What is the liability of partners in a joint liability company?
In a joint liability company:
• Partners are personally liable for the company’s debts. Their liability is unlimited
• Partners are severally liable for the company’s debts and creditors may attempt to claim the whole debt from any of the partners personally
• Partners who settle the company’s debts may recover payment from the company and may also claim from other partners the amount of debt they are responsible for
What is the minimum capital of a joint stock company?
The capital of a joint stock company cannot be less than LBP 30,000,000 divided into equal shares of no less than LBP 1,000 per share.
How do I determine the nationality of a joint stock company?
A joint stock company formed and duly registered in Lebanon is automatically considered Lebanese even if the majority of shareholders are not Lebanese.
What are the requirements for a design application to be valid?
In order to be valid, a design application should fulfil the requirement of worldwide novelty. A worldwide novelty is a patentability requirement. An invention is not new and therefore not patentable if it was known to the public before the date of filing of the patent application, or before its date of priority if the priority of an earlier patent application is claimed. The industrial design should also have visual appeal, perform its intended function efficiently and be able to be reproduced by industrial means.
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