TNAG-2378-FCO40-3457-Hong-Kong-nationality-British-Nationality-(Hong-Kong)-Act-19-1991 — Page 23

Limited Partnerships

G

Limited Partnerships

G

H

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.