The 1907 Limited Partnership Act governs this type of entity to run your business in. please do not confuse this with LLP (included in another Blog ). The two are different.
We normally use the Limited partnership structures for our Private equity and Investment Fund clients. The LLP or Partnership structure as, these provide a more flexible way of trading.
Limited Partnership clients unlike LLP's or Limited Liability companies do not have to file accounts with companies house. So family estate planning and wealth management entities use limited Partnership structure.
A Key feature is that at least one Partner (usually called the General Partner) has unlimited liability.
The Limited Partners have a cap on their liabilities, to the amount of capital introduced.Their loss allocation is also Limited. They do not participate in the management and do not bind the Partnership