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class="vector-toc-numb">3</span> <span>Worldwide</span> </div> </a> <button aria-controls="toc-Worldwide-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Worldwide subsection</span> </button> <ul id="toc-Worldwide-sublist" class="vector-toc-list"> <li id="toc-Denmark" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Denmark"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Denmark</span> </div> </a> <ul id="toc-Denmark-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Germany" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Germany"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Germany</span> </div> </a> <ul id="toc-Germany-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Hong_Kong" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Hong_Kong"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Hong Kong</span> </div> </a> <ul id="toc-Hong_Kong-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Japan" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Japan"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>Japan</span> </div> </a> <ul id="toc-Japan-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-New_Zealand" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#New_Zealand"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.5</span> <span>New Zealand</span> </div> </a> <ul id="toc-New_Zealand-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_Kingdom" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_Kingdom"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.6</span> <span>United Kingdom</span> </div> </a> <ul id="toc-United_Kingdom-sublist" class="vector-toc-list"> <li id="toc-Private_Fund_Limited_Partnerships" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Private_Fund_Limited_Partnerships"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.6.1</span> <span>Private Fund Limited Partnerships</span> </div> </a> <ul id="toc-Private_Fund_Limited_Partnerships-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-United_States" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_States"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.7</span> <span>United States</span> </div> </a> <ul id="toc-United_States-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" 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Available in 12 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-12" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">12 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%B4%D8%B1%D9%83%D8%A9_%D8%AA%D8%B6%D8%A7%D9%85%D9%86%D9%8A%D8%A9_%D9%85%D8%AD%D8%AF%D9%88%D8%AF%D8%A9" title="شركة تضامنية محدودة – Arabic" lang="ar" hreflang="ar" data-title="شركة تضامنية محدودة" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Limited_Partnership" title="Limited Partnership – German" lang="de" hreflang="de" data-title="Limited Partnership" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%95%CF%84%CE%B5%CF%81%CF%8C%CF%81%CF%81%CF%85%CE%B8%CE%BC%CE%B7_%CE%95%CF%84%CE%B1%CE%B9%CF%81%CE%B5%CE%AF%CE%B1" title="Ετερόρρυθμη Εταιρεία – Greek" lang="el" hreflang="el" data-title="Ετερόρρυθμη Εταιρεία" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B4%D8%B1%DA%A9%D8%AA_%D9%85%D8%AE%D8%AA%D9%84%D8%B7" title="شرکت مختلط – Persian" lang="fa" hreflang="fa" data-title="شرکت مختلط" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Limited_partnership" title="Limited partnership – Italian" lang="it" hreflang="it" data-title="Limited partnership" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A9%D7%95%D7%AA%D7%A4%D7%95%D7%AA_%D7%9E%D7%95%D7%92%D7%91%D7%9C%D7%AA" title="שותפות מוגבלת – Hebrew" lang="he" hreflang="he" data-title="שותפות מוגבלת" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Limited_partnership" title="Limited partnership – Polish" lang="pl" hreflang="pl" data-title="Limited partnership" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Parceria_limitada" title="Parceria limitada – Portuguese" lang="pt" hreflang="pt" data-title="Parceria limitada" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9E%D0%B3%D1%80%D0%B0%D0%BD%D0%B8%D1%87%D0%B5%D0%BD%D0%BD%D0%BE%D0%B5_%D0%BF%D0%B0%D1%80%D1%82%D0%BD%D1%91%D1%80%D1%81%D1%82%D0%B2%D0%BE" title="Ограниченное партнёрство – Russian" lang="ru" hreflang="ru" data-title="Ограниченное партнёрство" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%9E%D0%B1%D0%BC%D0%B5%D0%B6%D0%B5%D0%BD%D0%B5_%D0%BF%D0%B0%D1%80%D1%82%D0%BD%D0%B5%D1%80%D1%81%D1%82%D0%B2%D0%BE" title="Обмежене партнерство – Ukrainian" lang="uk" hreflang="uk" data-title="Обмежене партнерство" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E6%9C%89%E9%99%90%E5%90%88%E4%BC%99" title="有限合伙 – Wu" lang="wuu" hreflang="wuu" data-title="有限合伙" data-language-autonym="吴语" data-language-local-name="Wu" class="interlanguage-link-target"><span>吴语</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E6%9C%89%E9%99%90%E5%90%88%E4%BC%99" 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<div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Form of partnership</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">For the 2014 film, see <a href="/wiki/Limited_Partnership_(film)" title="Limited Partnership (film)">Limited Partnership (film)</a>.</div> <style 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.sidebar{width:100%!important;clear:both;float:none!important;margin-left:0!important;margin-right:0!important}}body.skin--responsive .mw-parser-output .sidebar a>img{max-width:none!important}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks vcard hlist"><tbody><tr><td class="sidebar-pretitle">This article is part of <a href="/wiki/Category:Corporate_law" title="Category:Corporate law">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Corporate_law" title="Corporate law">Corporate law</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:Society.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Society.svg/200px-Society.svg.png" decoding="async" width="200" height="79" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Society.svg/300px-Society.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Society.svg/400px-Society.svg.png 2x" data-file-width="96" data-file-height="38" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">By jurisdiction</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Anguillan_company_law" title="Anguillan company law">Anguilla</a></li> <li><a href="/wiki/Australian_corporate_law" title="Australian corporate law">Australia</a></li> <li><a href="/wiki/British_Virgin_Islands_company_law" title="British Virgin Islands company law">BVI</a></li> <li><a href="/wiki/Canadian_corporate_law" title="Canadian corporate law">Canada</a></li> <li><a href="/wiki/Cayman_Islands_company_law" title="Cayman Islands company law">Cayman Islands</a></li> <li><a href="/wiki/Indian_company_law" title="Indian company law">India</a></li> <li><a href="/wiki/South_African_company_law" title="South African company law">South Africa</a></li> <li><a href="/wiki/United_Kingdom_company_law" title="United Kingdom company law">UK</a></li> <li><a href="/wiki/United_States_corporate_law" title="United States corporate law">United States</a></li> <li><a href="/wiki/Corporate_law_in_Vietnam" title="Corporate law in Vietnam">Vietnam</a></li> <li><br /><a href="/wiki/European_corporate_law" class="mw-redirect" title="European corporate law">European Union</a> <ul><li><a href="/wiki/French_company_law" title="French company law">France</a></li> <li><a href="/wiki/German_company_law" title="German company law">Germany</a></li></ul></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">General corporate forms</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Company" title="Company">Company</a></li> <li><a href="/wiki/Conglomerate_(company)" title="Conglomerate (company)">Conglomerate</a></li> <li><a href="/wiki/Cooperative" title="Cooperative">Cooperative</a></li> <li><a href="/wiki/Corporation" title="Corporation">Corporation</a></li> <li><a href="/wiki/Holding_company" title="Holding company">Holding company</a></li> <li><a href="/wiki/Joint-stock_company" title="Joint-stock company">Joint-stock</a></li> <li><a