A limited partnership consists of one or more:
general partners; who are liable for all of the debts and obligations of the firm
limited partners; who do not take part in the management of the partnership business nor have power to bind the firm
A limited partnership, like a general partnership, is not a separate legal entity (see Practice Notes: The nature of a limited partnership and its legal framework and Limited partnership agreements).
Applicable legislation includes:
the Partnership Act 1890 (the PA 1890)
rules of equity and common law applicable to partnerships, subject to the provisions of the Limited Partnerships Act 1907 (the LPA 1907)
the Insolvent Partnerships Order 1994 SI 1994/2421 (IPO 1994)—which applies certain provisions of the Insolvency Act 1986 (IA 1986) and Insolvency Rules 2016, SI 2016/1024 to partnerships, subject to necessary modifications and treats limited partnerships like general partnerships for insolvency purposes (see General partnerships and insolvency—overview)
the Company Directors Disqualification Act 1986 (CDDA) (see Practice Note: Partnerships and the disqualification regime)
The Insolvency
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