The following Corporate Q&A provides comprehensive and up to date legal information covering:
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 (LPA 1907).
Under LPA 1907, the partners of a limited partnership consist of the following:
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 requirement of certain partners to contribute capital to a limited partnership will vary depending on if the partnership is or is not designated under LPA 1907 as a private fund limited partnership (PFLP). For details on the introduction of the concept of PFLPs into the limited partnership legislative regime, see News Analysis: Proposed changes to the UK limited partnership framework.
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