The general partnership is the prototype of company of persons, since it is set up and functions based on the personal qualities of the associates, who know each other and trust each other, reason for which they agree to be unlimitedly and jointly bound for the obligations of the company they set up. Although this legal form of company is not very widespread in practice, which is undoubtedly explained by the risk determined by the unlimited and joint liability of the associates, the general partnership still presents some unquestionable advantages, worth to be emphasized, starting from the simplicity of the rules concerning its setting up and functioning, or the possibility of its creation even in the absence of initial contributions of significant value. Moreover, the continuity of the associates' options for this legal form of company demonstrates that it is not totally obsolete and lacking in practical interest, but it has successfully survived the passage of time, also consi.
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Adventures of the Law: Proceedings of the …
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SSRN Electronic Journal
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International Journal of Law and Management
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During the middle ages, people began to band together to form their first business groups. They were associations of merchants. Some of them had the goal of establishing a monopoly over the local trade or over a particular commodity. In order to reach this goal, incorporation of it was necessary and essential. At the time, the only way to officially establish a business was to obtain a charter from the Crown. At the close of the 16th century, guilds gained popularity as a direct result of the expansion of outside trade. A lot of laws over the years were enacted to regulate company establishments. Ghana in 1957, declared its independence from the United Kingdom. The Companies Ordinance of 1907 was the first piece of law that colonial legislators enacted that was intended to serve as a general regulation on companies for the Gold Coast. In 1959, the process of tailoring Ghanaian company law began as this was the first step in customizing Ghanaian company law. This paper analyzed the historical background of company law in relation to the twin concepts of separate legal entity and limited liability. KEYWORDS: Act 179, Act 992, Separate Legal Entity, Limited Liability
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