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) as subsequently amended with effect from 6 April 2017 by the Legislative Reform (Private Fund Limited Partnerships) Order 2017, SI 2017/514 (LRO).
Like a general partnership, a limited partnership is not a legal entity but is a relationship between partners.
LPA 1907 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
For further information on the constitution of a limited partnership, see Practice Note: The nature of a limited partnership and its legal framework.
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