Interpretation of Provisions of the "Partnership Enterprise Law of the People's Republic of China" (Revised)

Author: Drafting Working Group of the Partnership Enterprise Law Revision
Publisher:
Publish Date: 2006-10-01
Features: As an ancient and highly resilient form of enterprise, the partnership enterprise has quickly become one of the fundamental organizational structures of modern businesses due to its simple organizational structure and flexible operational methods. To establish and improve the legal system of the socialist market economy, the "Partnership Enterprise Law of the People's Republic of China" was adopted and implemented after being reviewed and passed by the 24th Session of the Standing Committee of the Eighth National People's Congress in 1997. Over the past nine years, with the continuous development of the national economy, partnership enterprises have undergone significant changes in both quantity and form. To adapt to these changes, the "Partnership Enterprise Law" was revised and passed by the 23rd Session of the Standing Committee of the Tenth National People's Congress on August 27, 2006, and will take effect on June 1, 2007. The revised "Partnership Enterprise Law" has broken the limitations of its original narrow scope of regulation and the restriction of partnership forms to only general partnerships, extending its legal application to corporate partnerships, special general partnerships, and limited partnership systems. It has also added provisions for the bankruptcy of partnership enterprises and foreign-invested partnership enterprises, while refining and adjusting the original overly general regulations to better accommodate the development of professional service institutions such as accounting firms, law firms, and venture capital firms. Venture capital, as well as specialized knowledge and professional technical services, are among the essential elements of an innovative nation. This book, written by the Drafting Working Group of the Partnership Enterprise Law Revision, provides detailed explanations and interpretations of the 109 articles of the six chapters of the legal text, featuring authoritative and timely characteristics. To help readers understand the implementation content of the "Partnership Enterprise Law of the People's Republic of China" (Revised), the editors have also compiled relevant regulations formulated by the State Council and other relevant authorities before the revision of the law. These regulations will be amended accordingly after the law takes effect.