Partners should appoint among themselves an individual who will manage the undeclared partnership. Said manager will deal with others without stating the partners’ names.
If the partners do not appoint a manager, each partner will deal with others on her own behalf but in the interest of the company.
Third parties will only have a legal bond with the manager or partner they entered into an agreement with. Managers will be accountable for their management to the company.
As a director of a limited liability company, can I sign an agreement with a self-profit?
The director may not make any agreement with the company that would profit her either directly or indirectly, unless explicitly authorized to do so by the partners.
What are the minimum requirements to incorporate a limited liability company?
In order to incorporate a limited liability company, the following minimum requirement should be fulfilled:
• At least three partners
• LBP 5,000,000 in capital
• An office address
• An appointed lawyer
What are preferential shares?
Preferential shares can be created by virtue of a decision of an extraordinary general meeting, giving their owners preferential rights over material benefits only.
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