href="/wiki/Partnership" title="Partnership">Partnership</a> <ul><li><a href="/wiki/General_partnership" title="General partnership">General</a></li> <li><a class="mw-selflink selflink">Limited</a></li> <li><a href="/wiki/Limited_liability_partnership" title="Limited liability partnership">Limited liability</a></li></ul></li> <li><a href="/wiki/Private_limited_company" title="Private limited company">Private limited</a></li> <li><a href="/wiki/Shell_corporation" title="Shell corporation">Shell corporation</a></li> <li><a href="/wiki/Shelf_corporation" title="Shelf corporation">Shelf corporation</a></li> <li><a href="/wiki/Sole_proprietorship" title="Sole proprietorship">Sole proprietorship</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)"><a href="/wiki/List_of_legal_entity_types_by_country" title="List of legal entity types by country">Corporate forms<br />by jurisdiction</a></div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading"> <a href="/wiki/European_corporate_law" class="mw-redirect" title="European corporate law">European Union</a></th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Societas_Europaea" title="Societas Europaea"><i>Societas</i> <span style="font-size:85%;">(SE)</span></a></li> <li><a href="/wiki/Societas_cooperativa_Europaea" title="Societas cooperativa Europaea"><i>Societas cooperativa</i> <span style="font-size:85%;">(SCE)</span></a></li> <li><a href="/wiki/Societas_privata_Europaea" title="Societas privata Europaea"><i>Societas privata</i> <span style="font-size:85%;">(SPE)</span></a></li> <li><a href="/wiki/Societas_unius_personae" title="Societas unius personae"><i>Societas unius personae</i> <span style="font-size:85%;">(SUP)</span></a></li> <li><a href="/wiki/European_economic_interest_grouping" title="European economic interest grouping">Economic interest grouping <span style="font-size:85%;">(EEIG)</span></a></li></ul></td> </tr><tr><th class="sidebar-heading"> <span class="nowrap">UK / Ireland / Commonwealth</span></th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Charitable_incorporated_organisation" title="Charitable incorporated organisation">Charitable incorporated organisation (England and Wales) <span style="font-size:85%;">(CIO)</span></a></li> <li><a href="/wiki/Scottish_charitable_incorporated_organisation" title="Scottish charitable incorporated organisation">Scottish charitable incorporated organisation <span style="font-size:85%;">(SCIO)</span></a></li> <li><a href="/wiki/Community_interest_company" title="Community interest company">Community interest company <span style="font-size:85%;">(CIC)</span></a></li> <li><a href="/wiki/Industrial_and_provident_society" title="Industrial and provident society">Industrial and provident society <span style="font-size:85%;">(IPS)</span></a></li> <li><br /><a href="/wiki/Limited_company" title="Limited company">Limited company <span style="font-size:85%;">(Ltd.)</span></a> <ul><li><a href="/wiki/Private_company_limited_by_guarantee" class="mw-redirect" title="Private company limited by guarantee">by guarantee</a></li> <li><a href="/wiki/Private_company_limited_by_shares" title="Private company limited by shares">by shares</a></li> <li><a href="/wiki/Proprietary_company" title="Proprietary company">proprietary</a></li> <li><a href="/wiki/Public_limited_company" title="Public limited company">public</a></li></ul></li> <li><a href="/wiki/Unlimited_company" title="Unlimited company">Unlimited company</a></li></ul></td> </tr><tr><th class="sidebar-heading"> United States</th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Benefit_corporation" title="Benefit corporation">Benefit corporation</a></li> <li><a href="/wiki/C_corporation" title="C corporation">C corporation</a></li> <li><a href="/wiki/Limited_liability_company" title="Limited liability company">Limited liability company <span style="font-size:85%;">(LLC)</span></a> <ul><li><a href="/wiki/Low-profit_limited_liability_company" title="Low-profit limited liability company">Low-profit LLC</a></li></ul></li> <li><a href="/wiki/Series_LLC" title="Series LLC">Series LLC</a></li> <li><a href="/wiki/Limited_liability_limited_partnership" title="Limited liability limited partnership">Limited liability limited partnership <span style="font-size:85%;">(LLLP)</span></a></li> <li><a href="/wiki/S_corporation" title="S corporation">S corporation</a></li> <li><span class="nowrap"><a href="/wiki/Delaware_General_Corporation_Law" title="Delaware General Corporation Law">Delaware corporation</a> / <a href="/wiki/Delaware_statutory_trust" title="Delaware statutory trust">statutory trust</a></span></li> <li><a href="/wiki/Massachusetts_business_trust" title="Massachusetts business trust">Massachusetts business trust</a></li> <li><a href="/wiki/Nevada_corporation" title="Nevada corporation">Nevada corporation</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Others</th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Aktiebolag" title="Aktiebolag"><i>Aktiebolag</i> <span style="font-size:85%;">(AB)</span></a></li> <li><a href="/wiki/Aktiengesellschaft" title="Aktiengesellschaft"><i>Aktiengesellschaft</i> <span style="font-size:85%;">(AG)</span></a></li> <li><a href="/wiki/Ansvarlig_selskap" title="Ansvarlig selskap"><i>Ansvarlig selskap</i> <span style="font-size:85%;">(ANS)</span></a></li> <li><a href="/wiki/Aktieselskab" title="Aktieselskab"><i>Aktieselskab</i> <span style="font-size:85%;">(A/S)</span></a></li> <li><a href="/wiki/Aksjeselskap" title="Aksjeselskap"><i>Aksjeselskap</i> <span style="font-size:85%;">(AS)</span></a></li> <li><a href="/wiki/Gesellschaft_mit_beschr%C3%A4nkter_Haftung" class="mw-redirect" title="Gesellschaft mit beschränkter Haftung"><i>Gesellschaft mit beschränkter Haftung</i> <span style="font-size:85%;">(GmbH)</span></a></li> <li><a href="/wiki/Kabushiki_gaisha" title="Kabushiki gaisha"><i>Kabushiki gaisha</i> <span style="font-size:85%;">(K.K.)</span></a></li> <li><a href="/wiki/Naamloze_vennootschap" title="Naamloze vennootschap"><i>Naamloze vennootschap</i> <span style="font-size:85%;">(N.V.)</span></a></li> <li><a href="/wiki/Osakeyhti%C3%B6" title="Osakeyhtiö"><i>Osakeyhtiö</i> <span style="font-size:85%;">(Oy)</span></a></li> <li><a href="/wiki/S.A._(corporation)" title="S.A. (corporation)">S.A.</a></li> <li><a href="/wiki/Soci%C3%A9t%C3%A9_%C3%A0_responsabilit%C3%A9_limit%C3%A9e" title="Société à responsabilité limitée"><i>Société à responsabilité limitée</i> <span style="font-size:85%;">(SARL)</span></a></li> <li><a href="/wiki/Types_of_business_entity" class="mw-redirect" title="Types of business entity">more...</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">Doctrines</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Business_judgment_rule" title="Business judgment rule">Business judgment rule</a></li> <li><a href="/wiki/Corporate_governance" title="Corporate governance">Corporate governance</a></li> <li><a href="/wiki/De_facto_corporation_and_corporation_by_estoppel" title="De facto corporation and corporation by estoppel"><i>De facto</i> and estoppel corporations</a></li> <li><a href="/wiki/Internal_affairs_doctrine" title="Internal affairs doctrine">Internal affairs doctrine</a></li> <li><a href="/wiki/Limited_liability" title="Limited liability">Limited liability</a></li> <li><a href="/wiki/Tag-along_right" title="Tag-along right">Tag-along right</a></li> <li><a href="/wiki/Drag-along_right" title="Drag-along right">Drag-along right</a></li> <li><a href="/wiki/Piercing_the_corporate_veil" title="Piercing the corporate veil">Piercing the corporate veil</a></li> <li><a href="/wiki/Rochdale_Principles" title="Rochdale Principles">Rochdale Principles</a></li> <li><i><a href="/wiki/Ultra_vires" title="Ultra vires">Ultra vires</a></i></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">Related areas</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Beneficial_ownership" title="Beneficial ownership">Beneficial ownership</a></li> <li><a href="/wiki/Civil_procedure" title="Civil procedure">Civil procedure</a></li> <li><a href="/wiki/Contract" title="Contract">Contract</a></li> <li><a href="/wiki/List_of_company_registers" class="mw-redirect" title="List of company registers">Corporate registers</a></li> <li><a href="/wiki/Registered_agent" title="Registered agent">Registered agent</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><a href="/wiki/Portal:Companies" title="Portal:Companies">Company portal</a></li> <li><a href="/wiki/Portal:Law" title="Portal:Law">Law portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Corporate_law" title="Template:Corporate law"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Corporate_law" title="Template talk:Corporate law"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Corporate_law" title="Special:EditPage/Template:Corporate law"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>A <b>limited partnership</b> (<b>LP</b>) is a type of <a href="/wiki/Partnership" title="Partnership">partnership</a> with <b>general partners</b> who have a right to manage the business and <b>limited partners</b> who have no right to manage the business but have only <a href="/wiki/Limited_liability" title="Limited liability">limited liability</a> for its debts.