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CO-PARTNERSHIP – VEŘEJNÁ OBCHODNÍ SPOLEČNOST

Basic information about the legal title of co-partnership.
A co-partnership is a personal trading company. It is the simplest type of trading company, in which all partners are liable for company with all their property together and jointly. A co-partnership can be founded by at least two partners, either corporate bodies or natural persons.

Legal regulation
Legal regulation of co-partnerships is embedded in the Commercial Code. The common base for all trading companies is in § 56 and consecutive. The particular definition of a co-partnership is determined in § 76 and consecutive.

Trading company
A trading company of a co-partnership has the attribution of „veřejná obchodní společnost“ in Czech, which can be replaced by the abbreviation „veř. obch. spol.“ or „v.o.s.“.  When the name of a trading company has the last name at least one partner, it is adequate to add the abbreviation „a spol.“  (which means „and company“) (§ 77, Commercial Code). For example, the trading name „Novák a spol.“ is acceptable. A trading company must also fulfill some general requirements, especially that the trading name cannot be commutable with a company of other entrepreneur and cannot act delusively. It is not sufficient to have a different addendum to differentiate legal title (§ 10, Commercial Code).

Basic capital
Partners of a co-partnership do not need to render any basic capital. Eventual contributions can be embedded in the articles of the partnership.

Corporate executive
Every partner is individually responsible for dealings in the co-partnership. The dealings of individual partners can be embedded in the articles of the partnership. Possible limitations implicit to the articles of the partnership do not apply to third parties. This means that third parties can demand their rights when acting bona fide that the partner who signed a contract is fully capable of signing this contract.

Profit, voting
In the case that voting is not embedded in the articles of the partnership differently, each partner has one vote when making a decision about the company. Analogically, when profit-sharing is not embedded in the articles of the partnership differently, each partner is entitled to an equal share of company profit.
http://www.czech.cz/…h-a-company/
Non-compete
A partner cannot conduct business in the same field as the company (nor in favor of any other person), without permission of all partners. Non-compete can be embedded in the articles of the partnership (§ 84, Commercial Code). The Commercial Code is quite tolerant of co-partnerships in terms of non-compete – it allows a softer definition of non-compete. This is different than with a limited liability company or joint-stock company: there, non-compete cannot be defined softer, but only harder. 

Advantages

  • No basic capital
  • Personal type of corporate body

Disadvatages

  • Every partner is liable for the company with all their property together and jointly 
  • Non-compete
  • In the case of death/resignation of the last but one partner, the company ends automatically

How to establisch a Co-partnership in ten steps see here.