Consulate of Angola

Angola's many natural resources make it one of Africa's wealthiest nations.

ECONOMY

Oil: The Engine of Angola's Economy

Producing nearly 900,000 barrels a day, Angola is the second largest oil producer in sub-Saharan Africa. Crude oil accounts for 90 percent of total exports, more than 80 percent of government revenues and 42 percent of the country's GDP. Oil output is expected to reach one million barrels per day by the year 2004. The country's known recoverable reserves are currently estimated to total almost 4 billion barrels, but continuing exploration finds new reserves at the same rate oil companies deplete old ones.

Approximately 15 foreign companies, including Chevron-Texaco, Exxon-Mobil, BP-Amoco and Total have invested more than $8 billion in Angola. Oil companies are attracted by Angola's low operating costs, favourable geology and good business terms. U.S. firms continue to invest more money in Angola. Chevron, which has been operating in Angola for over 40 years, announced it had discovered four new offshore fields with 300 million barrels of recoverable oil. It plans to invest $2.8 billion between 1994 and 1998 to develop deep-water oil fields off Angola's coast. Texaco has been in Angola for more than 25 years and will invest $600 million to develop new fields. Halliburton was recently awarded a $200 million dollar contract to develop oil well services in Cabinda province, which will benefit all oil companies operating there.

Diamonds

Before 1975, Angola was the world's fourth largest producer of diamonds. Economists estimate that Angola's alluvial reserves total between 40 and 130 million carats. In addition, there are untapped diamond reserves in volcanic pipes called kimberlites. Angola's six known kimberlite pipes, among the ten largest on earth, hold an estimated 180 million carats worth several billion dollars. Currently, official and unofficial diamond production is estimated to be worth $700 million per year. Angola recently announced changes to its production program, which outlines its goal to produce more than 6 million carats of diamonds annually.

Other Minerals

With substantial deposits of gold, iron ore, phosphates, manganese, copper, lead, quartz, gypsum, marble, black granite, beryl, zinc and numerous base and strategic metals, Angola has been described as one of the world's biggest and least developed mineral treasure troves. The government has developed a policy framework to encourage investment in the mining sector. It has ended the state monopoly on geological studies and mineral prospecting and will award concessions to both foreign and national companies for prospecting as well as production.

Agriculture

Angola was self-sufficient in most food crops and a major exporter of coffee and sisal at independence. The potential remains to redevelop the once very prosperous agricultural sector. The United Nations estimates the country has from 5 million to 8 million hectares of prime agricultural land as well as areas suitable for grazing. The country's different climatic zones enable farmers to grow a wide variety of crops, including: cassava, yams, maize, bananas, beans, cotton, manioc, palm oil, potatoes, sunflowers, citrus and numerous vegetables.

Prior to war, Angola was the world's 4th largest coffee producer with outputs totalling 200,000 tons each year. In 1995-96, Angola more than doubled its coffee output thus demonstrating that this once rich export sector is making a recovery. Coffee production during the 1996-97 seasons is forecasted at 8,000 tons and is projected to reach 120,000 by 1998-99. Angola recently submitted a plan to the International Coffee Organization that would overhaul the sector over the next two years. Under its privatisation program, the government plans to liquidate all 33 state-owned coffee companies and to invite international investors to bid for the largest plantations.

Timber

Angola also has considerable timber resources. Valuable tree species, including rosewood, ebony, and African sandalwood, as well as mahogany, tola and mulberry can be found in the northern forests that have been untapped since independence. Nearly 150,000 hectares of eucalyptus, cypress and pine plantations are waiting to be rehabilitated.

Fisheries

Angola's 1.600-kilometre coastline offers some of the richest fishing grounds in Africa. The annual catch once averaged 300,000 tons a year. The government has deregulated fish prices and, with World Bank assistance, set up the Angolan Support Fund for Fisheries Development to support the development of the industry. The U.S. Trade and Development Agency recently commissioned a feasibility study on this potentially lucrative sector.

Electric Power Generation

Angola possesses enormous hydroelectric potential because of the large and powerful rivers that cross the country. Once completed, the 520-mw Capanda Hydroelectric Dam on the Kwanza River will double Angola's generating capacity and provide enough power to meet the country's needs for the next four decades. Angola currently generates more electricity than it needs and could very well be a regional exporter of hydroelectric energy. Angola is part of an international consortium to develop power stations along its border with Namibia.