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Limited partnerships are distinct from <a href="/wiki/Limited_liability_partnership" title="Limited liability partnership">limited liability partnerships</a>, in which all partners have limited liability. </p><p>The general partners (GPs) are, in all major respects, in the same legal position as partners in a conventional firm: they have management control, share the right to use partnership property, share the profits of the firm in predefined proportions, and have <a href="/wiki/Joint_and_several_liability" title="Joint and several liability">joint and several liability</a> for the <a href="/wiki/Debt" title="Debt">debts</a> of the partnership. </p><p>As in a general partnership, the GPs have actual authority, as <a href="/wiki/Agency_law" class="mw-redirect" title="Agency law">agents</a> of the firm, to bind the partnership in <a href="/wiki/Contract" title="Contract">contracts</a> with third parties that are in the ordinary course of the partnership's business. As with a general partnership, "an act of a general partner which is not apparently for carrying on in the ordinary course the limited partnership's activities or activities of the kind carried on by the limited partnership binds the limited partnership only if the act was actually authorized by all the other partners."<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Background_of_limited_liability">Background of limited liability</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Limited_partnership&action=edit&section=1" title="Edit section: Background of limited liability"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Like <a href="/wiki/Shareholder" title="Shareholder">shareholders</a> in a <a href="/wiki/Corporation" title="Corporation">corporation</a>, limited partners have <a href="/wiki/Limited_liability" title="Limited liability">limited liability</a>. This means that the limited partners have no management authority, and (unless they obligate themselves by a separate contract such as a guarantee) are not liable for the debts of the partnership. The limited partnership provides the limited partners a return on their investment (similar to a <a href="/wiki/Dividend" title="Dividend">dividend</a>), the nature and extent of which is usually defined in the partnership agreement. General Partners thus bear more economic risk than do limited partners, and in cases of financial loss, the GPs will be the ones which are personally liable. </p><p>Limited partners are subject to the same alter-ego <a href="/wiki/Piercing_the_corporate_veil" title="Piercing the corporate veil">piercing theories</a> as corporate shareholders. However, it is more difficult to pierce the limited partnership veil because limited partnerships do not have many formalities to maintain. So long as the partnership and the members do not co-mingle funds, it would be difficult to pierce the veil.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> In some jurisdictions (for instance in the UK), the limited liability of the limited partners is contingent on their not participating in management. </p><p>Partnership interests (including the interests of limited partners) are afforded a significant level of protection through the <a href="/wiki/Charging_order" title="Charging order">charging order</a> mechanism. The charging order limits the creditor of a debtor-partner or a debtor-member to the debtor's share of distributions, without conferring on the creditor any voting or management rights.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2015)">citation needed</span></a></i>]</sup> </p><p>When the partnership is being constituted, or the composition of the firm is changing, limited partnerships are generally required to file documents with the relevant <a href="/wiki/Jurisdiction_(area)" title="Jurisdiction (area)">state</a> registration office. Limited partners must explicitly disclose their status when dealing with other parties, so that such parties are on notice that the individual negotiating with them carries limited liability. It is customary that the documentation and electronic materials issued to the public by the firm will carry a clear statement identifying the legal nature of the firm and listing the partners separately as general and limited. Hence, unlike the GPs, the limited partners do not have inherent <a href="/wiki/Agency_(law)" class="mw-redirect" title="Agency (law)">agency</a> authority to bind the firm unless they are subsequently <i>held out</i> as agents (and so create an agency by <a href="/wiki/Estoppel" title="Estoppel">estoppel</a>); or acts of ratification by the firm create ostensible authority. </p> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Limited_partnership&action=edit&section=2" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <i>societates publicanorum</i>, which arose in <a href="/wiki/Rome" title="Rome">Rome</a> in the third century BC, may have arguably been the earliest form of limited partnership. During the heyday of the <a href="/wiki/Roman_Empire" title="Roman Empire">Roman Empire</a>, they were roughly equivalent to today's <a href="/wiki/Corporation" title="Corporation">corporations</a>. Some had many investors, and interests were publicly tradable. However, they required at least one (and often several) partners with unlimited liability.<sup id="cite_ref-Malmendier_4-0" class="reference"><a href="#cite_note-Malmendier-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> A very similar form of partnership was present in Arabia at the time of the coming of Islam (<abbr title="circa">c.</abbr><span style="white-space:nowrap;"> 700CE</span>), and this became codified into Islamic law as <a href="/wiki/Qirad" title="Qirad">Qirad</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Development_in_early_modern_Europe">Development in early modern Europe</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Limited_partnership&action=edit&section=3" title="Edit section: Development in early modern Europe"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In medieval <a href="/wiki/Italy" title="Italy">Italy</a>, a business organization known as the <i><a href="/wiki/Commenda" title="Commenda">commenda</a></i> appeared in the 10th century that was generally used for financing maritime trade. In a commenda, the traveling trader of the ship had limited liability, and was not held responsible if money was lost as long as the trader had not violated the rules of the contract. In contrast, his investment partners on land had unlimited liability and were exposed to risk. A <i>commenda</i> was not a common form for a long-term business venture as most long-term businesses were still expected to be secured against the assets of their individual proprietors.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> As an institution, the commenda is very similar to the qirad but whether the qirad transformed into the commenda, or the two institutions evolved independently cannot be stated with certainty.