Setting up a general partnership or a limited partnership

You can set up a general partnership or a limited partnership only if you have one or more partners. In a general partnership, the partners are equal, whereas in a limited partnership, at least one partner is responsible and one silent.

At least one of the partners of a general partnership or one responsible partner of a limited partnership has to be permanently domiciled in the European Economic Area. If none of them lives in the European Economic Area, they all need a permission from the Finnish Patent and Registration Office to set up a company. The domicile of a limited partnership’s silent partner has no relevance.

If you are under 18, you can work as a partner only if your parent or guardian represents you during the company’s set up, and they have the authorisation of the Local Register Office. However, if your parent or guardian is a partner in the same company, he or she may not represent you. In that case, the Local Register Office or a court can appoint a public guardian for you.

Please note that even a company or other organisation may act as a partner.

If you are a partner of a general partnership or a responsible partner of a limited partnership, you do not necessarily have to invest any money in your company at its start-up phase.

If, on the other hand, you are a silent partner of a limited partnership, you will have to invest the amount of money you have agreed upon with the other partners in the partnership agreement.

The registration of a general partnership or a limited partnership with the Trade Register is chargeable.

Although the establishment of a company is not very expensive, please note that you will usually need money for the initial business acquisitions. You should also reserve some money to cover the running expenses for at least 2-3 months. You will also you need money to live on before your company starts to generate enough income.

You can apply for start-up money from the TE Services to secure your livelihood in the initial stages of your business. You should always apply for the start-up assistance in advance, before setting up your company. If necessary, you can also apply for a loan, for example, from a bank or another financial institution. If your company lacks the guarantees required by a bank, Finnvera's partial guarantee, i.e. a guarantee that the bank can apply for your from Finnvera, can be a solution for arranging the financing.

Send the start-up notification of your general partnership or limited partnership to the Trade Register on paper. You can use the same form for registration in the Tax Administration’s Prepayment, Employers’ and VAT registers.

A partnership must be reported for registration within three months of signing the partnership agreement, or else the formation of the partnership expires.

Enter the following in the start-up notification: alternatives for a company name, place of business, line of business, and address information, as well as information related to the partners. Attach the necessary documents, such as the original partnership agreement signed by all the partners and a receipt of the payment of the start-up notification.

You will receive a Business ID immediately after the notification has been entered into the Business Information System. If an email address has been entered into the notification, the customer will receive an e-mail notification about the partnership’s commencement. 

Please note that your company will be generated only when it has been registered in the Trade Register and has received a Business ID, even if you have created the partnership agreement much earlier. 

If your company has beneficial owners that are not partners, their names must be submitted to the Trade Register. You should submit the notification through the Business Information System as soon as your company has been registered.

You will find all the necessary start-up forms and document templates in the start-up package compiled by the Finnish Patent and Registration Office.