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GLOSSARY

Limited partnership or LP definition

Published by a LexisNexis Corporate expert

What does Limited partnership or LP mean?

A partnership that is registered in accordance with the Limited Partnerships Act 1907 (LPA 1907) with one or more general partners (who have responsibility for managing the partnership business) and one or more limited partners (who take no positive role in the operation of the business in exchange for a limited liability status).

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Partnerships—glossary of terms

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...

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