The following Corporate Q&A Produced in partnership with Edyta Brozyniak of MJ Hudson provides comprehensive and up to date legal information covering:
Avoiding conflicts of interest is a component of a fiduciary duty that a limited partnership’s general partner owes to other partners in the partnership (or the investment adviser owes to its client, the partnership). Although the fiduciary duty is not codified, the Partnership Act 1890 (PA 1890) introduces certain statutory obligations on all the partners, including in PA 1890, s 30 a requirement not to carry on any business of the same nature or competing with the partnership and accounting to the partnership for any profits made in connection with such similar/competing business. For further information, see Practice Note: The nature of a limited partnership and its legal framework—Relationship between partners.
Note that this requirement has been disapplied in relation to the limited partners in limited partnerships designated as private fund limited partnerships (PFLPs) following the latest amendment (effective as of 6 April 2017) to the Limited Partnerships Act 1907 (LPA 1907) made by the Legislative Reform (Private Fund Limited Partnerships) Order 2017, SI 2017/514 (LRO). For further information on the differences between PFLPs and other limited partnerships, see: Forming a limited partnership—differences between limited partnerships which are and are not designated as private fund limited partnerships (PFLPs)—checklist.
The obligation on the partners is in the first place to prevent any conflicts. Conflicts of interest can arise between the general partner and the limited partners (investors)
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Statutory declaration of solvencyA company enters voluntary liquidation when the members of the company vote to do so by a special resolution. For more information, see Practice Note: What is a members' voluntary liquidation (MVL) and where/when is it typically used?Before the members can vote on a
Private nuisancePrivate nuisance is an unlawful interference with a person's use or enjoyment of land or some right over or in connection with it. Interference must be unreasonable, and may be caused, eg by water, smoke, smell, fumes, gas, noise, heat or vibrations. Where the defendant has not
LiabilityFalse imprisonment consists of the complete deprivation of liberty without a lawful basis. Claims will in practice be made against a public body that exercises detention powers, usually a local police force, the Secretary of State for the Home Department or the Secretary of State for
Codicils may be used for making any alteration in a Will such as to alter the executors or make changes in legacies, whether by addition or deletion but that is by no means their only use. As a general rule, substantial changes are best achieved by means of a new Will and codicils are more
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.