According to the Russian law a partnership is a separate legal entity with its own identity distinct from that of its members. It may own property, be a party to contracts and sue and be sued in its own name.

Partners of a full partnership and general partners of a limited partnership are liable for the debts incurred by a partnership.

Limited partners in a limited partnership are not liable for the debts of the partnership and do not participate in the management of the partnership's activities. Upon liquidation of a limited partnership, including in case of bankruptcy, limited partners have a priority right ahead of the general partners to receipt of their investments from the property of the partnership remaining after satisfaction of the claims of its creditors. The property of the partnership remaining after this is distributed among the general partners and the limited partners in proportion to their shares in the capital of the partnership unless another procedure is established by the founding contract or by agreement of the general and limited partners.

Unlike in some other countries a Russian partnership is not transparent for income tax purposes.