At least two parties must come together or, according to the law, jointly and severally undertake to pursue a common object respectively in order to form a general partnership. The founding members of the general partnership can be natural persons or legal entities. Natural persons must have reached the age of 18 (Article 127, Greek Civil Code, modified by Article 3 of Law 1329/83). Minors are only permitted to invest in formation of a general partnership with the approval of a court.
- Key features of the general partnership (O.E.) in Greece:
- No statutorily prescribed (minimum) capital requirement
- All partners in a general partnership are jointly and severally liable with all their assets for all the company’s liabilities
- The partners’ liability for company liabilities that may possibly arise does not cease upon dissolution of the company
- The general partnership (O.E.) can be formed without being documented by a notary/mandatory representation by lawyers on the basis of a civil law agreement.