Partnerships—glossary of terms D Designated member The member of a limited liability partnership designated pursuant to the Limited Liability Partnership Act 2000 who performs certain duties in relation to the legal administration of the LLP that would, for a company, be performed by the secretary or directors. E Equity partner A partner who has a full interest in the business of the partnership and enjoys full rights, including the right to participate in the profits and losses of the partnership and vote on all partnership matters. F Fixed share partner A partner who enjoys a fixed share of partnership profits (but is usually not required to contribute to losses of the partnership) and a limited right to vote on partnership matters. G General dissolution The end of a partnership followed by a winding up of its affairs. General partner A partner of a limited partnership nominated as such who has responsibility for managing the limited partnership business. General partnership A general partnership formed under the Partnership Act 1890, which defines a partnership as ‘the relation which subsists between persons carrying on a business in common with a view of profit’. See Practice Note: The nature of a general partnership and its legal framework. L Limited liability partnership or LLP A body corporate formed under
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Can a limited partnership established in England be a limited partner in another limited partnership established in England? Like a general partnership, a limited partnership is not a legal entity but is a relationship between partners. The Limited Partnerships Act 1907 (LPA 1907), as subsequently amended with effect from 6 April 2017 by the Legislative Reform (Private Fund Limited Partnerships) Order 2017, SI 2017/514 (LRO), defines a limited partnership as consisting of: • one or more persons called general partners who are jointly and severally liable for all debts and obligations of the partnership and • one or more persons called limited partners The treatment of limited
Is a limited partnership, which has an overseas limited company as a general partner, required to prepare and file accounts with Companies House? For the purposes of this Q&A, it is assumed that the relevant partnership is a limited partnership established in England under the Limited Partnerships Act 1907, which has as its general partner a private limited company incorporated in a jurisdiction outside the United Kingdom. The obligations that apply in relation to the production of partnership accounts depend on whether or not that partnership, which would include any limited partnership, is a ‘qualifying partnership’ (as defined). A ‘qualifying partnership’ is a partnership formed under the law of any part of the United Kingdom each of whose members is: • a limited company • an unlimited company each of whose members is a limited company • a Scottish partnership which is not a limited partnership, each of whose members is a limited company, or • a Scottish partnership which is a limited partnership, each of whose general partners is a limited company Here the reference to a 'limited company': • means a company limited by shares or limited by guarantee, and • includes a reference to any comparable undertaking incorporated in a country or territory outside the United Kingdom, ie 'limited company' covers both companies incorporated in the UK but also similar vehicles established in another country In the context of limited partnerships,
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