Limited Partnerships – Partnership Law
Our Partnership Law team can give you every bit of advice and information you will need in this complex area.
After the Partnership Act 1890 and well before the Limited liability Partnership Act 2000 an attempt was made by the Limited Partnerships Act 1907 to create partnerships with limited liability.
A limited partnership consists of one or more general partners, who are liable for all the liabilities of the firm, and one or more limited partners, who contribute a set sum to the capital of the Limited Partnership and are not liable for liabilities of the firm beyond their capital contribution.
Limited Partners can be people or limited companies. Limited Partnerships must be registered at Companies House. Limited Partners are protected so long as they do not take an active role in running the partnership and are therefore useful for people wanting to invest in a firm as a sleeping partner.
A Limited Partnership does not have legal status; that is it cannot contract on its own behalf.
Limited Partnerships are not often used as they have limitations but are sometimes used within complex structures where a limit in liability is required and an LLP or limited company is not suitable.
For help and assistance on queries relating to limited partnerships, contact our partnership team on 0161 832 6131 or get in touch by filling out one of our online enquiry forms.
We also have a dedicated Partnership Law website where you can find more detailed information: