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GLOSSARY

Partnership definition

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What does Partnership mean?

A partnership (as defined) formed under the Partnership Act 1890 (PA 1890) and governed by English law is the 'relation that subsists between two or more persons carrying on business in common with a view of profit' and is also referred to as a ‘firm’.

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Establishing a share incentive plan (SIP) and granting SIP awards—all-encompassing resource pack

Establishing a share incentive plan (SIP) and granting SIP awards—all-encompassing resource pack For more general information on share incentive plans (SIPs), see Practice Note: What is a share incentive plan? Step Details of step Lexis®PSL resources required to implement step Timing of step 1 Determine whether the company qualifies to operate a SIP. The SIP regime is prescriptive and sets out numerous requirements that must be met at the time the awards are granted, including in relation to the company granting the awards. It is essential to establish whether the company whose shares are being granted under award qualifies to operate a SIP first. The proposed award holder(s) must also meet certain requirements in order to be granted SIP awards. For further detailed information on the SIP eligibility requirements relating to the company, see Practice Note: SIPs—qualifying companies and type of shares. For further detailed information on the SIP eligibility requirements relating to the employee, see Practice Note: SIPs—who can be granted an award? For a checklist...

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Choice of business vehicle—tax comparison table

Choice of business vehicle—tax comparison table This table compares the tax treatment of: • sole traders • partnerships (which in this table includes general partnerships, limited liability partnerships and limited partnerships), and • companies This table does not consider any reliefs or exemptions which may be available to particular taxpayers or any anti-avoidance provisions which might apply to particular circumstances. For the rates and thresholds applicable in the current tax year, see Practice Note: Key UK tax rates, thresholds and allowances. For further details about the tax treatment of each type of business vehicle, see Practice Note: Forms of business vehicle—tax summary. For further details on the choice between the types of business vehicle, see Practice Note: Tax influences on choice of business vehicle. Point of comparison Sole trader Partnership Company Tax treatment No separate taxable entity—sole trader taxed as individual with trading activity No separate taxable entity—partner taxed as individual on a notional trade representing his share of the partnership Separate taxable entity—company taxed on all...

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USA—the regulators—flowchart

USA—the regulators—flowchart Click here to view or print the full-size PDF version: This content is produced in partnership with local law experts and is reviewed and updated periodically by its authors to reflect changes in law and practice. Local law advice should be sought on the matters of law and/or practice covered by this content to

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Transfer of shares where right of first refusal (ROFR), drag along and tag along provisions apply—flowchart

Transfer of shares where right of first refusal (ROFR), drag along and tag along provisions apply—flowchart This flowchart, produced in partnership with Anthony Shatz of Fladgate LLP, illustrates the steps to be taken and the

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Forms of business vehicle—fundamentals

There are many forms of business vehicle and it is important that the most appropriate form of vehicle is chosen to carry on a business; the choice of vehicle may have a bearing on the business’s success or failure.Not every vehicle will suit the needs and demands of a business. Each vehicle has its advantages and disadvantages. The decision as to which vehicle to use to carry on a particular business will be complex and is dependent on various legal, tax and commercial considerations; there may not be a perfect fit.In addition, the vehicle originally chosen to carry on a particular business may not continue to be the right choice for that business as it develops and matures. The vehicle chosen to carry on a business should be kept under periodic review. If the original choice of vehicle to carry on a business becomes unsuitable, an alternative vehicle may take over that business, although a change of vehicle may be costly, depending on the circumstances.This fundamentals note considers the different...

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Execution formalities—partnerships

This Practice Note provides practical guidance on proper execution of simple contracts and deeds for general partnerships. For information relating to execution by limited liability partnerships, see Practice Note: Execution formalities—limited liability partnerships.For information relating to execution by limited partnerships, see Practice Note: Execution formalities—limited partnerships.We have produced a toolkit that is a comprehensive, interactive resource to help users identify and work through the concepts and common issues when executing documents. Each section or phase includes practical guidance, precedent clauses and Q&As relevant to that section. For more information, see: Execution toolkit.Quick viewThe table below provides a brief overview of the execution formalities applicable to partnerships and where related precedent execution clauses can be found. For further information, navigate to the document type using the links in the first column.Document typeCan be made:Document can be executed by:PrecedentsSimple contractsOn behalf of the partnership.The signature of a partner acting under the authority of the partnership, express or implied.Execution clause—partnership—contract.DeedsOn behalf of the partnership.Execution as a deed by all partners.Execution clause—partnership—deed (Option 1).Execution as a deed by one...

