The following Employment guidance note provides comprehensive and up to date legal information covering:
This Practice Note sets out an overview of limited partnerships and is aimed at providing employment lawyers with the essentials of the topic.
The Limited Partnerships Act 1907 (LPA 1907) and the Partnership Act 1890 (PA 1890) set out the legal framework that applies to limited partnerships.
Like a general partnership, a limited partnership is not a legal entity but is a relationship that subsists between persons (which includes individuals or corporate entities) carrying on a business (which includes every trade, occupation and profession) in common with a view of profit.
With effect from 6 April 2017, the 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 the LPA 1907 as amended by the LRO in respect of the inclusion of PFLPs in
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