Recommended contact person
Scottish Limited Partnership | Fact Sheet
The Scottish Limited Partnership, regulated by the Partnership Act of 1890, has a legal personality, distinct from than of its partners, unlike the partnerships in the rest of the UK. Scottish Limited Partnerships are frequently used as investment vehicle and/or for family estate planning purposes.
Furthermore, Scottish Limited Partnerships that consist of non-UK residents and with no business activities in the UK are not taxable in the UK, but in the jurisdiction of their residence.
|
Corporate Requirements |
|
|
Directors/Shareholders/Secretary |
not applicable |
|
Partners |
Minimum two: at least one General and one Limited partner. The General Partners are responsible for the management of the entity and are liable for all its debts and obligations, while the Limited Partners do not participate in the management and are liable only up to the extent of their capital contributions. Partners can be either physical or legal persons. |
|
Minimum Capital |
Two (2) GBP |
|
Registered Office |
Yes, in Scotland. |
|
Location of Meetings of Partners |
Anywhere in the world |
|
Personal Presence |
Not required |
|
Nominee Partners |
Allowed |
|
Name of the Legal Entity |
Must end in “Limited Partnership” or “L.P.” |
|
Restricted Words
|
“Assurance”, “Bank”, “Building Society”, “Royal”, “Trust Company”, “Trustee Company” (justification/licensing is required) |
|
Tax/Financial Requirements |
|
|
Taxation |
Fiscally Transparent |
|
Account Filing |
Not Required |
|
Annual Return Filing |
Not Required |
|
Audit |
Not Required |
|
Currency |
GBP |
|
Exchange Control |
None |
|
Trading Restrictions
|
None
|
The above information is provided for general purposes only. For legal advice or to register a Scottish Limited Partnership you can contact our team.
