Limited partnership agreement
Document overview
England & Wales
Scotland
- Length:14 pages (9950 words)
- Available in:
Microsoft Word DOCX
Apple Pages
RTF
If the document isn’t right for your circumstances for any reason, just tell us and we’ll refund you in full immediately.
We avoid legal terminology unless necessary. Plain English makes our documents easy to understand, easy to edit and more likely to be accepted.
You don’t need legal knowledge to use our documents. We explain what to edit and how in the guidance notes included at the end of the document.
Email us with questions about editing your document. Use our Lawyer Assist service if you’d like our legal team to check your document will do as you intend.
Our documents comply with the latest relevant law. Our lawyers regularly review how new law affects each document in our library.
About this document
The Limited Partnerships Act 1907 enables you to set up a trading vehicle where only one partner, known as the general partner or GP, can be liable if things go wrong. This partner can be a private limited company, with its own limitations on liability and few assets. If things go wrong, the assets of the other partners are preserved. Often, all partners are companies.
Limited partnerships (also called LPs) are therefore very useful for high risk ventures in property, finance, mining or research, or for ventures abroad, where there may be political risk.
Unlike the modern LLP, no registration is required and no special rules apply. So far as it is regulated, the 1890 Act applies, as it does to any ordinary partnership.
This professionally drawn agreement is very flexible, so that you can easily edit it to suit the arrangements you have in mind. It overides the archaic terms of the 1890 Act so that the partnership is operated as any modern business would be.
The registration requirement is very light. Free copies of form LP5 (application for registration of Limited Partnership) can be downloaded from here. There is no requirement for submission of returns. This allows secrecy as to the partners and the business to be maintained.
Features
- Assumes the business relates to a single project, short or long term
- Assumes that a corporate general partner will manage the business
- Suitable for any type of project
- Written in plain English
Contents
- Basic provisions
- Limited partnership particulars
- Management of the business
- Banking arrangements
- Records and accounts
- General partners undertaking
- Restrictions on general partner
- Shares
- Capital
- Loans to the business
- Meetings and voting
- On a partner leaving
- Duration and termination
- Other legal provisions
Talk to us about this document
We are happy to answer any questions you have. Arrange for us to call you.
Recent reviews
I would recommend Net Lawman to others.
Choose the level of support you need
Document Only
This document - Detailed guidance notes explaining how to edit each paragraph
Lawyer Assist
- This document
- Document with guidance notes explaining how to edit each paragraph
- Unlimited email support - ask our legal team any question related to completing the document
- Review of your edited document by our legal team including:
- reporting on whether your changes comply with the law
- answering your questions about how to word a new clause or achieve an outcome
- checking that your use of defined terms is correct and consistent
- correcting spelling mistakes
- reformatting the document ready to sign
Bespoke
- A document drawn just for you to your exact requirements
- Personalised service provided by an experienced solicitor
- Free discussion before we provide an estimate, for you to ask questions and for us to understand your requirements
- Transparent fees - a fixed fee for the basic work, a fixed hourly rate for new or changed instructions, and no charge for office overheads or third party disbursements
- Careful and thorough consideration of your circumstances and your consequent likely practical and legal requirements
- Provision of options that you may not have considered with availability for discussion
- Help and advice woven into the fabric of our service so that you can make the best decisions
All rights reserved