Companies must submit their documents, returns, reports, balance sheets, profit and loss accounts, etc., to the clerk. Some of them are accessible to the public. So there is absolutely no secrets in companies. However, in the case of a partnership, the company is not obligated to prepare and submit such documents. Its secrets are therefore not disclosed. Foreigners cannot know the company`s inflows and exits. A partnership in Hong Kong is a business entity created by the Hong Kong Trade Agreement,[33] which defines a partnership as "the relationship between people who have a joint venture for profit" and is not a limited company or a registered company. [34] When the business entity registers with the Registrar of Companies, it takes the form of a single limited partnership defined in the Limited Partnerships Ordinance. [35] [36] However, if this entity does not register with the Registrar of Companies, it becomes a general partnership as a late payment. [36] For there to be a partnership, partners must have a common business.

It may be a concept that can be explained better by the reference to a type of business that would not be a partnership. If a landowner and a farmer decided that the landowner would authorize the farmer`s exploitation of his land for mutual benefit (sharing of profits), they would not engage in a common activity, as one would as the owner and the other as a farmer. On the other hand, if a partner was the landowner, but they both worked in one way or another in agriculture, it would be a partnership [Note 6]. 5. Transferability - A partner cannot transfer its share of the partnership to another person. But a partner can transfer its share with the agreement of all other partners. 9. Mandatory review - A company is legally required to have its accounts audited once a year by an accountant.

Such a commitment is not subject to a partnership company. (iii) Separate Unit - A partnership does not have a separate legal existence from its members. 9. Business - A partnership can continue any legitimate transaction if all partners agree. 1. Education - It is formed by the signing of an agreement by all partners. Registration is not a binding partnership as the parties concerned face complex negotiations and specific challenges that must be resolved pending agreement. General objectives, levels of donations and acquisitions, responsibilities, lines of authority and estates, on how success is assessed and distributed, and often many other factors need to be negotiated. Once an agreement has been reached, the partnership is generally civilly binding, especially if it is well documented.

Partners who wish, if so, to make their consent explicit and enforceable, generally develop partnership articles. Trust and pragmatism are also essential, as not everything can be expected to be included in the initial partnership agreement, which is why quality governance[14] and clear communication are decisive factors in the long term. It is customary to publish information about formal partner companies, for example, in a press release. B press, an advertisement in a newspaper or laws on public registers. Partnership legislation in Canada is the responsibility of the provinces. A partnership is not a separate corporation and social income is taxed at the rate of the partner receiving the income.