Before we go on, let me apologize for not respecting to my promise yesterday. I was supposed to write about management of partnership in Cameroon as promised in my previous post, starting a general partnership in Cameroon.
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Let’s go back to what I promised you yesterday – management of partnership in Cameroon.
The management of a partnership can be done by all partners since they have equal rights when it comes to managing the business. Partners, especially in a general partnership, have equal authority to take part in the management of the business, except otherwise stated in the agreement.
In Cameroon, the management of the company is organized in the articles of association. The partnership may choose to appoint the following as manager:
However, in the case where the management of the partnership is not stated or organized in the articles of association, all partners are considered to be managers.
When it comes to voting a decision, each partner has one equal vote except where the investment capital is not the same. In such a situation, the vote is considered by majority in number and in capital of the other partner(s). The vote is therefore weighted in line with the capital contribution of each partner.
Decisions taken by one partner is binding to all partners so as their liability. The management may also decide on who to appoint or designate a management committee with specific duties or responsibilities to carry out the day-to-day operations.
Decisions that exceed the powers of the manager or management committee shall be taken unanimously by the partners or put to a vote if the articles of association provides for that. Collective decisions are taken in a general meeting called by the manager or any other partner.
Invitations for a general meeting should be sent at least 15 (fifteen) days before the day of the meeting. This should be hand-delivered, through registered mail, fax or electronic mail. There should be a receipt or acknowledgement of receipt in the case of a hand-delivered letter or registered mail.
Also, notice for a meeting must carry the date, venue and agenda of the meeting. Failure to follow the above, the general meeting is considered improperly called and so can be canceled. That notwithstanding, it wont be canceled if all the partners are available or represented.
That’s all for today concerning the management of partnerships in Cameroon. In my next post, I will talk about limited partnership. The limited partner has nothing to do with management in a partnership, unless they’re appointed.
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