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The most important conditions for the establishment of solidarity companies

The most important conditions for establishing solidarity companies in the General Authority for Investment and Regions

The most important conditions for the establishment of solidarity companies in the General Authority for Investment and Free Zones, which are subject to the new investment law.
* A partnership company is a company that is concluded by two or more persons with the intention of trading in the form of partnership between them with a specific address that will be a name for it, and the partners in it are jointly involved in all its undertakings.
** The address of the company consists of the names of the joint partners or one of them with the addition of the word and his partners or his partner, according to the circumstances. *** The joint partner acquires the status of a merchant and therefore it is necessary that he has the necessary legal capacity to engage in trade by reaching 21 full years of age or reaching 18 full years of age, provided that permission is obtained from the court.
**** The minimum capital for individual companies is three hundred thousand Egyptian pounds, with the exception of service activities that are carried out entirely within industrial zones and urban cities, where their capital reaches thirty thousand Egyptian pounds.
***** The participation of foreigners may be (one hundred percent) - with the exception of activities restricted to Egyptians.
****** The partners in the General Partnership are jointly liable for all its undertakings, even if the signature on them was only from one of them, but it is required that this signature be with the title of the company.
****** Each partner in the partnership company is personally liable for the company's debts, as if they were his own debts, and accordingly, the partner's liability is not limited to the amount of his share in the company, but rather exceeds it to all his other funds.
******** The management of the company shall be for the joint partners or one of them, and it is permissible to appoint a manager from third parties in the company contract.
********* The responsibility of all partners for the company's obligations is an absolute and joint responsibility even if the matter leads to fulfilling these obligations from the funds of all or some of the partners, based on the fact that third parties deal with this company on the basis of its personal nature.< br> ********** All partners must be in solidarity so that the company can be considered a joint venture.

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