Scottish Limited Partnership
- What is a limited partnership?
- What restrictions are there on the limited partners?
- Who can be a partner?
- Must limited partnerships register?
- How do I register my limited partnership?
What is a limited partnership?
A limited partnership consists of:
one or more persons called general partners, who are liable for all debts and obligations of the firm; and
one or more persons called limited partners, who contribute a sum or sums of money as capital, or property valued at a stated amount. Limited partners are not liable for the debts and obligations of the firm beyond the amount contributed.
What restrictions are there on the limited partners?
Limited partners may not:
draw out or receive back any part of their contribution to the partnership during its lifetime;
take part in the management of the business or
have power to bind the firm.
If they do, they become liable for all the debts and obligations of the firm up to the amount drawn out, received back or incurred, as the case may be, while taking part in the management of the company.
Who can be a partner?
Generally speaking, an individual or a legal body such as a company may be a partner in a limited partnership, either as a general or as a limited partner. A person cannot be both a general and a limited partner at the same time.
Must limited partnerships register?
Yes. Until your partnership is registered, all partners will be equally responsible for any debts and obligations incurred.
How do I register my limited partnership?
You complete the order form and submit payment to our company {$company}.
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