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> In the <a href="/wiki/Mongol_Empire" title="Mongol Empire">Mongol Empire</a>, the contractual features of a Mongol-<i>ortoq</i> partnership closely resembled that of <a href="/wiki/Qirad" title="Qirad">qirad</a> and commenda arrangements, however, Mongol investors were not constrained using uncoined precious metals and tradable goods for partnership investments and executed money-lending.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> Moreover, Mongol elites formed trade partnerships with merchants from Italian cities, including <a href="/wiki/Marco_Polo" title="Marco Polo">Marco Polo</a>'s family.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>Colbert's Ordinance (1673) and the <a href="/wiki/Napoleonic_Code" title="Napoleonic Code">Napoleonic Code</a> (1807) reinforced the limited partnership concept under European law. In the <a href="/wiki/United_States" title="United States">United States</a>, limited partnerships became widely available in the early 19th century, although a number of legal restrictions at the time made them unpopular for business ventures. Britain enacted its first limited partnership statute in 1907.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Worldwide">Worldwide</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Limited_partnership&action=edit&section=4" title="Edit section: Worldwide"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">For a list of types of corporation and other business types by country, see <a href="/wiki/List_of_legal_entity_types_by_country" title="List of legal entity types by country">List of legal entity types by country</a>.</div> <div class="mw-heading mw-heading3"><h3 id="Denmark">Denmark</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Limited_partnership&action=edit&section=5" title="Edit section: Denmark"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A <a href="/wiki/Kommanditselskab" title="Kommanditselskab">kommanditselskab</a> (abbreviated K/S) is the Danish equivalent of the limited partnership. The owners are divided into general partners (komplementarer in Danish) and limited partners (kommanditister in Danish). Often the only general partner of a K/S is an Anpartsselskab with the least possible capital, thus reducing the liability of the K/S to the capital of the Anpartsselskab. </p> <div class="mw-heading mw-heading3"><h3 id="Germany">Germany</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Limited_partnership&action=edit&section=6" title="Edit section: Germany"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Kommanditgesellschaft" title="Kommanditgesellschaft">Kommanditgesellschaft</a></div> <p><b>Kommanditgesellschaft auf Aktien</b> – abbreviated <b>KGaA</b> – is a German <a href="/wiki/Corporation" title="Corporation">corporate</a> designation standing for 'partnership limited by shares', a form of corporate organization roughly equivalent to a <a href="/wiki/Master_limited_partnership" title="Master limited partnership">master limited partnership</a>. A <span title="German-language text"><i lang="de"><a href="/wiki/Kommanditgesellschaft" title="Kommanditgesellschaft">Kommanditgesellschaft</a></i></span> auf Aktien has two types of participators. It has at least one partner with unlimited liability (Komplementär). It is in that sense a private company. Komplementärs are <a href="/wiki/Natural_person" title="Natural person">natural persons</a> or <a href="/wiki/Legal_person" title="Legal person">legal persons</a>. If the Komplementär is a corporation with limited liability then the type of the company has to be named as <i><a href="/wiki/Gesellschaft_mit_beschr%C3%A4nkter_Haftung#Requirements_of_formation" class="mw-redirect" title="Gesellschaft mit beschränkter Haftung">UG (haftungsbeschränkt)</a> & Co. KGaA</i>, <i><a href="/wiki/GmbH" title="GmbH">GmbH</a> & Co. KGaA</i>, <i><a href="/wiki/Aktiengesellschaft" title="Aktiengesellschaft">AG</a> & Co. KGaA</i> or <i><a href="/wiki/Societas_Europaea" title="Societas Europaea">SE</a> & Co. KGaA</i>.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Under consideration of the aspects of European freedom of establishment it is also possible that corporations established under foreign law can become Komplementärs of a KGaA forming companies like <i>Limited & Co. KGaA</i>. </p><p>The investment of the <a href="/wiki/Partnership" title="Partnership">partners</a> with <a href="/wiki/Limited_liability" title="Limited liability">limited liability</a> (Kommanditisten) is the stock of the company (Grundkapital) and divided into shares. A KGaA is in that aspect comparable with a German <span title="German-language text"><i lang="de"><a href="/wiki/Aktiengesellschaft" title="Aktiengesellschaft">Aktiengesellschaft</a></i></span>. </p><p>The investment of all partners is the corporate's total capital (Gesamtkapital). The KGaA is a traditional type of very large <a href="/wiki/Family_business" title="Family business">family businesses</a> (that are partly publicly traded) in Germany; the consumer products giant <a href="/wiki/Henkel" title="Henkel">Henkel</a>, pharmaceutical company <a href="/wiki/Merck_KGaA" class="mw-redirect" title="Merck KGaA">Merck</a> and media conglomerate <a href="/wiki/Bertelsmann" title="Bertelsmann">Bertelsmann</a> are prominent examples.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> In case of Merck, besides the owning family Merck also the members of the executive board are fully and privately liable for the company (including a period after withdrawal). Also the German football club <a href="/wiki/Borussia_Dortmund" title="Borussia Dortmund">Borussia Dortmund</a> uses this corporate organization (as <i>Borussia Dortmund GmbH & Co KGaA</i>) for its professional football team as part of its compliance with the "<a href="/wiki/50%2B1_rule" title="50+1 rule">50+1 rule</a>". </p> <div class="mw-heading mw-heading3"><h3 id="Hong_Kong">Hong Kong</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Limited_partnership&action=edit&section=7" title="Edit section: Hong Kong"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Hong_Kong" title="Hong Kong">Hong Kong</a> offers two forms of limited partnerships, namely limited partnerships governed by the <a rel="nofollow" class="external text" href="https://www.hklii.hk/eng/hk/legis/ord/37/">Limited Partnership Ordinance</a> and limited partnership funds, known as "LPFs", governed by the <a rel="nofollow" class="external text" href="https://www.hklii.hk/eng/hk/legis/ord/571/">Securities and Futures Ordinance</a>. Neither limited partnerships nor LPFs are separate and distinct legal persons. Instead, they are simply partnerships of persons, some of whom enjoy limited liability as a result of compliance with statutory requirements. Like many other jurisdictions, the partners who enjoy such limited liability are known as limited partners and their limited liability is contingent upon them not taking an active role in the management of the partnership.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>LPFs were introduced in 2020 and are intended to provide a domestic Hong Kong vehicle for private equity funds.