Limited Partnerships
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Limited Partnerships
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DO I HAVE TO PUBLISH ANY DETAILS OF THE
PARTNERSHIP?
The Business Names Act 1985 requires all businesses
trading under names other than those of their owners to
display their owners' names and an address at which
documents can be served. This information must be
displayed both in certain business premises and on
certain business stationery and must also be supplied in
writing at the request of any person with whom anything
is done or discussed in the course of the business.
Where the partnership consists of more than twenty
persons certain exceptions apply to the business. stationery requirements. Further details can be obtained.
from Companies House in Cardiff or Edinburgh.
CAN A LIMITED PARTNERSHIP BE DISSOLVED?
Yes. In the event of the dissolution of a limited
partnership its affairs must be wound up by the general
partners unless the court orders otherwise.
Subject to any agreement between the partners, al
limited partner is not entitled to dissolve the
partnership by notice, and the other partners are not
entitled to dissolve the partnership merely by reason of
any limited partner suffering his share to be charged
for his separate debt.
However, the death or bankruptcy of a limited partner
is not a ground for dissolution. The fact that a limited
partner is a "person of unsound mind" is not a ground
for dissolution of the partnership by a court, unless the
share of that person cannot be otherwise ascertained
and realised.
WHO MUST DELIVER THESE PARTICULARS?
The general partners are responsible for the delivery of
forms LP5 and LP6 whether or not the preparation of
the documents was deputed to accountants or other
parties.
The Limited Partnership Act 1907 provides for the
imposition of penalties for various defaults in carrying
out the requirements of the Acts and for failing to send
to the Registrar the required forms.
Notice of any arrangement or transaction under which a
general partner will become a limited partner in the firm
must be advertised in the London/Edinburgh/Belfast
Gazette, as the case may be. Notice must also be adver-
tised in the Gazette of any arrangement or transaction
under which a limited partner's share in the firm will be assigned to somebody else. Until this is done these arrangements or transactions have no effect.
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