Partnerships
Ordinary Partnership
A Thai partnership is a business that is set up by a minimum of two partners. They share joint unlimited liability for all the partnership’s obligations.
Partners can choose to register an ordinary partnership but it is not mandatory.
It is worth remembering that each partner is jointly liable for debts and taxes of the partnership. If the partnership debts are not sufficient to cover a creditors debt then personal assets are subject to attachment to pay for business debts.
It has to be stated that no one can be a partner in this agreement without consent from all parties.
Limited Partnerships
Unlike an ordinary partnership a limited partnership has to be registered. A limited partnership consists of two partners. One partner, whose liability is limited and the other whose liability is unlimited.