Manufacturing

Before independence, Angola's manufacturing sector employed 200,000 people and produced $650 million worth of goods. With the end of the war and an infusion of capital, technology and training, food processing and light industry should recover quickly. Angola previously produced beer, sugar, wheat flour, cooking oil and soft drinks as well as textiles, soap, paint, plastic and glues. Heavy industry, including cement and steel tube production, oil refining, vehicle assembly and tire production, account for about 15 percent of the country's manufacturing output.

BUSINESS

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Angola is, potentially, one of the richest countries in Africa, due to its oil and other mineral reserves, to its hydroelectric resources, and to the great extensions of cultivable terrain, of which only a small part is being used. Before independence Angola was self-sufficient in foodstuffs. The country used to export bananas, coffee and sisal, of which production is now almost nonexistent. Due to the civil war agricultural production was drastically reduced. The country has dependent on international help and on foods imports since the middle 1980's. Cattle breeding is another important resource.

Traditionally Angola was self-sufficient in agricultural products but nowadays it deals a wide range of products that under the right circumstances it could easily produce itself. Angola has abundant forest resources, especially in North Kwanza and Cabinda, with potential for wood production and transformation. The sea in Angola is very rich in fishing resources. The mining sector (petroleum, diamonds and other minerals) reveals strong growth perspectives that will certainly stimulate the advent of both upstream and downstream industries.

Areas for the establishment of industrial and agro-industrial development poles are identified in Luanda, Benguela, Huíla, Cabinda and Huambo. The Republic of Angola has a managerial class owner of a considerable patrimony, in sub-use conditions, in need of partnerships, especially the ones with easily assimilated technology. There is a significant public managerial sector in the bank branches, transportation, energy and water that might be privatised.

The year 2002 opened new perspectives, since a political-military stability has been registered, the macroeconomic atmosphere has become stable and re-configured with the liberalization of the trade of exchange value, the application of the new customs list, the reduction of airport fees, the beginning of the rehabilitation of the productive and social infrastructures program, among others. The following programs were also planned for the year 2003: the replacement and consolidation of the administration of the State, the continuation of humanitarian assistance to the population, the continuity of the application of measures according to the state of the market, previously adjusted with the International Monetary Fund and World Bank, the start of the Integrated Program of Productive Re-launch, in order to consolidate the macroeconomic stability of the country, reduce the population's difficulties and decrease significantly the unemployment indexes.
Angola was identified in 1999 as the first recipient country of direct foreign investment, according to UNCTAD-"WORLD INVESTMENT REPORT", unfortunately mostly in the oil sector.

The main goals of the government policy are:

1. The core key lines for commerce and investment areas aimed at building a favorable environment promoting the following priority actions.

a) Re-establishment of the macroeconomics goals
b) Creation of a legal framework consistent with the market economy system
c) Institutional reform and conclusion of the State property restructuration and privatization process
d) Credit and financial system reforms
e) Investment incentives

2. A greater interdependence between the productive sectors, namely agriculture , livestock, fisheries and manufacturing in order to secure the increase of the net value added as well as the promotion and diversification of exports.

Advantages of Investing in Angola:

· A multiparty system
· A strong compromise in the application of economic and political reforms, towards a market economy
· Respect for private property and constitutional guarantees to the investor
· Economic legislation that is increasingly flexible
· Entering into force a "ONE STOP SHOP"
· Abundance of cheap workforce and skilled labor force
· Banking and financial institutions and independent institutes that support business activity
· Availability of raw materials, energy resources, traditional and alternatives, such as natural gas
· Several business associations
· Strategic placement of external markets, particularly in the austral region
· A population that is young, dynamic, endeavoring and knowledge seeking

Area of Priority for Foreign Investment:

Foreign Investment should, as a priority is channeled towards the promotion of exports and import substitution, in particular in the following areas:

a) Reconstruction of the infrastructure
b) Agricultural, livestock production and food industry
c) Mining sector
d) Fishing and fish processing industry
e) Light industry, especially the production of goods widely consumed, in particular for agriculture support
f) Building materials industry, allowing the construction of houses of social type aiming at improving the standard of living of the population
g) Communications
h) Transportation

At the moment, we are looking for investors for the Benguela railway, as well as, for the Kassinga iron-mining project among others.

