Partnership and business formation laws in Greece.

Default partnership rules in Greece

In a Greek ομόρρυθμη εταιρεία (OE, general partnership), profits are distributed equally among partners by default (Civil Code Art. 762). Partners are jointly and severally liable for partnership debts. The partnership must be registered in the GEMI (General Electronic Commercial Registry). A partnership agreement (εταιρικό) is required. Greek law distinguishes between civil partnerships (governed by the Civil Code) and commercial partnerships (governed by both the Civil Code and commercial law provisions).

The most important takeaway: profits are split equally by default in Greece, regardless of capital contributions. If you and a partner start a business and one of you invests €100,000 while the other invests €5,000, you still split profits 50/50 without a written agreement. This default can be overridden by a partnership agreement.

Ιδιωτική Κεφαλαιουχική Εταιρεία (IKE) in Greece

The IKE (Ιδιωτική Κεφαλαιουχική Εταιρεία) is the preferred entity for Greek startups since its introduction in 2012. There is no minimum capital requirement. Formation costs €150–€500 and takes 1–3 business days through the One Stop Shop (YMS) or GEMI online platform. No notary is required. The IKE allows three types of contributions: capital (cash and in-kind), non-capital (services and labor), and guarantee (assumption of liability). Share transfers are handled by an amendment to the articles filed with GEMI. A shareholders' agreement is recommended but not common in Greek practice.

Without a shareholders' agreement, the relationship between founders is governed by the country's default rules, which rarely account for the realities of a startup — where contributions change over time and early effort often goes uncompensated. An operating agreement or shareholders' agreement is essential. Use our equity calculator to determine a fair split based on actual contributions.

What happens when a partner leaves in Greece

In an OE, a partner can withdraw with six months' notice. Death of a partner dissolves the partnership unless the agreement provides otherwise. For IKE companies, share transfers are straightforward — they require an amendment to the articles and registration with GEMI. No notary is required. Minority shareholders holding at least 1/10 of capital can request dissolution on just grounds.

A written agreement should address departure terms specifically, including how the buyout value is calculated, the payment timeline, vesting schedules, and any non-compete provisions. Understanding the concept of dead equity is important for managing these situations. Learn more about how dead equity affects businesses.

Marriage and business equity in Greece

Greece uses separate property during marriage. Each spouse retains full ownership and control of their own assets. On divorce, a spouse who contributed to the other's acquisitions during the marriage has a presumptive claim (αξίωση συμμετοχής στα αποκτήματα) to 1/3 of the net increase in the other's assets during the marriage. This can be increased or decreased by the court based on actual contribution. Business interests are the property of the registered owner, but the other spouse may claim a share of the value increase.

Greece uses separate property during marriage. Each spouse retains their own assets. On divorce, there is a presumption of participation in the other's acquisitions (αξίωση συμμετοχής στα αποκτήματα). While Greece's separate property regime is generally more favorable for business owners, a clear equity agreement and proper documentation of ownership remain important for protecting your interests.

Formation and cost details

Frequently asked questions

Related resources

• Equity calculator: find a fair split for your business
• Does your small business need an equity agreement?
• Equity for small businesses: the complete guide
• Dead equity calculator: how much is yours costing you?
• Slicing Pie calculator
• What is an operating agreement?
• All 32 European countries: partnership and formation laws
• US state directory: partnership and LLC default rules