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Limited Partnerships Act 1907

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4 Definition and constitution of limited partnership.E+W+S+N.I.

(1)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . limited partnerships may be formed in the manner and subject to the conditions by this Act provided.

(2)A limited partnership F2. . . , F3. . . , F2. . . must consist of one or more persons called general partners, who shall be liable for all debts and obligations of the firm, and one or more persons to be called limited partners F4. . . .

[F5(2A)Each limited partner in a limited partnership that is not a private fund limited partnership shall, at the time of entering into the partnership, contribute to the partnership a sum or sums as capital or property valued at a stated amount, and shall not be liable for the debts or obligations of the firm beyond the amount so contributed.

(2B)A limited partner in a private fund limited partnership—

(a)is under no obligation to contribute any capital or property to the partnership unless otherwise agreed between the partners, and

(b)is not liable for the debts or obligations of the firm beyond the amount of the partnership property which is available to the general partners to meet such debts or obligations.]

(3)[F6Subject to subsection (3A), a limited partner] shall not during the continuance of the partnership, either directly or indirectly, draw out or receive back any part of his contribution, and if he does so draw out or receive back any such part shall be liable for the debts and obligations of the firm up to the amount so drawn out or received back.

[F7(3A)In the case of a limited partner in a private fund limited partnership—

(a)where the limited partnership was registered on or after 6th April 2017, subsection (3) does not apply;

(b)where the limited partnership was registered before 6th April 2017, subsection (3) applies only in relation to the amount of any contribution made by the limited partner when the limited partnership was not a private fund limited partnership.]

(4)A body corporate may be a limited partner.

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Amendments (Textual)

F2 Words in s. 4(2) omitted (21.12.2002) by S.I. 2002/3203 , art. 3

Modifications etc. (not altering text)

C2 S. 4(2) excluded by S.I. 1971/782

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