Legal basis: People's Republic of China (PRC) Partnership Enterprise Law.
Article 2 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.
Article 14 To establish a partnership enterprise, the following conditions shall be met:
(1) There are more than two partners. Partners who are natural persons shall have full capacity for civil conduct; (2) Having a written partnership agreement; (3) Capital contributions subscribed or paid by partners; (4) Having the name of the partnership enterprise and the place of production and business operation; (5) Other conditions stipulated by laws and administrative regulations.
Article 17 Partners shall fulfill their capital contribution obligations in the manner, amount and payment period agreed in the partnership agreement.