Company Law Hard Questions

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  • Created by: Bwed97
  • Created on: 24-05-19 20:10
Limited Partnership Act 1907
No legal personality, must be registered, must have 1 general partner, and 1 or more limited partners
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Advantages of Limited Partnership
Popular investment vehicle for private equity and hedge funds, flexibility and privacy of a GP, limited partners have limited liability, tax efficient, general partner liability limited through special purpose vehicle
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Disadvantages of Limited Partnership
No separate legal personality, must have 1 general partner with unlimited liability, limited partners have no management powers
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Limited Liability Partnerships Act 2000
Separate legal personality, formed through registration, all members have limited liability, all are agents, all taxed as if partners
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Advantages of Limited Liability Partnership
Separate legal personality, retains organisational flexibility, all members can participate in management
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Disadvantages of Limited Liability Partnerships
Ongoing accounting, filing and disclosure requirements similar to a company, every member is an agent and can bind the firm,
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Other cards in this set

Card 2

Front

Advantages of Limited Partnership

Back

Popular investment vehicle for private equity and hedge funds, flexibility and privacy of a GP, limited partners have limited liability, tax efficient, general partner liability limited through special purpose vehicle

Card 3

Front

Disadvantages of Limited Partnership

Back

Preview of the front of card 3

Card 4

Front

Limited Liability Partnerships Act 2000

Back

Preview of the front of card 4

Card 5

Front

Advantages of Limited Liability Partnership

Back

Preview of the front of card 5
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