The Limited Partnership Agreement is essential for businesses in Saudi Arabia seeking to establish a structure where certain partners actively manage operations while others serve as passive investors. This agreement type is governed by the Saudi Companies Law of 2015 and must comply with Sharia principles, making it distinct from Western-style limited partnerships. It's particularly useful for family businesses, investment ventures, and professional services firms where some partners want to limit their liability while others manage daily operations. The document comprehensively covers partnership formation, capital contributions, profit sharing, management rights, transfer restrictions, and dissolution procedures, while ensuring compliance with Saudi commercial regulations and Islamic law principles. It's crucial for protecting both general and limited partners' interests while maintaining legal compliance in the Saudi business environment.
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1. Parties: Identifies and provides details of all general and limited partners
2. Background: States the context and intention to form a limited partnership
3. Definitions: Defines key terms used throughout the agreement
4. Formation and Name: Establishes the partnership's legal formation and official name
5. Business Purpose: Defines the scope and nature of partnership business activities
6. Term and Duration: Specifies partnership duration and renewal terms
7. Capital Contributions: Details initial and subsequent capital contributions from all partners
8. Partnership Interests: Outlines ownership percentages and types of partnership interests
9. Management and Control: Specifies management rights of general partners and limitations on limited partners
10. Profit and Loss Allocation: Details how profits and losses will be distributed among partners
11. Distributions: Establishes rules for cash and asset distributions
12. Books and Records: Outlines recordkeeping requirements and partner access rights
13. Transfer Restrictions: Specifies limitations on transferring partnership interests
14. Withdrawal and Removal: Procedures for partner withdrawal or removal
15. Dissolution and Liquidation: Process for partnership dissolution and asset distribution
16. Governing Law: Confirms Saudi law application and Sharia compliance
17. Dispute Resolution: Specifies dispute resolution procedures
1. Foreign Investment Provisions: Required when any partner is a non-Saudi entity, addressing SAGIA requirements
2. Intellectual Property: Include when the partnership will develop or use significant IP assets
3. Non-Competition: Add when partners need to be restricted from competing activities
4. Additional Capital Calls: Include when the business model may require future capital investments
5. Advisory Board: Add when the partnership requires external advisors or oversight
6. Tag-Along Rights: Include to protect minority partners in case of ownership transfer
7. Drag-Along Rights: Add to facilitate potential future sale of the partnership
8. Islamic Finance Provisions: Required when the partnership will engage in Islamic financing activities
1. Schedule 1 - Partner Information: Detailed information about all partners, including contact details and representatives
2. Schedule 2 - Initial Capital Contributions: Detailed breakdown of each partner's initial capital contributions
3. Schedule 3 - Business Plan: Initial business plan and operational strategy
4. Schedule 4 - Management Structure: Detailed management structure and decision-making procedures
5. Schedule 5 - Distribution Policy: Detailed procedures for profit distribution and reinvestment
6. Appendix A - Power of Attorney: Standard form for partner representations
7. Appendix B - Transfer Notice: Standard form for transfer of partnership interests
8. Appendix C - Compliance Procedures: Procedures for ensuring compliance with Saudi regulations
Relevant legal definitions
Clauses
Relevant Industries
Real Estate Development
Manufacturing
Trading and Distribution
Technology and Software
Healthcare Services
Construction and Engineering
Hospitality and Tourism
Professional Services
Retail
Agriculture
Energy and Mining
Transportation and Logistics
Financial Services (Sharia-compliant)
Education
Relevant Teams
Legal
Corporate Governance
Compliance
Finance
Risk Management
Business Development
Operations
Investment
Corporate Affairs
Executive Leadership
Administrative
Company Secretariat
Relevant Roles
Chief Executive Officer
Chief Legal Officer
Legal Director
Managing Partner
Investment Director
Business Development Manager
Compliance Officer
Corporate Secretary
Finance Director
General Counsel
Partnership Manager
Risk Manager
Operations Director
Commercial Director
Board Member
Company Secretary
Investment Relations Manager
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