The lifting of the corporate veil : a comparative study

Abstract

Partnerships are associations of persons carrying on any business in common with a view to making a profit. These associations developed with the progress of society. They are based on the principle that greater results and more advantages are achieved from the combination of capital, labour and initiative of several persons, than from those of a single person. In forming a partnership, therefore, two or more persons place a thing in common with a view to sharing the benefit deriving therefrom. In due course, trade became the principal object of such associations. Thus arose commercial partnerships which may be described as ordinary partnerships having as their object the exercise of one or more acts of trade. The commercial partnerships recognised by Maltese law are the partnership 'en nom collectif', the partnership 'en commandite' and the limited liability company.