TNAG-2378-FCO40-3457-Hong-Kong-nationality-British-Nationality-(Hong-Kong)-Act-19-1991 — Page 24

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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