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Capital:
Nicosia
Form of government:
Republic
Area:
9 250 km2
Population:
1 million
Currency:
Euro (EUR)

Partnerships (Partnerships) in Cyprus

The essence of a partnership is a relationship between two or more persons with a common goal - making a profit. There are two types of partnerships: general and limited.

General Partnership (General partnership)

The main feature of a general partnership is that all partners are jointly and severally liable with other partners for all debts and obligations of the partnership incurred without any restrictions. This liability exists only for the time that the partner is a partner in the partnership.

Limited Partnership (Limited partnership)

A limited partnership must consist of one or more persons called general partners and one or more persons called limited partners. General partners have unlimited personal liability, while limited partners are only liable for their contribution to the partnership.