Limited Partnerships Act 1907

Current project status

• Initiation: Could include discussing scope and terms of reference with lead Government Department
• Pre-consultation: Could include approaching interest groups and specialists, producing scoping and issues papers, finalising terms of project
• Consultation: Likely to include consultation events and paper, making provisional proposals for comment
• Policy development: Will include analysis of consultation responses. Could include further issues papers and consultation on draft Bill
• Reported: Usually recommendations for law reform but can be advice to government, scoping report or other recommendations

This project is complete

A project to review the law relating to limited partnerships and remove doubts that have caused concern to users of limited partnerships and their advisers.

A limited partnership is an ordinary partnership with certain modifications made by the Limited Partnerships Act 1907. The main difference between an ordinary and a limited partnership is that in a limited partnership only active partners (“general partners”) are fully liable whereas those who merely invest (“limited partners”) are, as long as they do not engage in management, liable to third parties only to the extent of their capital contribution.

Joint project with the Scottish Law Commission.