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Tax disclosure—bond issue offering document

United Kingdom Taxation General The summary set out below describes certain taxation matters of the United Kingdom based on the Issuer’s understanding of current law and HM Revenue & Customs (HMRC) published practice as at the date of this document, both of which are subject to change, possibly with retrospective effect. The summary is intended as a general guide only and is not intended to be, nor should it be construed to be, tax or legal advice. The summary applies only to persons who are the absolute beneficial owners of Bonds, who hold their Bonds as investments and who are resident and, in the case of individual shareholders, domiciled in the UK for taxation purposes at all relevant times. In particular Bondholders holding their Bonds through a depositary receipt system or clearance service should note that they may...

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Ireland—Execution clause—limited partnership—deed

Ireland—Execution clause—limited partnership—deed Execution clause—limited partnership (Ireland)—Deed (drafting notes) These precedent execution clauses are for use by a limited partnership entering into a deed (rather than a simple contract). Four alternative execution clauses are given for a deed executed by: • an individual general partner in the presence of a witness • a person at an individual general partner’s direction given in the presence of a witness who attests the signature • an individual general partner whose signature is acknowledged by them in the presence of a witness who attests the signature • a corporate general partner Limited partnership The Limited Partnership Act 1907 (Ireland) (LPA 1907 (IRL)) provides for the creation of a partnership in which some partners have limited liability for the debts of the firm. Their liability is limited to the extent of their contribution. LPA 1907 (IRL), s 4 provides that a limited partnership must consist of at least one general partner and one limited partner. The partnership should not generally consist of more than 20...

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How are charities handled under the PSC regime?

How are charities handled under the PSC regime? The two main categories of entity that should be recorded on a PSC register are registrable individuals with 'significant control' (as defined in accordance with the five conditions set out in Schedule 1A, Part 1 to the Companies Act 2006 (CA 2006)), and any other registrable 'relevant legal entities' (RLEs) that have significant control and are 'subject to their own disclosure requirements'. Charities typically establish themselves as either trusts, unincorporated associations, charitable incorporated organisations (CIOs) or companies limited by guarantee. Some of these structures will therefore have to maintain their own PSC register. In addition, if they are themselves legal entities, they are likely to be registrable RLEs which may appear in the PSC register of a particular company or LLP which they happen to have significant control or influence over. Others may not be registrable RLEs but any investigating company or LLP must then trace through these entities until it finds an indirect PSC or RLE (or otherwise determine...

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There is no definition for personal service in CPR 6.22 for serving documents other than a claim form. I need to serve an N244 application personally. How can it be served?

There is no definition for personal service in CPR 6.22 for serving documents other than a claim form. I need to serve an N244 application personally. How can it be served? CPR 6 contains separate provisions in respect of service of the claim form and service of other documents. Personal service of a claim form CPR 6.3(1)(a) allows for personal service of a claim form ‘in accordance with rule 6.5’. CPR 6.5(3) defines personal service of a claim form and states how it is served personally on individuals, companies, and partnerships. Personal service of other documents CPR 6.20(1)(a) states that a document other than a claim form may be served by personal service ‘in accordance with rule 6.22’. In certain circumstances, it is mandatory to serve some documents personally. For example, under CPR 81 court orders, judgments and undertakings in relation to contempt of court proceedings must be served personally. The same applies to an order requiring a debtor to attend court to provide information (CPR 71.3)...

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FTT dismisses appeal finding that taxpayer was ‘receiving or entitled’ to income (Smart v HMRC)

Tax analysis: In Smart v HMRC, the First-tier Tax Tribunal (FTT) dismissed the taxpayer’s appeal against assessments and a closure notice charging income tax on distributions paid by entities forming part of a multinational group in one part of which the taxpayer was a partner in an LLP. The FTT held that he was the person ‘receiving or entitled’ to the income and rejected his alternative argument that it should act on the basis that a court would have ordered rescission of various documents under which the income was paid.

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Weekly round-up of EU-UK TCA Specialised Committees’ publications—20 June 2025

This round-up includes details of publications made by Specialised Committees established by the EU-UK Trade and Cooperation Agreement (TCA) for the period from 13-19 June 2025.

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