Tokumei kumiai (匿名組合), literally "anonymous partnerships," are a Japanese bilateral contract governed by the Commercial Code of Japan, Article 535 et seq.
In many respects they are similar to common law limited partnerships.
In a tokumei kumiai arrangement, "anonymous (or silent) partners" (匿名組合員, tokumei kumiai'in) invest in a venture operated by a manager (営業者, eigyōsha).
A structure known as the "Dutch TK" was once popular among foreign investors in Japan, as it was possible to recognize income from Japan through a Dutch anonymous partner in a tokumei kumiai without paying Japanese income or withholding taxes under the tax treaty of 1970.
[3] More recently, it has become popular to use a tokumei kumiai together with a godo kaisha to hold a trust beneficial interest in real estate using what is known as a "TK/GK scheme.