Chapter 3Enterprise Law-Partnership
Chapter 3 Enterprise Law-Partnership
LearningobjectivesAfteryouhavestudiedthischapter,youshouldbeabletoknow:Explainthedefinitionsofgeneralpartnership,specializedgeneralpartnership,and limited liability partnership and their characteristics;Knowhowapartnership isestablishedaccordingtolaw,Know if the partnership property is transferable and the requirementsfortransferring,。Understandhowthepartnershipmattersareexecuted;Understandtheadmissiontoandwithdrawal fromthepartnershipExplainhowapartnershipisdissolvedandliquidated
Learning objectives After you have studied this chapter, you should be able to know: ◦ Explain the definitions of general partnership, specialized general partnership, and limited liability partnership and their characteristics; ◦ Know how a partnership is established according to law; ◦ Know if the partnership property is transferable and the requirements for transferring; ◦ Understand how the partnership matters are executed； ◦ Understand the admission to and withdrawal from the partnership; ◦ Explain how a partnership is dissolved and liquidated
Contents3.1TypesofPartnerships3.2EstablishmentofaPartnership3.3PropertyofaPartnership3.4ExecutionofPartnershipMatters3.5AdmissiontoandWithdrawalfromPartnership3.6DissolutionandLiquidationofaPartnershipEnterprise
Contents 3.1 Types of Partnerships 3.2 Establishment of a Partnership 3.3 Property of a Partnership 3.4 Execution of Partnership Matters 3.5 Admission to and Withdrawal from Partnership 3.6 Dissolution and Liquidation of a Partnership Enterprise
3.1TypesofPartnerships3.1.1Whatisapartnership3.1.2GeneralPartnership3.1.3LimitedLiabilityPartnershipPARTER
3.1 Types of Partnerships 3.1.1 What is a partnership 3.1.2 General Partnership 3.1.3 Limited Liability Partnership
3.1.1WhatisapartnershipApartnershipis alegalbusinessstructureinwhichtwoormoreindividualsorentitiesagreetocollaborateandconductabusinessventure.traditionalformsofbusinessentitieswithalonghistoryprevalentduringthemedievalperiodinEuropeandbecameapopularbusinessstructureinthe19thcenturyduringtheIndustrialRevolutionalsoemergedduringtheMingDynastyinancientChinaPartnershipscontinuetobeawidelyusedbusinessstructureinmanycountriestodaybecausetheyofferflexibilityshareddecision-making,andtheabilitytopool resources and expertise, making them an attractive option for manyentrepreneurs.PartnershipLawofthePeople'sRepublicofChina,promulgatedbytheStandingCommitteeoftheNPCin1997andrevisedin2006
3.1.1 What is a partnership A partnership is a legal business structure in which two or more individuals or entities agree to collaborate and conduct a business venture. ◦ traditional forms of business entities with a long history ◦ prevalent during the medieval period in Europe and became a popular business structure in the 19th century during the Industrial Revolution ◦ also emerged during the Ming Dynasty in ancient China Partnerships continue to be a widely used business structure in many countries today because they offer flexibility, shared decision-making, and the ability to pool resources and expertise, making them an attractive option for many entrepreneurs. Partnership Law of the People's Republic of China, promulgated by the Standing Committee of the NPC in 1997 and revised in 2006