as provided in Section 1064 of Thai CCC, reads in part, “An ordinary partnership may be registered.”
• Each and every partner of the partnership may be jointly or severally liable for the co-partners incorrect deeds, or tortuous act, for instance, misuse of someone else’s money or property.
• Each and every partner of the partnership is jointly, and severally, personally liable for the taxes and debts of the partnership. For instance, if the assets of the partnership aren’t sufficient enough to fulfill a creditor’s claims, the personal assets of the partner are subject to attachment and liquidation in order to pay the business debts.
• No individual can become a member of the partnership without the approval of all the other partners unless otherwise specified or provided in the partnership agreement.

A Limited Partnership, in many aspects, is similar to an Ordinary one. However, a Limited Partnership facilitates two types of partners. One with limited liability, while the other one, with an unlimited one. While there isn’t a compulsion on registering an Ordinary Partnership, registering a Limited Partnership is mandatory.

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