2.5.1 What types of partnership vehicles are available?

Various types of partnership vehicle are available in the UK:

general partnerships established under the Partnership Act 1890, where all partners are jointly and severally liable for the debts of the business;

limited partnerships established under the Limited Partnership Act 1907, which offers a form of limited liability to partners who have no active role in the business; and

limited liability partnerships (LLPs) established under the Limited Liability Partnership Act 2000, a corporate vehicle allowing limited liability to all its partners (called ‘members’).

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