If you are looking to start or expand your business in Greece, having a partnership agreement in place is essential. A partnership agreement is a legally binding document that outlines the terms and conditions of a business partnership, including the roles and responsibilities of each partner, profit sharing arrangements, and how disputes will be resolved.
In Greece, the partnership agreement is typically governed by the provisions of the Civil Code (Αστικός Κώδικας) and the Commercial Law (Εμπορικός Νόμος). The agreement should be drafted in accordance with these laws and must be registered with the competent authorities (Αρμόδιες Αρχές) to be legally recognized.
Here are some key elements that are usually included in a Greek partnership agreement:
1. Business details: The agreement should identify the name and purpose of the business, as well as the registered office address and any other relevant information.
2. Partner details: Each partner`s name, address, and contact information should be provided. The agreement should also outline the share of capital and profits that each partner is entitled to.
3. Management and decision-making: The agreement should specify how the business will be managed and decision-making processes. This includes how partners will vote on important decisions and how day-to-day operations will be handled.
4. Contributions and liabilities: The agreement should clearly define each partner`s contribution to the business, whether it be financial or in terms of skills or assets. It should also outline each partner`s liabilities in case of debts or legal issues.
5. Dispute resolution: In case of disputes between partners, the agreement should outline the steps that will be taken to resolve them. This could include mediation or arbitration, or other legal means if necessary.
It is important to note that a partnership agreement is a legally binding document, and partners should seek legal advice before signing to ensure they fully understand the terms and conditions.
In summary, a partnership agreement is a crucial document for any business partnership in Greece. It provides legal protection and clarity for partners and helps to prevent disputes from arising. By including the above key elements, partners can ensure their business is set up for success.