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Japan">Japan</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Limited_partnership&action=edit&section=8" title="Edit section: Japan"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Japanese_law" class="mw-redirect" title="Japanese law">Japanese law</a> has historically provided for two business forms similar to limited partnerships: </p> <ul><li><i><a href="/wiki/Goshi_gaisha" class="mw-redirect" title="Goshi gaisha">Goshi gaisha</a></i>, a form of close <a href="/wiki/Corporation" title="Corporation">corporation</a> (<i><a href="/wiki/Mochibun_kaisha" title="Mochibun kaisha">mochibun kaisha</a></i>) with unlimited liability for certain shareholders</li> <li><i><a href="/wiki/Tokumei_kumiai" title="Tokumei kumiai">Tokumei kumiai</a></i> (lit. "anonymous partnerships"), a form of partnership in which non-operating partners have limited liability so long as they remain anonymous</li></ul> <p>In 1999, the <a href="/wiki/Diet_of_Japan" class="mw-redirect" title="Diet of Japan">Diet of Japan</a> passed legislation enabling the formation of "limited partnerships for investment"<span style="font-weight: normal"> (<span title="Japanese-language text"><span lang="ja">投資事業有限責任組合</span></span>, <span title="Hepburn transliteration"><i lang="ja-Latn"><i>tōshi jigyō yūgen sekinin kumiai</i></i></span><span style="margin-left:.09em">)</span></span>. These are very similar to Anglo-American limited partnerships, in that they adopt most provisions of <a href="/wiki/General_partnership" title="General partnership">general partnership</a> law but provide for limited liability for certain partners. Profits of an investment limited partnership pass through to all partners proportional to their investment share. For tax purposes, profits and losses will only pass through to the general partner(s) while the partnership has <a href="/wiki/Negative_equity" title="Negative equity">negative equity</a> (i.e. liabilities exceeding assets); however, profits and losses while the partnership has positive equity are shared equally. </p> <div class="mw-heading mw-heading3"><h3 id="New_Zealand">New Zealand</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Limited_partnership&action=edit&section=9" title="Edit section: New Zealand"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/New_Zealand" title="New Zealand">New Zealand</a>, Limited Partnerships are a form of partnership involving General Partners, (who are liable for all the debts and liabilities of the partnership) and Limited Partners (who are liable to the extent of their capital contribution to the partnership). The Limited Partnerships Act 2008 replaces Special Partnerships that exist under Part 2 of the Partnership Act 1908. Special partnerships are considered obsolete as they do not provide the appropriate structure preferred by foreign venture capital investors. </p><p>Features of Limited Partnerships include: </p> <ul><li>a list of activities that the limited partners can be involved in while not participating in the management of the Limited Partnership (safe harbour activities)</li> <li>an indefinite lifespan if desired</li> <li>separate legal personality</li> <li>tax treatment for Limited Partnerships.</li></ul> <p>The registers of Limited Partnerships and Overseas Limited Partnerships are administered by the New Zealand <a href="/wiki/Companies_Office" title="Companies Office">Companies Office</a>. Registration, maintenance and annual return filing for Limited Partnerships and Overseas Limited Partnerships are conducted through manual forms. </p> <div class="mw-heading mw-heading3"><h3 id="United_Kingdom">United Kingdom</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Limited_partnership&action=edit&section=10" title="Edit section: United Kingdom"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">United Kingdom legislation</div><style data-mw-deduplicate="TemplateStyles:r1257001546">.mw-parser-output .infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><table class="infobox vevent"><caption class="infobox-title summary">Limited Partnerships Act 1907</caption><tbody><tr><td colspan="2" class="infobox-subheader" style="font-weight: bold;">Act of Parliament</td></tr><tr><td colspan="2" class="infobox-image"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/95/Coat_of_arms_of_the_United_Kingdom_%281901-1952%29.svg/140px-Coat_of_arms_of_the_United_Kingdom_%281901-1952%29.svg.png" decoding="async" width="140" height="139" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/95/Coat_of_arms_of_the_United_Kingdom_%281901-1952%29.svg/210px-Coat_of_arms_of_the_United_Kingdom_%281901-1952%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/95/Coat_of_arms_of_the_United_Kingdom_%281901-1952%29.svg/280px-Coat_of_arms_of_the_United_Kingdom_%281901-1952%29.svg.png 2x" data-file-width="1495" data-file-height="1482" /></span></span><div class="infobox-caption"><a href="/wiki/Parliament_of_the_United_Kingdom" title="Parliament of the United Kingdom">Parliament of the United Kingdom</a></div></td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Short_and_long_titles" title="Short and long titles">Long title</a></th><td class="infobox-data description">An Act to establish Limited Partnerships.</td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Citation_of_United_Kingdom_legislation" title="Citation of United Kingdom legislation">Citation</a></th><td class="infobox-data"><a href="/wiki/7_Edw._7" class="mw-redirect" title="7 Edw. 7">7 Edw. 7</a>. c. 24</td></tr><tr><th colspan="2" class="infobox-header" style="border-top: 1px solid #aaa;">Dates</th></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Royal_assent" title="Royal assent">Royal assent</a></th><td class="infobox-data">28 August 1907</td></tr><tr><th colspan="2" class="infobox-header" style="border-top: 1px solid #aaa;"><div style="background-color: #ffffcc;">Status: Amended</div></th></tr><tr><th colspan="2" class="infobox-header" style="border-top: 1px solid #aaa;"><a rel="nofollow" class="external text" href="https://www.legislation.gov.uk/ukpga/Edw7/7/24/contents/enacted">Text of statute as originally enacted</a></th></tr><tr><th colspan="2" class="infobox-header" style="border-top: 1px solid #aaa;"><a rel="nofollow" class="external text" href="https://www.legislation.gov.uk/id?title=Limited+Partnerships+Act+1907">Text of the Limited Partnerships Act 1907</a> as in force today (including any amendments) within the United Kingdom, from <a href="/wiki/Legislation.gov.uk" title="Legislation.gov.uk">legislation.gov.uk</a>.</th></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Limited_partnerships_in_England_and_Wales" title="Limited partnerships in England and Wales">Limited partnerships in England and Wales</a></div> <p>In the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a>, limited partnerships are governed by the <b>Limited Partnerships Act 1907</b> and, on matters on which that Act is silent, also by the <a href="/wiki/Partnership_Act_1890" title="Partnership Act 1890">Partnership Act 1890</a>. The UK Department for Business, Enterprise and Regulatory Reform (now the <a href="/wiki/Department_for_Business_and_Trade" title="Department for Business and Trade">Department for Business and Trade</a>) consulted in 2008 on proposals to modify and merge the two Acts,<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> but the proposals did not go ahead. </p><p><a href="/wiki/Scots_law" title="Scots law">Scots law</a> on partnerships (including limited partnerships) is distinct from <a href="/wiki/English_law" title="English law">English law</a>. Under Scots law, partnerships are legal persons distinct from the partners.<sup id="cite_ref-auto_15-0" class="reference"><a href="#cite_note-auto-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> However, lawsuits may still be filed against the partners by name,<sup id="cite_ref-auto_15-1" class="reference"><a href="#cite_note-auto-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> the general partners are still exposed to 'pass-through' liability, and partners are still jointly and severally liable (although in the case of limited partners, only to the extent of their capital contribution). There has been discussion over whether limited partnerships operating under English law should be made separate legal entities as under Scots law, and in the same way as limited liability partnerships are. The <a href="/wiki/Law_Commission" class="mw-redirect" title="Law Commission">Law Commission</a> report on partnership law <a rel="nofollow" class="external text" href="https://web.archive.org/web/20070613041633/http://www.lawcom.gov.uk/docs/lc283.pdf">LC283</a> suggested that creation of separate legal personality should be left as an option for the partners to decide upon when a partnership is formed. There were concerns that automatically making partnerships separate legal entities would restrict their ability to trade in some European countries and also expose them to different tax regimes than expected. </p> <div class="mw-heading mw-heading4"><h4 id="Private_Fund_Limited_Partnerships">Private Fund Limited Partnerships</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Limited_partnership&action=edit&section=11" title="Edit section: Private Fund Limited Partnerships"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Legislative Reform (Private Fund Limited Partnerships) Order 2017 made provision for partners to register their limited partnership as a "Private Fund Limited Partnership" (PFLP), which is available for <a href="/wiki/Collective_investment_scheme" class="mw-redirect" title="Collective investment scheme">collective investment schemes</a> constituted by an agreement in writing.