Partnership Companies in Panama
Partnership Companies are corporations for professionals. They are widely used by law firms, architects, accountants, doctors, and consultants, or whenever two or more licensed Panamanian professionals with the same qualifications want to open a business to pursue their occupation.
The Panama Partnership Company is similar to the Limited Liability Partnership (LLP) in the USA, Canada and India, the PartG in Germany, or the Special General Partnerships in China.
Requirements to open a Partnership Company
The process to open a Partnership company takes 3-5 working days, and requires the following information:
- Partnership name
- Name and address of all partners
- The objectives of the company
- Legal representative
Characteristics of Panama Partnership Companies
- It is an independent legal entity, separate from its partners. However, partners are legally liable for the company’s operations
- As a legal entity, it can own assets and bank accounts, and can also file lawsuits
- It does not require a minimum initial investment
- It requires 2 or more licensed Panamanian partners
- It pays no annual corporate tax
- It pays no annual resident agent fee
- It is the simplest and least expensive way to open a business, but it does not protect the partner’s personal assets in lawsuits
Contact us to discuss your needs or to open your Panama Partnership Company.