a. Definition and Main Characteristics:

The Commercial law in Lebanon provides that the Joint Partnership is one which operates under a specific name and is composed of two or more persons responsible jointly and severally liable for the company’s debts and obligations.

The main Characteristics of such Entity:

1- Joint liability: The Partners are jointly and serially liable for the debts of the partnership in their own individual funds and property should the partnership’s assets be insufficient to satisfy the Creditors.

2- Legal Status: Each partner is considered by Law a Merchant. Thus he should be legally entitled to carry out commercial activities as a Merchant. The bankruptcy of the partnership may result in the bankruptcy of the partners.

3- Intuitus Personae: The intuitus persona prevails in the relation between the partners. Thus, usually the shares may not be transferred to third parties except with the consent of all partners.

4- Capital: No minimum capital is required by law.

b. Formation:

The Partnership Agreement must be evidenced in a formal or informal deed signed by all partners but, in this latter case, it should be drafted in as many copies as the number of partners.
Within the month following the formation of the partnership, it should be registered in the relevant Commercial register.

1. Information and Documents required:

• Full name, nationality, Place and Date of Birth, and the domicile of each of the Partners along with a copy of their ID.
• The Commercial Name of the general Partnership.
• The object or purpose of the General Partnership.
• The amount of the capital and the value of contribution made by each partner.
• The name of the Authorized Signatory on behalf of the Company.
• The address of the registered office and the addresses of the branches if any.
• The date of formation of the General Partnership and its duration.

Any amendment on the status of the partnership should also be registered in the Commercial Register.

2. Registration Procedures and cost:

An Application should be submitted to the relevant Commercial Register along with the Articles of Association and the required documents after the payment of the Financial Tax within five date of the signature of the Articles of Association.

The Official Charges for the registration of a Joint Partnership at the Commercial Register is estimated as follows:

- Financial Tax: LBP/750.000/ (Around USD/500/) + 3/1000 of the capital amount to be paid at the Office of the Ministry of Finance.
- Judicial Fees: LBP/375.000/ (Around USD/250/) + 1.5/1000 of the Capital amount.
- BBA Fees: 1/1000 of the capital amount to be paid within the Notary Public Fees if any.
- POA registration: LBP/100.000/ (Around USD/67/).
- Stamps: LBP/4.000/ (on the Application).
- Financial Charge: LBP/2.000/ + LBP/250/ for each Document.
- Each Certified True Copy of the Registration Documents: LBP/2000/.

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