Ordinary Registered Partnerships
In an Ordinary Partnership all Partners are jointly and wholly liable for all obligations of the Partnership. Jointly means that each Partner is liable for all Partner’s wrong doings. Wholly means that Partners are liable with their personal wealth for debts and other obligations the Partnership might occur, given that the Partnership’s assets are insufficient to satisfy creditor’s claims. This implies that personal assets might be liquidated to fulfill business debts.
For all kind of partnerships at least two Partners are needed. Entry into an Ordinary Partnership is usually restricted, requiring the consent of all Partners.
We have to differentiate between Non-Registered Ordinary Partnerships which are Non-Juristic Persons and for tax purposes are treated like individuals and Registered Partnerships which are registered with the Commercial Registrar and thus constitute Juristic Persons, implying they are taxed like corporate entities.
As mentioned, Ordinary Registered Partnerships need to be registered with the Commercial Registrar. The appointed Managing Director of the Partnership is responsible for this registration. The registration needs to take place in the province the head office of the Partnership is located. The fee for registering the Partnership is 1,000 Thai Baht for every 100,000 Thai Baht of registered Capital with a minimum fee of 1,000 Thai Baht and a maximum fee of 5,000 Thai Baht.