Friday 24 July 2015

UK: Limited Partnerships Act 1907 - HMT consultation on proposed reforms for 'private fund limited partnerships'

HM Treasury have published a consultation paper setting out proposed changes to the Limited Partnerships Act 1907 in respect of what will be known as 'private fund limited partnerships': see here (pdf). The 1907 Act will be amended to provide, amongst other things, a non-exhausitve list of activities that a limited partner in a private fund limited partnership may undertake without being considered to be taking part in the management of the business (and, as such, retaining limited liability). A draft of the Legislative Reform (Limited Partnerships) Order 2015 accompanies the paper: see here (pdf).

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