Form of government:Presidential Republic
Area:78 200 км2
Currency:Balboa (PAB); Dollar (USD)
Partnerships in Panama
Full Partnerships can be established in Panama. As a general rule, the participants in a Full Partnership bear unlimited liability for the obligations of the company. The disadvantage of the Full Partnerships in Panama is that each of the partners can be recognized in the civil court as responsible for neglectful or fraudulent actions of other participants in the process of conducting activities.
Limited Liability Partnership
Limited Liability Partnership may be established in Panama. The number of participants in such a partnership can be from 2 to 20. The authorized capital is developed in the amount of $2,000 to $50,000. The name of each participant is entered in the State Register of Companies of Panama, as well as the indication of the amount of the authorized capital. Unlike the Full Partnership, there is no need to hold meetings of participants in the Limited Liability Partnership if the number of participants is less than 5. Participants of Limited Liability Partnerships are liable for the obligations of the partnership only within their contributions to the authorized capital.
Panama allocates a special kind of partnerships - civil partnerships. Participants in such partnerships also bear unlimited liability for the obligations of the last ones. Partnerships of this kind are most commonly used to unite specialists in one sphere, for example, doctors, lawyers, architects, etc.