Consistent with our commitment to provide current information on corporate law issues, we summarize the most important amendments introduced by Law 4441/2016 (Government Gazette Ά 227, 06.12.2016) on “Simplification of the Procedures for the Establishment of Companies, Waiver of Regulatory Obstacles to Competition and other provisions”
The new law introduces significant changes reducing both the time and costs involved in the establishment of companies. The most important changes are summarized as follows.
Simplification of companies’ establishment procedures
A general partnership can be converted to a limited partnership by entry of a new limited partner or by conversion of one or more general partner(s) to a limited partner. In the last case, however, the joint liability of the general partner converted to a limited partner for any corporate obligations having arisen until the registration of the conversion with the General Commercial Registry continues to apply for a period of five years from the partnership’s conversion, unless the partnership’s creditors have consented in writing to the conversion.
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