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> The order relaxed the rules applying to private fund partnerships in order to remove some uncertainty in the application of the law, reduce administrative costs, and help ensure "that the UK remains an attractive and competitive location for private investment funds in comparison to other jurisdictions".<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> The relaxation of the law in relation to PFLPs was welcomed by the financial industry.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="United_States">United States</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Limited_partnership&action=edit&section=12" title="Edit section: United States"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the <a href="/wiki/United_States" title="United States">United States</a>, the limited partnership organization is most common among <a href="/wiki/Film_industry" title="Film industry">film production companies</a> and real estate investment projects, or in types of businesses that focus on a single or limited-term project. They are also useful in "<a href="/wiki/Manual_labour" title="Manual labour">labor</a>-<a href="/wiki/Capital_(economics)" title="Capital (economics)">capital</a>" partnerships, where one or more financial backers prefer to contribute money or resources while the other partner performs the actual work. In such situations, liability is the driving concern behind the choice of limited partnership status. The limited partnership is also attractive to firms wishing to provide shares to many individuals without the additional tax liability of a corporation. <a href="/wiki/Private_equity" title="Private equity">Private equity</a> companies almost exclusively use a combination of general and limited partners for their investment funds. Well-known limited partnerships include <a href="/wiki/Enterprise_Products" title="Enterprise Products">Enterprise Products</a> and <a href="/wiki/Blackstone_Group" class="mw-redirect" title="Blackstone Group">Blackstone Group</a> (both of which are <a href="/wiki/Public_company" title="Public company">public companies</a>), and <a href="/wiki/Bloomberg_L.P." title="Bloomberg L.P.">Bloomberg L.P.</a> (a <a href="/wiki/Private_company" class="mw-redirect" title="Private company">private company</a>). </p><p>Before 2001, the limited liability enjoyed by limited partners was contingent upon their refraining from taking any active role in the management of the firm. However, Section 303 of the Revised Uniform Limited Partnership Act (if adopted by a state legislature) eliminates the so-called "control rule" with respect to personal liability for entity obligations and brings limited partners into parity with LLC members, LLP partners and corporate shareholders. </p><p>The 2001 amendments to the <a href="/wiki/Uniform_Limited_Partnership_Act" title="Uniform Limited Partnership Act">Uniform Limited Partnership Act</a> (to the extent the amendments are adopted by state legislature) also permitted limited partnerships to become <a href="/wiki/Limited_liability_limited_partnership" title="Limited liability limited partnership">limited liability limited partnerships</a> in states that adopt the change. Under this form, debts of a limited liability limited partnership are solely the responsibility of the partnership, thereby removing general-partner liability for partnership obligations. This change was made in response to the common practice of naming a limited-liability entity as a 1% general partner that controlled the limited partnership and organizing the managers as limited partners. This practice granted a general partner de facto limited liability under the partnership structure.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Limited_partnership&action=edit&section=13" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Master_limited_partnership" title="Master limited partnership">Master limited partnership</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Limited_partnership&action=edit&section=14" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width reflist-columns-2"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFO'SullivanSheffrin2003" class="citation book cs1"><a href="/wiki/Arthur_O%27Sullivan_(economist)" title="Arthur O'Sullivan (economist)">O'Sullivan, Arthur</a>; Sheffrin, Steven M. (2003). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://archive.org/details/economicsprincip00osul"><i>Economics: Principles in Action</i></a></span>. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. pp. <a rel="nofollow" class="external text" href="https://archive.org/details/economicsprincip00osul/page/n206">190</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-13-063085-3" title="Special:BookSources/0-13-063085-3"><bdi>0-13-063085-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Economics%3A+Principles+in+Action&rft.place=Upper+Saddle+River%2C+New+Jersey+07458&rft.pages=190&rft.pub=Pearson+Prentice+Hall&rft.date=2003&rft.isbn=0-13-063085-3&rft.aulast=O%27Sullivan&rft.aufirst=Arthur&rft.au=Sheffrin%2C+Steven+M.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Feconomicsprincip00osul&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALimited+partnership" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: CS1 maint: location (<a href="/wiki/Category:CS1_maint:_location" title="Category:CS1 maint: location">link</a>)</span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text">United States <a href="/wiki/Uniform_Limited_Partnership_Act" title="Uniform Limited Partnership Act">Uniform Limited Partnership Act</a> § 402(b)</span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.indinero.com/blog/what-to-do-if-you-commingle-personal-and-business-funds/">"Commingling Funds: How to Address the Problem and Avoid It"</a>. <i>www.indinero.com</i>. 2023-06-12<span class="reference-accessdate">. Retrieved <span class="nowrap">2024-03-31</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.indinero.com&rft.atitle=Commingling+Funds%3A+How+to+Address+the+Problem+and+Avoid+It&rft.date=2023-06-12&rft_id=https%3A%2F%2Fwww.indinero.com%2Fblog%2Fwhat-to-do-if-you-commingle-personal-and-business-funds%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALimited+partnership" class="Z3988"></span></span> </li> <li id="cite_note-Malmendier-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-Malmendier_4-0">^</a></b></span> <span class="reference-text">Malmendier, Ulrike; <i>Societas publicanorum: staatliche Wirtschaftsaktivitäten in den Händen privater Unternehmer </i>; Böhlau Verlag; Cologne, FRG; 2002</span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.harvardlawreview.org/issues/119/march06/hansmann_kraakman_squire.shtml"><i>Law and the Rise of the Firm</i></a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20070224214019/http://www.harvardlawreview.org/issues/119/march06/hansmann_kraakman_squire.shtml">Archived</a> 2007-02-24 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>; 119; Harvard Library; Rev.; Henry Hansmann, Reinier Kraakman, and Richard Squire; p. 1333; 2006</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text">Hillman, Robert H.; <i>Limited Liability in Historical Perspective</i>, "Washington and Lee Law Review," Spring 1997</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEnkhbold2019" class="citation journal cs1">Enkhbold, Enerelt (October 2, 2019). <a rel="nofollow" class="external text" href="https://doi.org/10.1080/02634937.2019.1652799">"The role of the ortoq in the Mongol Empire in forming business partnerships"</a>. <i>Central Asian Survey</i>. <b>38</b> (4): 531–547. