Procedures for setting up a partnership:
The procedure to set up an international business partnership is similar to that explained earlier under the section "Limited liability companies."
Disadvantages of partnerships
The main disadvantage of the partnership is that the partners have unlimited liability and that is the reason why they are seldom used.
To avoid the disadvantage of unlimited liability partnerships, investors wanting limited liability decide to set up a limited liability partnership.
Under a limited liability partnership, individual partners can be limited liability partners, while a Cyprus International Business entity can be a general partner with unlimited liability.