There are several forms of limited partnership structure available from most of the jurisdictions from which we operate.
However there are three primary limited partnership options which are similar in that they are all partnerships entered into between one or more ‘general partners’ and one or more other parties who are ‘limited partners’.
All three types of limited partnerships have common features, including:
- A general partner who will have unlimited liability for the debts of the partnership (and who as a result of this unlimited liability will ordinarily be a limited company); and
- limited partners who will have limited liability
Limited partnerships, which usually have no separate legal personality, are regularly used for collective investment funds, private investment structures and family wealth structuring.
There are several unique forms and aspects of limited partnership available from different jurisdictions, including Jersey’s Separate Limited Partnerships and Incorporated Limited Partnerships, as well as Scottish Limited Partnerships.
We request that our clients take appropriate tax advice.