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1080%2F02634937.2019.1652799">10.1080/02634937.2019.1652799</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:203044817">203044817</a> – via Taylor and Francis+NEJM.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Central+Asian+Survey&rft.atitle=The+role+of+the+ortoq+in+the+Mongol+Empire+in+forming+business+partnerships&rft.volume=38&rft.issue=4&rft.pages=531-547&rft.date=2019-10-02&rft_id=info%3Adoi%2F10.1080%2F02634937.2019.1652799&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A203044817%23id-name%3DS2CID&rft.aulast=Enkhbold&rft.aufirst=Enerelt&rft_id=https%3A%2F%2Fdoi.org%2F10.1080%2F02634937.2019.1652799&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALimited+partnership" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text">Enkhbold op cit pp. 7</span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.harvardlawreview.org/forum/issues/119/march06/lamoreaux_rosenthal.shtml"><i>Entity Shielding and the Development of Business Forms: A Comparative Perspective</i></a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20070224190251/http://www.harvardlawreview.org/forum/issues/119/march06/lamoreaux_rosenthal.shtml">Archived</a> 2007-02-24 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>; p. 119; Harvard Library; Rev. F.; Lamoreaux, Naomi R. and Rosenthal, Jean-Laurent; p. 238 (2006).</span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://journals.sas.ac.uk/amicus/article/view/1229">The German Kommanditgesellschaft auf Aktien</a>. Amicus Curae. Accessed April 4, 2012.</span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://archive.today/20120710050422/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=5885211">"Company Overview of DORMA Holding GmbH + Co. Kommanditgesellschaft auf Aktien"</a>. Businessweek. Archived from <a rel="nofollow" class="external text" href="http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=5885211">the original</a> on July 10, 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">2 July</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Company+Overview+of+DORMA+Holding+GmbH+%2B+Co.+Kommanditgesellschaft+auf+Aktien&rft.pub=Businessweek&rft_id=http%3A%2F%2Finvesting.businessweek.com%2Fresearch%2Fstocks%2Fprivate%2Fsnapshot.asp%3FprivcapId%3D5885211&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALimited+partnership" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.timothylohcs.com/insights/formation/types-of-partnerships">"Types of Partnerships - Timothy Loh Corp Services"</a>. <i>www.timothylohcs.com</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2021-01-12</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.timothylohcs.com&rft.atitle=Types+of+Partnerships+-+Timothy+Loh+Corp+Services&rft_id=https%3A%2F%2Fwww.timothylohcs.com%2Finsights%2Fformation%2Ftypes-of-partnerships&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALimited+partnership" class="Z3988"></span></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCumming" class="citation web cs1">Cumming, Timothy Loh, Gavin. <a rel="nofollow" class="external text" href="https://www.timothyloh.com/insights/guides/hong-kong-private-equity-fund">"Private Equity in Hong Kong - Fund Formation - Timothy Loh LLP"</a>. <i>www.timothyloh.com</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2021-01-12</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.timothyloh.com&rft.atitle=Private+Equity+in+Hong+Kong+-+Fund+Formation+-+Timothy+Loh+LLP&rft.aulast=Cumming&rft.aufirst=Timothy+Loh%2C+Gavin&rft_id=https%3A%2F%2Fwww.timothyloh.com%2Finsights%2Fguides%2Fhong-kong-private-equity-fund&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALimited+partnership" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_web" title="Template:Cite web">cite web</a>}}</code>: CS1 maint: multiple names: authors list (<a href="/wiki/Category:CS1_maint:_multiple_names:_authors_list" title="Category:CS1 maint: multiple names: authors list">link</a>)</span></span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://webarchive.nationalarchives.gov.uk/20121212135622/http://www.bis.gov.uk/files/file51586.pdf">"The Legislative Reform (Limited Partnerships) Order 2009: Explanatory Document"</a> <span class="cs1-format">(PDF)</span>. UK Department for Business, Enterprise & Regulatory Reform. June 2009. Archived from the original on 2012-12-12.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Legislative+Reform+%28Limited+Partnerships%29+Order+2009%3A+Explanatory+Document&rft.pub=UK+Department+for+Business%2C+Enterprise+%26+Regulatory+Reform&rft.date=2009-06&rft_id=http%3A%2F%2Fwww.bis.gov.uk%2Ffiles%2Ffile51586.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALimited+partnership" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_web" title="Template:Cite web">cite web</a>}}</code>: CS1 maint: bot: original URL status unknown (<a href="/wiki/Category:CS1_maint:_bot:_original_URL_status_unknown" title="Category:CS1 maint: bot: original URL status unknown">link</a>)</span></span> </li> <li id="cite_note-auto-15"><span class="mw-cite-backlink">^ <a href="#cite_ref-auto_15-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-auto_15-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.legislation.gov.uk/ukpga/Vict/53-54/39/section/4">"Partnership Act 1980 s. 4"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Partnership+Act+1980+s.+4&rft_id=https%3A%2F%2Fwww.legislation.gov.uk%2Fukpga%2FVict%2F53-54%2F39%2Fsection%2F4&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALimited+partnership" class="Z3988"></span></span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text">Limited Partnerships Act 1907, section 8D(3), inserted by <a rel="nofollow" class="external text" href="https://www.legislation.gov.uk/uksi/2017/514/article/2/made">Section 2 of the Legislative Reform (Private Fund Limited Partnerships) Order 2017</a>, accessed 28 February 2023</span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text">Travers Smith LLP, <a rel="nofollow" class="external text" href="https://www.traverssmith.com/knowledge/knowledge-container/reform-of-uk-limited-partnership-law/">Reform of UK Limited Partnership Law</a>, published 21 April 2017, accessed 28 February 2023</span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text">Atrium Legal Lab, <a rel="nofollow" class="external text" href="https://www.atrium-legal-lab.com/uk-hedge-fund/uk-private-fund-limited-partnership/fund-structure">UK Private Fund Limited Partnerships</a>, accessed 9 March 2023</span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text">For a discussion on this practice and background on the modification of GP liability, see Thomas E. Geau & Barry B. Nekritz, <i>Expectations for the Twenty-First Century: An Overview of the New Limited Partnership Act</i>, 16 Probate & Property 47, 48-49 (2002).</span> </li> </ol></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output .navbox-list{line-height:1.5em;border-color:#fdfdfd}.mw-parser-output .navbox-list-with-group{text-align:left;border-left-width:2px;border-left-style:solid}.mw-parser-output tr+tr>.navbox-abovebelow,.mw-parser-output tr+tr>.navbox-group,.mw-parser-output tr+tr>.navbox-image,.mw-parser-output tr+tr>.navbox-list{border-top:2px solid #fdfdfd}.mw-parser-output .navbox-title{background-color:#ccf}.mw-parser-output .navbox-abovebelow,.mw-parser-output .navbox-group,.mw-parser-output .navbox-subgroup .navbox-title{background-color:#ddf}.mw-parser-output .navbox-subgroup .navbox-group,.mw-parser-output .navbox-subgroup .navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Private_equity_and_venture_capital" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Private_equity_and_venture_capital" title="Template:Private equity and venture capital"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Private_equity_and_venture_capital" title="Template talk:Private equity and venture capital"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Private_equity_and_venture_capital" title="Special:EditPage/Template:Private equity and venture capital"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Private_equity_and_venture_capital" style="font-size:114%;margin:0 