In the United Kingdom, a limited partnership consists of: Limited partners may not: If they do, they become liable for all the debts and obligations of the firm up to the amount drawn out or received back or incurred while taking part in the management, as the case may be.
To register, you must deliver a statement (Form LP5), signed by all the partners, to the Registrar of Companies.
The information supplied on the form must include the following: If all these particulars are in order, the Registrar will issue a certificate of registration, subject to the acceptability of the name.
The general partners are responsible for the delivery of Forms LP5 and LP6 whether or not the preparation of the documents was delegated to accountants or to anyone else.
Notice must also be advertised in the Gazette of any arrangement or transaction under which a limited partner's share in the firm will be assigned to somebody else.