Incentives for Investment:

The government has been seeking to adjust incentives, in force since pre-independence, as well as creating other incentives to make Angola a more competitive country. By law all kinds of raw materials, equipment and spare parts purchased and destined for the productive sector, such a manufacturing are exempt from duties/taxes. Some of the following types of incentives are used:

1) Financial incentives: concession of warranties, credit to the small and medium size companies
2) Substructure incentives: Set up of companies
3) Fiscal incentives
4) Customs incentives
5) Exporting incentives
6) Labor force incentive

In addition to these incentives, prices control systems are gradually being taken out of government control.

Guarantees to Investors:

Businesses constituted under the foreign investment regime have, for legal purposes, the standing of businesses under Angolan law. Therefore, common national laws are applicable to them.

The guarantees are:

1) Transfer of dividends
2) Indemnification right
3) Internal and external credit

Investment Opportunities:

Prior to the period of independence, with a total population not exceeding 10 million, the Angolan manufacturing sector featured 4, 000 manufacturing companies. Before and during the sixties up until 1974, the rapid development led to an average annual GDP increase in order of 7% in real terms. At current prices the average annual GDP growth was around 15%. In the year 2002 the US direct investment in Angola in the non-oil sector was in the sum of $240 million. This is a great improvement compared to 1990-2001 which was a mere $75,000. This is a great improvement and shows the confidence the US investors are beginning to have on the Angolan economy.

Agribusiness

Angola is potentially one of Africa's breadbaskets. Once one of the world's largest Coffee producer, Angola needs to revitalize its' agriculture sector. The country is blessed with large expanse of land and diverse ecological zones, deep-water ports, and a transportation infrastructure that can be re-constructed in the near term. ANIP has targeted opportunities in this sector including:

· Traditional crops; cassava, beans, corn, sugarcane, tobacco, fruits;
· Animal husbandry, poultry farms, Corn, wheat and sugar mills, food processing, marketing, and expertise;
· Infrastructure, irrigation, water management, engineering, mechanization;
· Fishing industry, processing, vessels, dry dock, and cold-chain development.
· Cotton farming for the textile industry

a) Transportation sector:

The finished war caused severe deterioration of the existing road, ports, and rail and airport facilities that all must be repaired or renovated. This is an opportunity for investors including:

· Road building, maintenance equipment and engineering, quarrying and bitumen extraction;
· Truck , Bus and car assembly . Machine shops and truck repair facilities;
· Vessel building facilities for fiberglass, wood or metal fishing and inter-costals shipping industry, dry dock, and shipyard services to fishing, oil field services and freighters.

b) Housing & Water:

Twenty years of war has caused massive internal movement of people into internal refugees. Resettlement of millions of Angolans to their ancestral home territory needs to be accomplished to ensure distribution of workers throughout the Country as well as relieving the over-crowding of Luanda. Low-cost housing using innovative building materials along with the development of a mortgage banking system in Angola is necessary, to encourage home ownership and provide capital liquidity features to an individual's mortgage. The housing situation calls for immediate attention, quick construction and transfer of technology.
Potable water is critical especially as the internal refugee movement to the countryside or small towns evolves. Again, new technology that is available, low-cost and sized for smaller communities is the answer to clean water for these communities. Larger urban water systems must also be considered as a remedy for the larger cities of Angola.

c) Tourism:

d) Communication:

All forms of telecommunications need to be expanded and made more egalitarian so that the greatest number of Angolans employs the usage of these technologies. Besides cellular phones, landlines, Internet, and other voice communication, data transmission and other technologies that track, monitor and complement infrastructure and productive sectors with low cost alternatives are essential

e) Energy:

Internal consumption of energy must increase dramatically throughout Angola. This provides opportunity for electric generation and distribution, gasoline for cars and trucks, and alternative energy resource development. The oil sector is continuing to show that it is the premier industry in Angola. It is Government's intent to provide opportunity for Angolans to partner with foreign firms in this industry. Many possibilities are apparent in this sector including, oil field services, marine package services, maintenance, bunkering, fire fighting school.

f) Education:

Angola views its future through its' young people. Hence, education is a priority to develop the nation. Technical skills, business skills, and maintenance of cultural identity are important to the very well being of the nation.

