The vehicle through which the executives who are entitled to share in the carried interest of the fund hold their entitlement. The carried interest partner is usually structured as a limited partnership which is itself a limited partner in the fund. This means that each individual participating in the carry does not need to be a separate partner in the fund. In some funds the carried interest partner may be the same vehicle as the general partner and the founder partner.

Carriers are persons who carry persons or goods either for profit or gratuitously.

A network protocol in which a node verifies the absence of other traffic before transmitting on a shared physical medium, such as an electrical bus, or a band of electromagnetic spectrum.

Commercial analysis: The case concerned an attempt by Monoprosopi to recover damages from Maersk following a container fraud by the shippers. The shippers had fraudulently stuffed the containers with worthless concrete blocks rather than copper scraps. On the facts, Maersk was found not to be in breach of their duties, whether under Article III.3 of the Hague Rules (as contractually incorporated), contract, or tort, in declaring the goods in apparent good order and condition. Absent any knowledge of a substantial discrepancy as to weight, Maersk did not have a duty to check the shipper-declared weight as against the verified weight of the cargo. Written by Natasha King, barrister at 4 Pump Court.

The facility offered to customers which allows them to opt for certain defined classes of call to be carried by a communications provider selected in advance (and having a contract with the customer), without having to dial a routing prefix or follow any other different procedure to invoke such routing.

The transport industry has various legal obligations regarding carrying passengers into the UK. These are: • to adequately check the travel documents or travel authorisation of passengers • to prevent clandestine entrants to the UK, including to ensure commercial goods vehicles are adequately secured • to provide specified advance electronic information to the UK Border Force regarding passengers or crews of ships or aircraft, and • to seek and obtain authority to carry a passenger to the UK in accordance with the Authority to Carry Scheme 2023 In addition, there are a range of miscellaneous offences that relate to the activities of carriers. Charges in relation to passengers without proper documents or authorisation The legislation which underpins the Carriers’ Liability regime was amended from 20 March 2026, in order to take account of the transition to eVisas and to bring into scope the Electronic Travel Authorisation (ETA) scheme. See Practice Notes: Permission to travel to the UK, eVisas and the digital immigration system and The Electronic Travel Authorisation (ETA) scheme. The UK Border

A cost (which includes an opportunity cost) or benefit that accrues over time. It might include for example the interest which is not received because the money was not left in the bank but invested in an investment.

A Memorandum of Understanding (MoU) entered into by the BVCA and HMRC in July 2003, on the income tax treatment of carried interest.

Restructuring & Insolvency analysis: The High Court refused permission to serve bankruptcy proceedings out of the jurisdiction on a debtor in Guernsey, holding there was no good arguable case that he had carried on business in England and Wales within the last three years under section 265(2)(b)(ii) of the Insolvency Act 1986 (IA 1986). The court found that the debtor's continuing relationship with companies based in England and Wales as director and creditor/debtor did not constitute carrying on a separate business on his own account. The decision provides important guidance on the interpretation of ‘carrying on business’ for cross-border insolvency jurisdiction, particularly in cases where debtors maintain connections with companies in England and Wales while residing outside the UK. Written by Camilla Whitehouse, barrister and head of Chambers, Gainsborough Law.

Where a pension fund borrows in one currency (where the interest is low) and invests in assets which are expected to produce a higher return than the cost of interest.

In legal practice, carrying on business describes factual commercial activity pursued with continuity, usually from a fixed place or through agents, rather than a one‑off transaction or mere investment holding. It is a context‑dependent expression used across company law, civil procedure, partnership, insolvency and tax, with its content drawn from legislation and case law rather than a single, universal definition.Key indicators often include: maintaining a place of business or UK/Irish establishment; employing staff or agents; entering and performing contracts habitually within the jurisdiction; keeping local bank accounts; marketing and holding out to customers locally. Passive shareholding, isolated sales, preparatory steps, or a mere website accessible from the jurisdiction are usually insufficient without more.In partnership law, the core test (Partnership Act 1890) is persons carrying on a business in common with a view of profit. For overseas or unregistered companies, “carrying on business” informs obligations to register a UK/Ireland establishment and the court’s power to wind up entities operating locally. It also affects service of proceedings, jurisdictional gateways, venue, consumer/business regulation and tax exposure.Usage is broadly consistent across England & Wales, Scotland, Northern Ireland and Ireland, though Scottish firms have separate legal personality and Irish company law refers to carrying on business “in the State.”

This Practice Note outlines the relevant legislative provisions stipulating the requirement to be authorised to provide financial services in the UK. The regulators may take action against persons and businesses which operate without the correct authorisations. This Practice Note introduces the general prohibition in section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), various exemptions and the related criminal offences under FSMA 2000, ss 23–25. The general prohibition under FSMA 2000 In line with section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), a person cannot carry out a regulated activity in the UK, or purport to do so, unless they are either: • authorised (by the Prudential Regulation Authority (PRA) or Financial Conduct Authority (FCA)), or • exempt The inclusion of the phrase 'or purport to do so' means that a person will breach the general prohibition even where they do not carry out a regulated activity but represent that they do or attempt to carry it out. The regulatory