Each partner is, jointly and severally, personally liable for debts and taxes of the partnership. For example, if the partnership assets are insufficient to satisfy a creditor's claims, the partners' personal assets are subject to attachment and liquidation to pay the business debts.
Each partner may be held jointly and severally liable for a co-partner wrongdoing or tortuous act (e.g. the misapplication of another person's money or property).
Unless otherwise provided in the partnership agreement, no one can become a member of the Thai partnership without the consent of all partners.
A Limited Thai Partnership is in several ways similar to an Ordinary Thai Partnership, though it provides that there must be two types of partnership. The first one is where partners whose liability are limited and the other one is partners whose liability are jointly and unlimited.
[Unlike an Ordinary Thai partnership, the law provides that Limited Partnerships must be registered.]
We are a full service Thai law firm. Let our Thai lawyers or any of our foreign lawyers provide you with guidance when registering your Thai partnership in Thailand. At Chiangmai Legal Counsellors we pride ourselves on not only offering you the best legal advice and expertise, but as a full-service law firm we also offer excellent tax advice and an accounting service.