· English language schools and curriculums throughout the nation that emphasizes English.
· Technical training academies, apprenticeship, and the development of standards and degrees in all technical disciplines, as well as construction of High Schools and Colleges.

g) Banking:

h) Mining:

Angola's mineral wealth includes diamonds, iron, ore, phosphates, copper, feldspar, marble, granite, gold, bauxite, and uranium. The mining society of Angola is trying to mobilize $1.4 billion to revive the Cassinga project to exploit gold and other minerals in a 2,681 sq. km. area in southern Angola. Cassinga could produce 10 million tons of minerals worth $320 Million per year.

INVESTMENTS

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THE NATIONAL AGENCY FOR FOREIGN INVESTMENT

Objectives and main activities:

Law No. 15/94, of 23 and September 1994, changed the regulating legislation of foreign investment, brought a greater importance to the promotional activity of the foreign investment policy, without disregarding, however, the licensing flow of the present economic situation of Angola.

In this context, the Government considered establishing a personalized public service, to be the privileged intermediary of the foreign investor, to mediate with other departments and public services, and to strengthen the negotiating capacity of the nation.

In keeping with institutional policies included in the social and economic programme, the Government decided to change the denomination of the then Foreign Investment Office to the of the Foreign Investment Institute.

Role of the National Agency for Foreign Investment:

· To promote the Government's policy of foreign investment, and agreements for technology imports, and to perform any activities that are assigned of them by the Government in this matter
· To coordinate, guide and supervise foreign investment in Angola
· To support the execution of contracts or agreements of technology imports
· To promote the participation of the country in international organizations at meetings about foreign investment and technology transfer issues
· To undertake, either in Angola or abroad, promotional actions to attract foreign investments that are most beneficial to the country's economy
· To analyse foreign investment proposals and/or technology import agreements, and to grant the necessary legal authorizations
· To intervene in evaluating, negotiating and following up phases of the foreign investment agreements
· To advise and guide investors in the installation phase, particularly when in contact with other local entities
· To keep a register of national companies with foreign capital, foreign investment operations, and of the capital operations of foreigners in national companies
· To organize, and keep updated, all statistic data and other relevant information about foreign investment and technology agreements
· To give ideas on the adoption of legislative measures, both economic and administrative, or about international agreements in which Angola takes part, and those that are necessary or convenient to the active promotions and the selective attraction of foreign investments in Angola
· To perform all other activities law or Government orientation includes those.

Legal framework for foreign investment

The Government established a legal regime for foreign investment in Law No. 15/94 of 23 September 1994, which has since been improved. It reflects the recognition of foreign investment as a factor in achieving political-economic development objectives and above all, is intended to make Angola a centre for investment in the competitive market within the southern African region. Broadening the framework for incentives, simplifying, speeding up and de-bureaucratising the administrative process for authorization will achieve it.

The Law permits the realization of investments on the part of suitably recognized foreign entities with a technical and financial capacity without discrimination of any kind, as long as the project is compatible with the pursuit of economic development for the country and all for the well being for the population.

Investment to be made, in activities related to petroleum research and exploration, diamonds, and financial institutions are subject to specific legislation which may be applicable to some of those activities on a basis subsidiary to the investment law.

Types of foreign investment

The following acts and contracts, among others, constitute foreign investment activities, even if not directly associated with capital importing operations:
· Establishing and expanding of branches or other forms of corporate representation of foreign firms, creating new companies belonging exclusively to the investor.
· Participation or acquisition of interest in the equity of companies or grouping of businesses (new or existing), whatever forms this may take.
· Signing or altering of contracts for consortiums or third party associations.
· Taking total or partial control of commercial or industrial establishments through the acquisition of shares or through concession contracts for operations.
· Acquisition of property located in Angola when such property is part of foreign investment project.
· Operation of building and tourist complexes.

Investment operation less than U$D 250,000 are not considered foreign investment operations and do not enjoy the status and protection of this regime. These operations are in effect subject to commercial and exchange legislation.

Ways of investing

Foreign investment in Angola can be undertaken singularly or cumulatively in the following ways:
· Transfer of funds outside Angola.
· Use of funds foreign currency Angolan bank accounts held by non-residents.
· Use of credits and other assets held by the investor, which are eligible for transfer to the exterior under the terms of exchange regulations.
· Importation of equipment, accessories, and materials.
· Incorporation of technology.

