Forming a limited partnership and continuing obligations

The following Corporate practice note provides comprehensive and up to date legal information covering:

  • Forming a limited partnership and continuing obligations
  • Formation
  • The general position on formation
  • Determining the existence of a partnership
  • Limited partnership agreement
  • Name
  • Conversion of an existing limited partnership into a PFLP
  • Changes in limited partnerships
  • Trading disclosures
  • Accounts
    • More...

Forming a limited partnership and continuing obligations

This Practice Note discusses the formation of a limited partnership under the Limited Partnerships Act 1907 (LPA 1907). It also covers, among other things, the requirements in relation to a limited partnership’s name, trading disclosures and accounts.

With effect from 6 April 2017, LPA 1907 was amended by the Legislative Reform (Private Fund Limited Partnerships) Order 2017, SI 2017/514 (LRO). A draft of the LRO was first published in January 2017 by HM Treasury together with an accompanying explanatory document. The LRO was published further to a government consultation which commenced in July 2015 and concluded in October 2015 on proposed changes to UK limited partnership legislation to make such partnerships more effective vehicles for private equity and venture capital investments. These changes which were implemented by the LRO apply only to those limited partnerships which are designated as private fund limited partnerships (PFLPs). This Practice Note reflects therefore the provisions of LPA 1907 as amended by the LRO in respect of the inclusion of PFLPs in the English limited partnership regime. For further information on the changes that were introduced to LPA 1907 by LRO, see News Analysis: Proposed changes to the UK limited partnership framework and see: Forming a limited partnership—differences between limited partnerships which are and are not designated as private fund limited partnerships (PFLPs)—checklist.

Formation

A limited

Navigate the law quickly and efficiently with Lexis®PSL
Imagine being able to quickly find up-to-date guidance on points of law and then easily pull up sources to support your advice. With LexisPSL, you can.
TAKE A FREE TRIAL Take a free trial Take a free trial
Related documents:

Popular documents

Form of transfer of shares

Form of transfer of shares

Form of transfer of sharesThere are a number of circumstances in which shares in a company may be transferred, eg upon a sale of the shares, through the transmission of the shares by operation of law (eg upon the death or bankruptcy of a shareholder), by gift or upon the enforcement of a charge. For

The Standard Conditions of Sale (5th edition: 2018 revision)—a guide to the main provisions

The Standard Conditions of Sale (5th edition: 2018 revision)—a guide to the main provisions

The Standard Conditions of Sale (SCS), currently in their 5th edition (2018 revision), are a set of standard conditions which are commonly incorporated into contracts for the sale of residential property. The Standard Commercial Property Conditions (Third Edition—2018 Revision) (SCPC) are used for

Arbitration agreements—definition, purpose and interpretation

Arbitration agreements—definition, purpose and interpretation

Arbitration agreements—definition, purpose and interpretationThis Practice Note considers the nature and scope of arbitration agreements with a particular focus on arbitration agreements pursuant to the law of England and Wales, although it also discusses the concept from an international

TCC—preparing for and attending a pre-trial review (PTR)

TCC—preparing for and attending a pre-trial review (PTR)

TCC—preparing for and attending a pre-trial review (PTR)Note:•this Practice Note gives specific guidance on matters proceeding in the Technology and Construction Court (TCC) under the provisions set out in CPR 60, CPR PD 60 and the TCC Guide. As these provisions are additional to the general