Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Limited partnership definition

What does Limited partnership mean? A limited partnership is a partnership used to pool capital where investors seek limited liability without day‑to‑day control. It has at least one general partner, who manages the business and is liable without limit, and one or more limited partners, whose liability is limited to their agreed contribution provided they do not take part in management. In England and Wales and Scotland it is a statutory vehicle under the Limited Partnerships Act 1907 and must be registered at Companies House. Scottish limited partnerships (SLPs) have separate legal personality; English and Welsh LPs do not. In Northern Ireland, limited partnerships are governed...

Grounds for court-ordered dissolution of limited partnerships (including PFLPs) under the Partnership Act 1890 and Limited Partnerships Act 1907

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Practice notes

A Limited partnership can be brought to an end by its:

Dissolution
Insolvency (see Practice Note: Ending a limited partnership—what is dissolution?)

This Practice Note considers the termination of a limited partnership, including a private fund limited partnership (PFLP), by dissolution where the court orders that outcome. A significant body of partnership law under the Partnership Act 1890 (PA 1890) applies equally to limited partnerships and is relied on throughout this note. For other means by which a limited partnership might be Dissolved, refer to Practice Note: Ending a limited partnership—dissolution otherwise than by the court. From 6 April 2017, the Limited Partnerships Act 1907 (LPA 1907) was revised by the Legislative Reform (Private Fund Limited Partnerships) Order 2017 (LRO), SI 2017/514. The LRO was initially issued in January 2017 by HM Treasury, together with an explanatory document. It followed a government consultation that began in July 2015 and ended in October 2015 concerning proposed reforms to UK limited partnership legislation, intended to make these partnerships more efficient vehicles for private equity and venture capital investment. Those reforms, which were brought into effect by the above legislative changes under the LRO and described in the accompanying explanatory document published in...

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Web page updated on 21/05/2026

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