Procedure for investing

Foreign investment projects may be undertaken by adopting one of the following regimes:

Prior declaration regime: Investments between U$D 250,000 and U$D 5000,000 are subject to this regime. The foreign investment institute (FII), after evaluation by a consultative with responsibility for activities covering investment questions, will issue a statement-certifying acceptance of the proposal. The action permits the applicant to undertake the investment within the precise terms of the proposal submitted. FII has 45 days to approve the investment, after which date the project may be consider approved.

Prior approval regime: This regime encompasses investments between U$D 5-50 million. After evaluation of the proposal by the FII, and obtaining an opinion from the Evaluation Commission (consultative body) the proposal will be submitted to the Prime Minister for a decision. The Prime Minister may authorize projects up to U$D 15 million. The Council of Ministers must approve all others.

Contractual regime: Investments subject to this regime include those equal to or greater than U$D 50 million. Also included are those investments, regardless of value, that involve areas of economic activity whose operation and management can only be carried out legally via concession or are considered to be of special interest to the national economy, either because of structural purposes or because of the contribution to the development and internationalisation of the Angolan economy. This procedural regime is complemented by the Sectorial Delimitation Law No. 13/94 of September 1994.

Public sector areas

Areas reserved for the public sector
· Production, distribution, and commercialisation of war material
· Banking activities involving central bank and issuing bank functions
· Administration of ports and airports.

Telecommunications infrastructure related to the basic national network and fundamental services.

Advantage of investing in Angola

Angola offers several benefits to the investor:
· A multiparty system.
· A strong compromise in the application of economic and political reforms, with the tendency for a market economy.
· Respect for private property, and constitutional guarantees to the investor.
· Economic legislation that is increasingly flexible.
· Abundance of cheap workforce and skilled young people.
· Baking and financial institutions, and independent institutes that support business activity.
· Availability of raw materials and energy resources, traditional and alternative, such as natural gas.
· Several business associations.
· Strategic placement of external markets, particularly in the Austral region.
· A population that is young, dynamic, endeavouring and knowledge seeking.

Incentives for investment

The government has been seeking to adjust incentives, in force since the colonial period, as well as creating other incentives to make Angola a more competitive country.

Fiscal incentives

· Tax exemption from profits, within a 5 to 10 years period, to new investments directed to the interior of the country and areas declared as development centres
· Tax exemption from dividends, within a 5 to 10 years period, for new investments directed to the interior of the country and areas declared as attractive centres or of priority for any other reason
· Industrial contribution or tax exemption owed to the State, for the acquisition of land destined to industry
· Industrial contribution exemption within a period of up to 2 years, for those investments that use national input of no less than 60%

Customs incentives

· Exemption or reduction, of up to 50%, of taxes owed to the importing of equipment goods and to raw materials within a regime of automatic lists
· Total exemption of products in the automatic lists, as long as the investments go to the priority centre zones of development, or for a period 3 years for the interior zones of the country

Exporting incentives

· Exemption from custom taxes for certain exported products, within a regime of automatic
· Reduction in the industrial contribution, calculated according to the share in the profit applicable to the exploiting activity for companies exporting more than 59% of their production, valued or factor costs

Guarantees to investors

Businesses constituted under the foreign investment regime have, for legal purposes, the standing of businesses under Angolan Law. Therefore, common national laws are applicable to them.

Transfer of dividends: After finalizing the capital transaction, the State guarantees the annual transfer abroad of dividends and profits, in accordance with the generally accepted accounting criteria contained in the business plan. This may take place after deducting legal reserves and withholdings and payment of taxes owed, bearing in mind the magnitude of the investment of the non-resident entities and any relevant existing contractual limitations.

The annual repatriation of dividends and profits may, in exceptional cases, be rescheduled under regulating conditions set by the Ministry of Finance if the quantity might be capable of significantly aggravating difficulties related to the balance of payments.

Indemnifications right: The right of fair, rapid, and effective indemnification is foreseen in the case of expropriation or nationalization of assets of the foreign investments undertaken for reasons of great public interest. The sum would be determined in accordance with common rules and practices of international law.

Internal and external credit: The foreign promoter has the right to seek internal and external credit for the financing of his investments. The conditions for recourse to external credit, however, depend upon licensing and authorization of the Ministry of Finance and the Central Bank. Concerning internal credit, the above authorization is dispensed with requiring only the fulfilment of relevant regulation in effect. Additional benefits are awarded to investors who develop relevant activities of a social character or promote training programmes for local labour.

