Establishing a business is probably one of the hardest things to do, as a lot of hard work, dedication and determination is needed to go through the initial rough patch or dry patch. Even though establishing a business on your own is difficult enough, some people tend to start partnerships with the help of other people. This is usually done when there is not enough starting capital or overall capital to establish and run the entire business by a single person. These partners can be as low as 2 people and can go up to 20 people per business. Although employing a large pool of expertise, resources and skills can seem like a good idea initially, there are several obstacles to running and maintaining a partnership.
In accordance to the rules and regulations provided to us, any one of these officials who are failing in drawing the attention of the partners and / or the company, failing to do under circumstances if it has come to their knowledge, the estimated fails or losses which are to be declared; such losses will also make the individual or individuals equally guilty and will make them eligible to receive the same amount of punishment.
The law which has been set in the Kingdom has clearly elaborated that each of the liquidators are responsible for any liquidation of the company which has been suing its assets or funds, and who are completely and fully aware that it is quite to the contrary of the best interest of the partners or the company as a whole.
It is even applicable if the actions done by any one or more partners which involve the use of company funds which are to be paid to the creditors; all those who choose preference for one of the creditors, over the other one without having any legitimate reason behind can and will also be held under the same classification or category of the criminal charge.
Source: Arab News
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