President ratifies amendment to Partnership Act

President Abdulla Yameen ratified the amendment to Partnership Act on Sunday.

The bill – which was put forward by Gemanafushi MP Jameel Usman was passed by People’s Majlis on March 22.

The bill amended Partnership Act so that the number of partners for a partnership business registered in compliance with law which prescribes policy to establish, register and run partnership needs to be included in partnership agreement.

It says that the highest number of partners that can join the partnership business needs to be stated in agreement.

In addition to that, the new amendment prescribes that there needs to be a managing partner in every partnership business, and that he/she needs to be someone that normally resides in Maldives.