Investment procedures

Submission of proposals

Investment proposal (prepared on a form for the purpose) should be submitted to the Foreign Investment Institute in duplicate in cases of investments subject to prior approval or contractual regime. They must be accompanied by the following documentation:
· A power of attorney signature conveying authority for the submission of a proposal when the signatory is not the actual applicant.
· Authenticated copies of legal indentation and residency documents for the applicant, in the case of individual persons.
· Documentation proving the legal existence of applicants, in the case of collective parties.

In the case of corporations

· Draft statues of the future company.
· Certification of corporate category issued by a competent body within the last 30 days.
· Draft contract or association contract.

In the case of acquisition of interest in an existing company

· Authenticated copies of the statutes and the commercial registry of the company involved, minutes of the company's corporate body approving the participation and the last audit recognized by the Ministry of Finance.

In the case of supplementary loans of capital, advances and member loans
· A copy of the draft contract may also be request when the activity involves the signing or altering of contracts of a consortium or a corporation, the acquisition of shares or the signing of operating concessions, lease contracts or any agreement implying the exercise of ownership and operation on the part of the investor, or the acquisition of property. In the last situation a certificate of building registration issued within the last 30 days is necessary.

When participation by national investors is involved, the proposal should be accompanied by authenticated copies of legal identification and residency documents, in the case of individual persons, or authenticated copies of legal documents pertaining to the formation and commercial registry, in the case of collective parties.

Registration of the investment

Upon settlement of capital transactions and if applicable, upon award of deeds and corresponding commercial registrations (establishment or alteration of corporation), the investment must be registered with the Foreign Investment Institute and the National Institute of Statistics within a period of 120 days.

Types of partnership

The Angolan legislation includes the following types of associations and partnerships:

Sociedades comerciais (commercial associations): The Commercial Act of 1888 establishes commercial associations (in collective name, anonymous, coma dative or cooperative).

The law of partnership by quota from 11 April 1901 creates the association by quota, and Law No. 9/91 of April 20 changes the number of partners to the constitution of an anonymous partnership.

All social agreement must be include the names of firms and the addresses of partner; the firm, headquarters, establishments and branches of the partnership; the object of the partnership.

Sociedades em nome colectivo (group partnerships): In this kind of social, the responsibility of the partners is of a joint and unlimited character. Apart from the issue common to all partnerships, the constitutive title must contain: the amount of capital of each partner in cash, credit or other assets; the proportion at which wins and losses must be shared.

Sociedades anónimas (anonymous partnerships) The capital of anonymous partnerships is collected in cash or in assets that are represented and shared in actions. Subscription can be public or private. The main prerequisites are: a minimum of five partners, or in case the number is reduced to two; integral subscription of the social capital; the subscribers must pay 10% of the capital subscribed by them, in cash; to adopt a social denomination that is not identical to that of any other. These partnerships have a General Assembly, an administrative Council and a Supervising Counsel, organs through which it performs its activities.

Sociedades em comandita (partnerships in "comandita"): These are partnerships of mixed responsibility: joint and unlimited as to the joint partners, and limited and non-cooperative for the "comandita" partners. They can exist in two frameworks, either in comandita in the form of shares, or in simple comandita, depending on the way that the capital is represented.

Sociedade por quotas (partnerships through quota): The minimum number of partners is two, and its social capital is divided in quotas. For its constitution, each partner must pay 50% of the profits to be made either in cash or other assets. The titles must contain, apart from the other requisites, the quota of capital of each partner in cash, credit or other assets, as well as the payment periods.

This type of partnerships also includes a General Assembly, an Administration Council and a Fiscal Council.

Sociedade cooperativas (cooperative partnerships): These partnerships can adopts any of the previous forms, with the responsibility of partners changing according to the adopted type. Depending on the pursued means, the activities of such partnerships can be about consuming goods, construction, production and credit. Their main attribute is the variability of the social capital, and the unlimited number of partners, although a minimum of ten members is required.

Dissolução das sociedades (dissolving partnerships) the common causes for dissolving partnerships can be, among others: the extinction by surrender of the partnership object; bankruptcy of the partnership; by the agreement of the parties; the fusion with other partnerships.