A Partnership is an arrangement where two or more people agree to cooperate to advance their mutual interests. Most of the time these interests are of economic nature. Partnerships can exist within or across sectors.
The Civil and Commercial Code requests at least two persons for establishing a Partnership. Typically, all Partners are jointly and wholly liable for the obligations of the Partnership. While Registered Partnerships are Juristic Persons and need to be registered with the Commercial Registrar, Non-Registered Partnerships are Non-Juristic Persons and come into existence without explicit registration. Partnerships are usually governed by a Partnership Agreement. If not otherwise mandated by the Partnership Agreement, no one can become a member of the Partnership without the consent of all Partners. The following forms of Partnerships are envisaged Thai law:
While Non-Registered Parterships are Non-Juristic Persons, Ordinary Registered and Limited Partnerships constitutie a Juristic Person. The main difference between Ordinary Registered Partnerships and Limited Partnerships derives from the fact that in the case of a Limited Partnership the liability of some of the Partners is limited, as are their rights.