4em"><a href="/wiki/Private_equity" title="Private equity">Private equity</a> and <a href="/wiki/Venture_capital" title="Venture capital">venture capital</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investment types</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Buyout" title="Buyout">Buyout</a> <ul><li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged</a></li></ul></li> <li><a href="/wiki/Venture_capital" title="Venture capital">Venture</a></li> <li><a href="/wiki/Mezzanine_capital" title="Mezzanine capital">Mezzanine</a></li> <li><a href="/wiki/Growth_capital" title="Growth capital">Growth</a></li> <li><a href="/wiki/Private_equity_secondary_market" class="mw-redirect" title="Private equity secondary market">Secondaries</a></li> <li><a href="/wiki/Equity_co-investment" title="Equity co-investment">Equity co-investment</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_private_equity_and_venture_capital" title="History of private equity and venture capital">History</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Early_history_of_private_equity" title="Early history of private equity">Early history</a></li> <li><a href="/wiki/Private_equity_in_the_1980s" title="Private equity in the 1980s">1980s</a></li> <li><a href="/wiki/Private_equity_in_the_1990s" title="Private equity in the 1990s">1990s</a></li> <li><a href="/wiki/Private_equity_in_the_2000s" title="Private equity in the 2000s">2000s</a></li> <li><a href="/wiki/Private_equity_in_the_2010s" title="Private equity in the 2010s">2010s</a></li> <li><a href="/wiki/Private_equity_in_the_2020s" title="Private equity in the 2020s">2020s</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Terms and <br />concepts</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Buyout</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Financial_sponsor" title="Financial sponsor">Financial sponsor</a></li> <li><a href="/wiki/Management_buyout" title="Management buyout">Management buyout</a></li> <li><a href="/wiki/Divisional_buyout" title="Divisional buyout">Divisional buyout</a></li> <li><a href="/wiki/Buy%E2%80%93sell_agreement" title="Buy–sell agreement">Buy–sell agreement</a></li> <li><a href="/wiki/Leveraged_recapitalization" title="Leveraged recapitalization">Leveraged recapitalization</a></li> <li><a href="/wiki/Dividend_recapitalization" title="Dividend recapitalization">Dividend recapitalization</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Venture_capital" title="Venture capital">Venture</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Business_incubator" title="Business incubator">Business incubator</a></li> <li><a href="/wiki/Post-money_valuation" title="Post-money valuation">Post-money valuation</a></li> <li><a href="/wiki/Pre-money_valuation" title="Pre-money valuation">Pre-money valuation</a></li> <li><a href="/wiki/Simple_agreement_for_future_equity" title="Simple agreement for future equity">SAFE</a></li> <li><a href="/wiki/Seed_money" title="Seed money">Seed money</a></li> <li><a href="/wiki/Startup_company" title="Startup company">Startup company</a></li> <li><a href="/wiki/Venture_capital_financing" class="mw-redirect" title="Venture capital financing">Venture capital financing</a></li> <li><a href="/wiki/Venture_debt" title="Venture debt">Venture debt</a></li> <li><a href="/wiki/Venture_round" title="Venture round">Venture round</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Structure</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Private_equity_firm" title="Private equity firm">Private equity firms</a> and <a href="/wiki/Private_equity_fund" title="Private equity fund">funds</a></li> <li><a class="mw-selflink selflink">Limited partnership</a></li> <li><a href="/wiki/Limited_liability_company" title="Limited liability company">Limited liability company</a></li> <li><a href="/wiki/Carried_interest" title="Carried interest">Carried interest</a></li> <li><a href="/wiki/Management_fee" title="Management fee">Management fee</a></li> <li><a href="/wiki/Pledge_fund" title="Pledge fund">Pledge fund</a></li> <li><a href="/wiki/Publicly_traded_private_equity" title="Publicly traded private equity">Publicly traded private equity</a> <ul><li><a href="/wiki/Business_Development_Company" title="Business Development Company">Business Development Company</a></li> <li><a href="/wiki/Venture_capital_trust" title="Venture capital trust">Venture capital trust</a></li></ul></li> <li><a href="/wiki/Private_investment_in_public_equity" title="Private investment in public equity">Private investment in public equity (PIPE)</a></li> <li><a href="/wiki/Special-purpose_acquisition_company" title="Special-purpose acquisition company">SPAC</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investors</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Corporate_venture_capital" title="Corporate venture capital">Corporations</a></li> <li><a href="/wiki/Institutional_investor" title="Institutional investor">Institutional investors</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension funds</a></li> <li><a href="/wiki/Insurance#Insurance_companies" title="Insurance">Insurance companies</a></li> <li><a href="/wiki/Fund_of_funds" title="Fund of funds">Fund of funds</a></li> <li><a href="/wiki/Financial_endowment" title="Financial endowment">Endowments</a></li> <li><a href="/wiki/Private_foundation" title="Private foundation">Foundations</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment banks</a></li> <li><a href="/wiki/Merchant_bank" title="Merchant bank">Merchant banks</a></li> <li><a href="/wiki/Commercial_bank" title="Commercial bank">Commercial banks</a></li> <li><a href="/wiki/High-net-worth_individual" title="High-net-worth individual">High-net-worth individuals</a></li> <li><a href="/wiki/Family_office" title="Family office">Family offices</a></li> <li><a href="/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">Sovereign wealth funds</a></li> <li><a href="/wiki/Crowdfunding" title="Crowdfunding">Crowdfunding</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related <br />financial terms</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Assets_under_management" title="Assets under management">AUM</a></li> <li><a href="/wiki/Capitalization_table" title="Capitalization table">Cap table</a></li> <li><a href="/wiki/Capital_call" title="Capital call">Capital call</a></li> <li><a href="/wiki/Capital_commitment" title="Capital commitment">Capital commitment</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Distribution_waterfall" title="Distribution waterfall">Distribution waterfall</a></li> <li><a href="/wiki/Earnings_before_interest,_taxes,_depreciation_and_amortization" title="Earnings before interest, taxes, depreciation and amortization">EBITDA</a></li> <li><a href="/wiki/Envy_ratio" title="Envy ratio">Envy ratio</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">IPO</a></li> <li><a href="/wiki/Internal_rate_of_return" title="Internal rate of return">IRR</a></li> <li><a href="/wiki/Leverage_(finance)" title="Leverage (finance)">Leverage</a></li> <li><a href="/wiki/Liquidation_preference" title="Liquidation preference">Liquidation preference</a></li> <li><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">M&A</a></li> <li><a href="/wiki/Public_Market_Equivalent" title="Public Market Equivalent">PME</a></li> <li><a href="/wiki/Taxation_of_private_equity_and_hedge_funds" title="Taxation of private equity and hedge funds">Taxation of private equity and hedge funds</a></li> <li><a href="/wiki/Undercapitalization" title="Undercapitalization">Undercapitalization</a></li> <li><a href="/wiki/Vintage_year" title="Vintage year">Vintage year</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Private_equity_and_venture_capital_investors" title="Category:Private equity and venture capital investors">Private equity and venture capital investors</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Private_equity_firms" title="Category:Private equity firms">Private equity firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, 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