Limited Partnerships
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Limited Partnerships
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CAN I CHOOSE ANY NAME I WISH FOR MY PARTNERSHIP?
Not entirely. The Registrar will advise against the use of
any name which is the 'same as' or 'too like' a name
already on his register if that name is that of a limited company, other legal body, or another limited
partnership. In addition, the names of limited partnerships
are controlled by the Business Names Act 1985 (see
Notes for Guidance on "Business Names" (CHN11)).
In addition, the use of certain names is an offence under
certain Acts. In particular, it is an offence for a person who is not a public company to use a name ending in
"public limited company" or its Welsh equivalent, and it is
also an offence for any person to use a name which ends
with limited or its Welsh equivalent, unless duly
incorporated with limited liability see sections 33 and
34 of the Companies Act 1985.
IS THERE A LIMIT ON THE NUMBER OF PARTNERS?
A limited partnership may not normally consist of more
than twenty persons. However, under section 717 of
the Companies Act 1985 there are a number of excep-
tions to this rule, including:~
a partnership carrying on practice as solicitors and consisting of persons each of whom is a solicitor;
a partnership carrying on practice as accountants and consisting of persons each of whom is a member of a recognised supervisory body and is eligible for appointment as an auditor under the rules of that body;
4.
*
a partnership carrying on business as members
of a recognised stock exchange and consisting of persons each of whom is a member of that
exchange;
* a partnership carrying on business as surveyors,
auctioneers, valuers, estate agents, land agents,
or estate managers and consisting of persons of
which not less than three-quarters are members
of the Royal Institute of Chartered Surveyors or
the Incorporated Society of Valuers and
Auctioneers and of whom not more than
one-quarter are limited partners;
*
a partnership carrying on business as insurance
brokers and consisting of persons each of whom
is a registered insurance broker or an enrolled
body corporate. (For the meaning of "registered
insurance broker" and "enrolled body corporate"
see section 29(1) of the Insurance Brokers
(Registration) Act 1977.)
WHAT IF SOME OF MY PARTNERSHIP DETAILS
CHANGE?
If any alteration is made to any of the details previously
registered, the Registrar must be notified of the
change on form LP6 within seven days.
5.