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Lebanese Business Associations Essay

1405 words - 6 pages

Business Establishment
Definition:
Business Establishment is an incorporated business consisting of one person who owns and completely controls the business. It does not have any legal personality and its owner is unlimitedly personally liable regarding the BE debts. BE does not require any capital for registration purposes.
Elements of a BE is formed by
1) Corporeal elements
* Business equipment
* Goods
2) Incorporeal elements
* Location
* Customers
* Trade name
* Lease rights
* Trademarks
* Copyrights
* Licenses
Contracts over BE:
* Sale
* Chattel mortgage
* Unlimited management
* Contributing in a corporation or ...view middle of the document...

All parts of the UP are not transferable unless unanimous consent is taken whether the parts are about to be bought by one of the partners or by any outsiders. All partners have the right to manage the UP and decision taken by any one will bind the others. However, if the partners designate the manager among the partners or hired an outsider, then no one can manage but the designated one.
Registration:
UP must be registered at the commercial registry and partners must provide certain information about the partners and the partnership itself.
Registration information:
Any unlimited partnership agreement should include:
* The firm name and the identity of the partners
* The nature and scope of the business
* The partnership headquarters, its branches, and its licensing
* The management duties of each partner
* The capital contributions of each partner
* The duration of the partnership and the date of establishment
* In case of statute amendment, a copy of such amendment will also be deposited and registered at the registry

Qualification of a partner:
* 18 years old,
* A registered merchant
* Not deprived from his/her civil rights, and
* Mentally stable
* Not a lawyer, doctor, or any governmental official employee

Unlimited partnership name:
* The name of the unlimited partnership is based on the collective name of its partners.
* The name of all partners, or
* The name of one partner with the word “Co”
General Reasons for Company Dissolution:
* The expiration of the partnership term
* The accomplishment of the undertaken project
* The disappearance of the project object
* Court termination based on a claim submitted by one of the partners if the first found it legitimate
Specific Reasons for Partnership Dissolution:
* The wish of a partner to terminate the partnership if the latter was concluded for unlimited time
* The bankruptcy of one of the partners
* The adjudicated mentally incompetent of one of the partner

Limited Partnership:
A Limited partnership has both general and limited partners. The general partner invests in the partnership and is completely responsible for its management. The limited partner also invests but has no management role and has limited liability based on his/her contribution.
Characteristics of Limited partner
* Not a merchant (can be a lawyer, doctor etc…)
* Cannot manage the firm
* His responsibility is limited to his/her contribution
* His/her name must not appear in the firm trade name
* Provide only money

Other characteristics:
* Limited partnership must consist of at least one active partner and one sleeping partner
* All other issues are similar to the Unlimited Partnership in all matter including registration, publication and termination

Co-Partnery:
Co-Partnery Characteristics:
* Has no legal entity
* The firm has no public existence
...

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