It is one of the local companies that can be established in the United Arab Emirates
• The percentage of the national shareholding in the solidarity company: 100%
• The company must obtain all the approvals required for the activity that it will practice in the country before starting the activity. It must conduct its activities inside the state, and it may conduct its activities outside the state if the articles of incorporation stipulate that.
• The General Partnership Company consists of two or more partners who are natural persons who are personally and jointly responsible in all their money for the company’s obligations. The joint partner acquires the status of a merchant, and is considered to be carrying out commercial business himself in the name of the company. The declaration of bankruptcy of the joint liability company results in declaring the bankruptcy of all partners by force of law.
The name of the joint liability company consists of the name of one or more of the partners with the addition of the word (and partners) or something to this meaning, provided that the name ends with the phrase “solidarity company”, and in addition to this, the company may have its own trade name, provided that it is associated with its name in which it was registered.
• Company incorporation procedures:
- The application for incorporation shall be submitted to the competent authority, together with the documents necessary for the registration and licensing procedures.
- The competent authority assigns the applicant to complete the data and documents in order to achieve compliance with the laws and regulations.
- The competent authority issues the decision within 5 days of submitting the documents, and in the event of rejection, the reasons shall be attached.
- In the event of approval, the company will be entered in the records and the license is issued.
- The company shall, within 5 working days from the date of issuing the commercial license, provide the registrant with a copy of the company’s commercial license and memorandum of association for publication.
• company management: - The management of the company is for all the partners, and each partner in the general partnership is considered an agent for the company and for the rest of the partners in relation to the company’s business, unless it is entrusted by virtue of the company’s articles of incorporation or a separate contract to one or more partners or a person who is not a partner.
- It is not permissible for a partner who is not a manager to interfere in the management’s business unless it is agreed otherwise. Nevertheless, he may review the company’s business, examine its books and documents, and make observations to its manager.
- Decisions related to the company’s business are issued unanimously by the partners, unless otherwise agreed in the company’s contract.
• Data and records to be kept: - A slat that includes the names and addresses of the partners
- A copy of the company’s contract and any amendments thereto.
- A statement of the cash amounts, the nature and value of any assets contributed by each partner, and the dates of those contributions.
- Any other data, documents or records imposed under the provisions of this law and the decisions implementing it.
