A general partnership is not accepted as a corporate legal entity. Because of this, being a general partner, you will be individually responsible for the debts of VOF, although this is not your debt but caused by one of the partners. Loaners at the beginning apply for the industrial goods and, if these are not enough, on your partner's, then yours and even your spouse's gains.
If you have a prenup, then this may limit claims on your spouse’s capital.
One thing to consider for general partnership is that you will be responsible for the loans that formed before you joined it. Examining accounts of the VOF’s and evaluating its financial structure before entering the general partnership is very crucial.
Nevertheless, it is possible to make agreements with current partners about the prior debts of VOF and the ways of splitting them. The participant that choose to leave VOF will still be responsible for all loans that formed until the time he or she left.
It is still possible to agree on the ways of paying loans whenever the partners plan to leave.
In case your partner has individual loans, loaners are not entitled to demand on his or her operating capital or your capital.
Our goal is to convert all these complicated and tedious procedure to an easy one! The full-service we provide reduces the time you spend excruciating over forms as well as the need for research. Compliance Specialists in our department gather your data and prepare every application for your application to get approval. Your only task is to check and sign the documents prepared by Compliance Specialists. You do not have to worry about the remaining factors!