A partnership is not a limited liability company. It is an agreement between parties to carry out business for a profit.

Limited liability partnerships comprise of general and limited partners.

General partners are liable for all debts and obligations arising from the dealings of the partnership.

Limited partners contribute an amount of amounts to the capital of the partnership and are not liable for the debts or obligations of the firm beyond the amount of their contribution.

Both general and limited partners may be physical or legal persons.

Partnerships are governed by the Partnership Law CAP 116.

The responsibility of the management of the partnership is borne by the general partner.

The registered office of the partnership must be in Cyprus.

The parties to the partnership must sign a partnership agreement which should state the activities of the partnership, contribution made, the management and the operation of the partnership.

Where the partnership will cease to operate it may be dissolved by the Court which must be satisfied that the terms and conditions of the partnership agreement have been met and the partnership is no longer necessary.

However there are circumstances where the court issues an order for the dissolution of the partnership upon application by one of the partners.

The limited liability partnership is not taxed. However the partners of the partnership are taxed according to the transactions concluded by the partnership

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