Limited Partnerships
Limited Partnerships ("LPs") are governed by the Limited Partnerships Act 1907. They consist of:
- One or more “general” partners who have management responsibility for the firm, share profits of the firm in defined proportions, and have joint and several liability in much the same way as partners in a conventional firm, and
- One or more limited partners who are similar to shareholders of a company in that their liability is limited to the amount they have invested in the firm as capital.
An individual or a company may act as a general or legal partner; the same person cannot act as both in the same LP. In English law, an LP is not a separate legal entity; any actions taken against an LP would be taken against the partners by name.
A Limited Partnership must be registered at Companies House. We will deal with the registration process and draft a suitable partnership agreement to suit your circumstances.
For further information email us at info@davidvenus.com or phone us on 01372 465330.
