The term "partnership enterprise" as mentioned in this Law refers to the general partnership enterprise and limited partnership enterprise established in China by natural persons, legal persons and other organizations in accordance with this Law.
A general partnership consists of general partners, who are jointly and severally liable for the debts of the partnership. Where this Law has special provisions on the liability form of general partners, such provisions shall prevail.
Limited partnership consists of general partner and limited partner. The general partner shall be jointly and severally liable for the debts of the partnership, and the limited partner shall be liable for the debts of the partnership to the extent of the capital contribution subscribed.
A limited partnership enterprise shall be established by two or more and fifty or less partners, including at least one general partner. A limited partner may not contribute with labor services, and a general partner may contribute with labor services at a fixed price. In a limited partnership, the general partner carries out the partnership affairs. If there are only limited partners left in a limited partnership, it shall be dissolved; Where there are only general partners left in a limited partnership, it shall be converted into a general partnership.
Extended data
According to Article 3 of the Partnership Enterprise Law of People's Republic of China (PRC)
Wholly state-owned companies, state-owned enterprises, listed companies, public welfare institutions and social organizations may not become general partners.
Article 4
The partnership agreement shall be concluded in writing by all partners through consultation according to law.
Article 5
The principles of voluntariness, equality, fairness, honesty and credibility shall be followed in concluding a partnership agreement and establishing a partnership enterprise.
Article 6
The income from production and operation and other income of a partnership enterprise shall be paid separately by the partners in accordance with the relevant tax regulations of the state.
Article 7
A partnership enterprise and its partners must abide by laws and administrative regulations, social morality and business ethics, and assume social responsibilities.
Refer to Baidu Encyclopedia-People's Republic of China (PRC) Partnership Law.