[CTM36550] CTM36550 – Particular topics: companies in partnership: limited and limited liability partnerships
Partnerships formed under the Limited Partnerships Act 1907 are partnerships in which the liability of at least one of the partners for the debts and obligations of the firm is restricted to a set amount. They are described in BIM82101. A limited partnership may consist of individuals or companies or a mixture of both. A limited partnership is required by law to have at least one partner with unlimited liability, known as a general partner, but the general partner may itself be a limited liability company.