Roles in a general partnership
Last updated: 24 August 2023.
Mandatary roles required in a general partnership are partners.
If the partnership does not have a board, it must have a person in the role as general manager, business manager or contact person. Accountant, board, signature and power of procuration are roles which are optional to register. The partnership meeting is the highest authority in a general partnership.
The partnership is subject to conditional audit obligation. Read more about this under Auditor.
A general partnership must have at least two partners. Both natural persons and legal persons can be partners. Private and public limited companies and general partnerships are examples of legal persons.
Only the participants in a general partnership have the right to vote in the partnership meeting, unless the partnership agreement states otherwise.
If the partnership does not have a board, it must have a general manager, contact person or business manager. As a general rule it is only possible to register one of these roles. There is an exception if the business manager is a legal person. If so, the company must report a natural person as general manager or contact person.
A general partnership can choose whether they want to have a board. The partnership meeting elects the board.
The board members have to confirm that they take on the assignment.
A general partnership is obliged to have an auditor, if at least one of the following conditions are met:
- The operating revenues are NOK 7 million or more
- The balance sheet total is NOK 27 million or more
- The average number of employees corresponds to ten man-years or more
The auditor is elected by the partnership meeting.
The auditor has to confirm that he/she has taken on the assignment.
If you need more information, please look at The Auditors Act, section 2-1.
A general partnership can choose whether they want to have an accountant.
It is only possible to register accountants that are registered in the Register of Accountants.
The accountant has to confirm that he/she takes on the assignment.
Signature is an authorisation to sign and to act on behalf of the company in all matters.
Basically, the partners have the right to sign separately
The partners can agree on signature separately or jointly.
If the partnership has a board, it is the board members jointly who are entitled to sign.
If you need more information, please look at the Norwegian Partnership Act, section 2-21.
Power of procuration is an authorisation to act and sign on behalf of the company, associated with the daily operations
A proxy cannot encumber or sell the company’s real property.
The partners can issue power of procuration to one or more people. If there are several, they may be empowered to use it jointly or separately.
Other limitations, for instance connected to time or amount, cannot be registered.
Powers of procuration can be withdrawn at any time.
Example of minutes from partnership meeting (PDF) – in Norwegian.